27 April 2015

44975

Retired Member

852Posts 2,780,904Views 1,176Comments

Around the Clock Tweeting

15 May 2014  |  2117 views  |  0

Banks continue to increase their social media presence, especially on Twitter. But for all the talk of 24/7 omnichannel experiences, the number of institutions offering a genuine round the clock, real-time Twitter service to customers remains small. For today’s social-media savvy customer, that simply isn’t good enough.

But things are changing. Nationwide, the UK-based building society, has become the first in the UK market to offer 24/7 Twitter support through ‘@AskNationwide’. This leaves other providers lagging behind. Even market challengers such as Metro bank have yet to make their Twitter service 24/7.

Banks should look to other industries to see how Twitter is being used to communicate critical messages to customers in real time. National Rail is considered one of the best examples. It uses Twitter round the clock to communicate the impact on timetables of weather and other incidents. This shows Twitter being used at its best to communicate proactively with customers rather than responsively which is so often the case with banks. Customers who mention National Rail directly can expect a real-time response from the team managing the Twitter account.

Responding to incidents and communicating proactively to customers in real time is critical. Both RBS and TSB recently used Twitter to respond to customers who were suffering from ATM outage issues, for example. Some banks, including NAB and Wells Fargo, have created ‘social media war rooms’ to respond to customer queries and communicate incidents that impact services. Although if an incident were to occur out of operational hours, how would banks communicate such issues in real-time?

Meanwhile banks actively promote other 24/7 digital channels via the web, phone and mobile. So why do so many limit their Twitter services, preventing the delivery of a true omnichannel customer experience? Such time-limited services not only leave customers frustrated but also increase the risk of brand damage.

It’s all the more surprising when you look at the costs. From a bank’s perspective Twitter is a relatively inexpensive channel to operate. What’s more, Twitter is supported by low-cost analytics tools that help optimize reach, influence and follower counts. Yet still banks are choosing to limit their social media presence.

In short, the demand for 24/7 Twitter support has never been greater and banks must be in a position to respond to customers in real time. It’s no longer a matter of if, but when - and the sooner the better.

 

 

TagsMobile & onlineRetail banking

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Retired

Will we still have universal banks in the future?

19 January 2015  |  2082 views  |  0  |  Recommends 0 TagsRisk & regulationStart ups

Streamline operations for compliance

03 December 2014  |  1942 views  |  0  |  Recommends 0 TagsRisk & regulationPost-trade & ops

Taking on the challenge of affordability

04 November 2014  |  617 views  |  0  |  Recommends 0 TagsPaymentsRisk & regulation

Anyone know where good conduct went or how to get it back?

20 August 2014  |  3274 views  |  0  |  Recommends 1 TagsSecurityRisk & regulation

Customer centricity and its role in financial services

18 August 2014  |  2973 views  |  0  |  Recommends 0 TagsPaymentsRisk & regulation

Retired's profile

job title
location
member since 2014
Summary profile See full profile »

Retired's expertise

What Retired reads
Retired writes about

Who's commenting on Retired's posts

Tony Wenzel
Ketharaman Swaminathan
Melvin Haskins