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US consumers are starting to be ready to use social media for actual banking interaction, right now, according to Javelin Strategy & Research data. From a US nationally-represenative survey, 15% of young adults are ready for social media banking transactions
now, so it's safe to say that customer service is an even better bet for banks right now.
The holdup on social media banking is with banks, not consumers.
Thank you for your comment. Your research resonates well with my personal observations among GenY's preference for social media banking.
Don't know how long the party will last but, for now, some banks are conscious about their social media image and address social media QRCs (Queries, Requests & Complaints) at lightning speed. One of my banks keeps spamming my Facebook News Feed with fairly
irrelevant offers but, when it moved branch where I hold my account, it didn't bother to inform me about the relocation. I complained about this ironic behavior in a comment in response to one of its FB offers. Lo and behold, there was a flurry of activity
from the bank's side. I can confirm that 48 hours, 3 telecons and 2 emails later, the bank has resolved my complaint to my satisfaction.
Founder and CEO
GTM360 Marketing Solutions
17 Apr 2009
30 Oct 2020
04 Aug 2020
22 Jun 2020