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Majority of consumers find banks' use of social media annoying, boring or unhelpful

18 March 2014  |  1401 views  |  0 Source: Carlisle & Gallagher

According to findings released today from Carlisle & Gallagher Consulting Group, a management and technology consulting firm serving the financial services industry, 68 percent of consumers would never use a social media channel to solve a problem with their bank.

In September 2013, CG surveyed 1,002 U.S. consumers online to uncover the important drivers for financial institutions to be successful in managing customer complaints and social media preparedness.

Key Study Findings:

90 percent of consumers prefer to discuss their problems in private with their bank
68 percent of consumers would never use a social media channel to solve a problem with their bank
52 percent of consumers believe banks use of social media is ineffective
87 percent find banks use of social media annoying, boring or unhelpful
BE PREPARED: One in three would use social media to complain. Consumers willing to complain use the following social media channels:

Facebook - 54%
Twitter - 18%
LinkedIn - 12%
Blogs - 10%
Other - 6%

"In today's world of instant gratification, customer demands will continue to increase and it is the financial institution's responsibility to anticipate and to plan for that demand," said Dr. Patricia Sahm, CG's Customer Experience and Channels practice lead. "Social media serves as the bellwether in customer care, enabling intimate and yet public conversations between customers and their banks."

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