The social media revolution has already happened, transforming not only your customers’ daily behaviour but their expectations of you as their financial partner. In today’s social world, customers demand to be heard, understood and valued. If your bank wants to drive stronger, sustainable, profitable and mutually beneficial relationships in this new social reality, you must learn more about your customers – and listen when they speak.
Leading banks around the world are already responding to this trend by evolving into social banks, ones that embrace transparency and two-way interaction through social media to meet and exceed customer expectations. A social bank pursues mission-appropriate engagement with its customers, aligning its social efforts with its core business strategy and brand image. It builds the organizational capabilities needed to process customer insights and adopts change management strategies that let it react to this input in meaningful ways.
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