Social media plays a very important role in customer experience management for banks. Besides the marketing and promotional activities which almost all the brands do, there are other aspects of social media which can be leveraged by Banks.
1. Measuring Customer Satisfaction
Lots of banks today are listening to their brand conversations and analyzing their sentiments. Social media brand auditing has become a very standard procedure to understanding social media buzz around any brand. By segmenting conversations into various units’ banks can understand where they are lagging and accordingly prioritize their resources.
Above is a typical breakdown of customer’s voice on social media around banks. These kind of analysis gives banks a strong indication on their customer’s issues.
2. Managing Customer Support on Social Media
Every bank today has a dedicated team or an agency who are handling complaints on social media. As more people are venting their dissatisfaction on platforms like Twitter and Facebook, banks are very much alert on this matter and try to respond as quickly as possible.
Above is one particular process which are employed by banks wherever they received complaints on social media.
3. 360-degree customer profiling
As the touch points and social identities of customers are increasing, it is becoming difficult for banks to identify their customer and have seamless interaction across the platforms. But this complexity has also added one advantage for the banks. They can now understand different aspects about their customers and know them well enough for driving engaging conversations.
Hence many banks like Kotak are encouraging customers to use their social ids even for transaction. Similar to emails, social ids are becoming more apparent in online forms. Many banks even allow customers to login through social ids for basic engagement and customer support. This way, banks get to segment their customers using this untapped social data and create better marketing campaigns and provide better service.
These three are the most important use case of banks on social media.