Is it really the case that one of the biggest upheavals of recent decades has had so little impact on the important financial services sector?
While the topic of "social media" has left the phase of fundamental discussions behind it in many sectors, the financial services sector seems to be in the middle of it. Social media advocates accuse the financial services guild (mainly banks in this case) of lagging behind the general industry average and simply ignoring the opportunities offered by social media.
For their part, those affected, i.e. the banks themselves, put forward arguments that give rise to a certain understanding for their social media reticence. It is said that internal bank communication hinders clean social media communication, that there are particular risks in dealing with customer information and that money is simply something that people don't like to talk about.
So do we really have our own rules? Is it really the case that one of the biggest upheavals of recent decades has had so little impact on the important financial services sector? Are the reasons for social media rigidity understandable? Or are they based on misunderstandings or comfort thinking? These questions will be explored here in order to develop the right recommendations for future action.
Banks have to overcome the same challenges as everyone else!
To answer these questions, Dallorey Marketing Consulting, in cooperation with the marketing agency publicorange, has analyzed over 50 current studies that deal with the topic of "banks and social media" in the broadest sense. A unique feature of the Dallorey/publicorange analysis is that banks and their objections are given special attention. This is to avoid following the loud demands of many social media studies, which propagate social media as a must for all sectors, without reflection.
The analysis examines which goals banks can pursue with social media, compares the chances of success in achieving these goals with the experiences of other industries, evaluates the typical objections of the banking industry and makes recommendations for each goal. It is important to note that the objectives were examined for the entire company and that the evaluation is not limited to the area of communication, as is usually the case.
The result is that banks do not have their own rules that justify restraint. Most of the obstacles that social media sceptics see in the banking world have also been faced by other industries, such as problems with shitstorms and low-involvement products. Other industries also have to contend with rigid communication channels that hinder social media. However, there are many examples of companies that have mastered these challenges intelligently. Conversely, banks can actually benefit more from social media than other sectors in various business areas. This applies, for example, to the area of innovation, where social (media) listening can be used to generate valuable impetus.
There are no powerful objections that would justify holding back. All in all, despite all the critical distance, most social media proponents are basically (!) right: Banks must systematically address the topic of "social media". The planned, holistic approach highlighted as a success factor in these studies and the broadening of the perspective away from the area of communication towards an overall view of the company are not classified here as a central insight, but rather as a matter of course.
Interested in further information?
To find out more about the cross-study analysis and the results, please contact Dallorey Marketing Consulting, Mr. Dalibor Karacic, 089 / 208 027 241 or dk@dallorey.com
