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Banks Are Boring on Social Media

A report from Carlisle & Gallagher Consulting Group polled consumers on their experience with financial institutions on social media.

A majority of consumers believe that banks' use of social media is ineffective, according to findings from a poll released today by Carlisle & Gallagher Consulting Group.

The firm polled 1,002 U.S. consumers online in an attempt to to uncover the important drivers for financial institutions to be successful in managing customer complaints and social media preparedness. Fifty-two percent of those who responded said they believe the use of social media by banks is ineffective, while 87 percent reported banks are "annoying, boring or unhelpful" on social media.

This is largely due to the messaging many banks present on social media channels, explains Dr. Patricia Sahm, CG’s Customer Experience and Channels practice lead.

Social media is about transparency, and if a bank's response to a customer's inquiry on social media isn't transparent or relevant it will come off as sounding unhelpful, she says. "Banks need to make their customers feel like they've resolved whatever problem there is and not give an ambiguous answer," Sahm notes.

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As an example of what not to do on social media, Sahm cites one customer's story of sending a tweet at a bank alerting them that their mobile banking app was down, and the bank simply responded to the customer telling them to call an 800 number with no further information. That then led to the customer to complain about the bank on Twitter.

Read the full story on Bank Systems & Technology Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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