Guide Banking 9 Social Guidelines That Drive Success

8/17/2019 Guide Banking 9 Social Guidelines That Drive Success

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9 social media guidelines thatdrive business success

GUIDE

Banking


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2BANKING: 9 SOCIAL MEDIA GUIDELINES THAT DRIVE BUSINESS SUCCESS

Banking 9 social media guidelines that drive business success

Today’s banks and credit unions are turning to socialmarketing, social selling, and social customer service asa powerful and effective strategy for achieving businessgoals. Almost every day new stories appear in themedia about banks nding success by connecting with

their customers on social media, some even runningpromotions related to the sele trend.

According to the 2014 World Retail Banking report

from Capgemini and Efma, social media is well on its way

to becoming a permanent channel for retail banking as

banks seek to use social media to build personalized

relationships with customers. A recent Accenture report

states that banks should consider a socially engaged

business model in which they leverage social media

interactions to increase customer intimacy.

Social media can help attract the valuable customersmany banks are looking for. According to Gallup,

customers that use social media to interact with their

bank are 12 percent more likely to be mass auent

($100K to less than $1M in investible assets) and 18

percent more likely to be emerging auent (age 35 or

under with income over $75K/year) than typical bank

customers. They are also more likely to hold positive

attitudes toward their banks.

In addition to social marketing and selling, social

customer service is a natural t for banks. Research by

NM Incite indicates that social media is the most cost-eective way to conduct customer service. Customer

care through social media costs less than $1 per

interaction, compared to $6 for telephone and $2.50-

$5.00 for email per interaction. The key is to implement

eective customer care processes and have in place

a social relationship platform to ensure messages are

routed and responded to in an appropriate and timely

manner.

These statistics reinforce the importance of banks and

credit unions having a strong social media strategy

that is in tune with customer preferences and market

trends. However, some banks have been reluctant to

use social media due to compliance and security issues.Fortunately, any fears or risks concerning security,

regulatory guidelines, or compliance can now be

mitigated by a solid social media foundation, dened

workows, and an educated investment in a social

relationship platform. There’s never been a better time

for banks and credit unions to embrace social media.

Hootsuite developed this guide to help you implement

a social media strategy that supports your business

goals and delivers measurable ROI, ensures your bank

or credit union adheres to all compliance requirements,

and is backed by a social relationship platform thatmeets the needs of social media stakeholders across

your organization.

https://thefinancialbrand.com/41636/selfie-contest-promotions-giveaways-in-banking/http://www.capgemini.com/thought-leadership/world-retail-banking-report-2014http://www.accenture.com/us-en/Pages/insight-banking-2016-next-generation-banking-summary.aspxhttp://thegallupblog.gallup.com/2014/02/bratmo-mobile-and-social-latest-stats.htmlhttp://www.slideshare.net/NMIncite/state-of-social-customer-service-2012%20http://www.slideshare.net/NMIncite/state-of-social-customer-service-2012%20http://thegallupblog.gallup.com/2014/02/bratmo-mobile-and-social-latest-stats.htmlhttp://www.accenture.com/us-en/Pages/insight-banking-2016-next-generation-banking-summary.aspxhttp://www.capgemini.com/thought-leadership/world-retail-banking-report-2014https://thefinancialbrand.com/41636/selfie-contest-promotions-giveaways-in-banking/


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Guideline 1: Take Control of Your Social Media Presence

Many banks and credit unions have grown throughmergers and acquisitions. Executives may not know thefull extent of social media use across their enterprise.Hootsuite provides social media audit capabilities andthe ability to centralize ownership of all social mediaaccounts.

Inventory all social media accounts associated with

your brand. Look for social media initiatives by

individual loan ocers or sales people, dormant

accounts that may have been established for a one-

o marketing campaign, and accounts associated

with specic branches, subsidiaries or international

oces.

Centralize ownership of social media proles.

Hootsuite provides centralized account provisioning,

a multi-layered permission system for publishing,

checks for regulatory compliance, and archival

of public and internal social messaging to meet

retention and retrieval requirements for your rm.

Protect your social media accounts. Hootsuite

enables you to implement secure single sign-on

for users and assign permission levels that can be

modied centrally.


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Guideline 2: Establish a Social Media Strategy to Achieve Business Goals

Bring all banking departments together, includingMarketing, Sales, Customer Service, Human Resources,Compliance, and IT. This will ensure you have a unied

social strategy that promotes a consistent brand voiceand presence, fosters collaboration that amplies your

social media efforts, avoids duplication, and is aligned with

enterprise business goals. Identify business objectives rst, then determine how

social media initiatives can support those objectives.

Solicit recommendations from all stakeholders in

your rm, from executives to branch managers to

front-line social media users, then build consensus

on the best strategy to adopt.

Shape your strategy across teams, business units,

and regions by tagging keywords and listening

to what is being said on social networks about

your bank, brand, products, services, industry,

and competitors. You will be able to uncover

opportunities for engaging with consumers and the

market.

Formalize processes and workows for receiving,

sharing, and responding in a compliant manner

to customer messages over social networks. An

incoming message could be a question about

accounts, fees, policies, job openings and more. Plan

ahead to make sure the right people are involved

and you respond to customers in a timely and

appropriate manner.

Become more attuned to what your customers want

over social media. The 2014 World Retail Bankingreport revealed that customers ranked access to

account information the most important banking

social media capability, but 58 percent of banks said

they had no plans to oer such functionality.

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http://www.capgemini.com/thought-leadership/world-retail-banking-report-2014http://www.capgemini.com/thought-leadership/world-retail-banking-report-2014http://www.capgemini.com/thought-leadership/world-retail-banking-report-2014http://www.capgemini.com/thought-leadership/world-retail-banking-report-2014


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Guideline 3: Be Proactive About Regulatory Compliance

The FFIEC and other regulatory bodies have proposedrules for banks’ use of social media to communicate withconsumers and the market. In response, banks and creditunions are using robust social relationship platformssuch as Hootsuite to mitigate risks, ensure compliance,and condently engage in social marketing, selling, and

customer service. Become familiar with regulations and

recommendations from FINRA, FFIEC, AICPA, the SEC,

and other regulatory bodies. Hootsuite keeps up-to-

date on regulatory guidelines and provides platform

functionality for rms to remain compliant.

Use a social relationship platform such as Hootsuite

to create compliant workows that eliminate

burdensome and time-consuming email threads

between social media content producers and

compliance ocers. Hootsuite oers functionality toreview all posts before and after publishing to ensure

compliance.

Categorize and archive all social media content

for quick retrieval to meet regulatory guidelines.

Archiving can be a complex process given the

interactive and real-time nature of social media, but

Hootsuite can automatically perform this task.

Hootsuite can help you develop custom corporate

compliance guidelines into your workow.


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Guideline 4: Train & Educate the Entire Team

An educated workforce that is well-trained to be socialmedia ambassadors is not just a competitive necessity buta regulatory one as well. Recent guidelines from the FFIEC(as reported in American Banker), call for establishingsocial media policies and procedures and trainingemployees on social media compliance.

Create a “playbook” of social media policies and

compliance guidelines for all employees.

Develop processes around account permissions and

message approvals.

Focus training eorts on how to use social media

eectively to achieve business goals. Hootsuite oers

training and education programs customized for

your business needs and social media team.

Consider an external certication program such as

the one oered by the S.I. Newhouse School of

Public Communications and Hootsuite to provide a

formal framework for social media training.

Educate bank executives who can be your best

brand ambassadors on external social media as well

as high-prole leaders of internal social initiatives.

http://www.americanbanker.com/issues/178_102/compliance-roadmap-for-proposed-social-media-rules-for-banks-1059418-1.htmlhttps://newhouse.hootsuite.com/https://newhouse.hootsuite.com/https://newhouse.hootsuite.com/https://newhouse.hootsuite.com/http://www.americanbanker.com/issues/178_102/compliance-roadmap-for-proposed-social-media-rules-for-banks-1059418-1.html


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Guideline 5: Engage Customers Locally

Whether you are a small regional credit union or amultinational bank with hundreds of locations, most

banking is done locally, and you need to connect withcustomers where they live and work.

Monitor industry terms or brand mentions based on

location using the geolocation functionality oered

by Hootsuite. This will reduce incoming noise and

allow local social media users to see only localmessages.

Create a virtual perimeter, called a geofence, around

a real-world geographic area, to target outbound

social media messages by country, state, region

or city so followers see content relevant to their

location.

Use demographic targeting to reach specic

segments of consumers based on age, gender,

income level, education level, and other attributes.

Generation Y consumers (born 1980-2000) are themost receptive to using social media for banking.

Listen to what your customers are saying on social

media. Many of their conversations and posts may

be related to banking needs, such as automobile

or house purchases, marriages, births, new jobs,planning for college or retirement, and more. Using

this insight, you can engage with customers more

intelligently.

Build goodwill by sharing with your local audience

the community activities and volunteer services your

rm is performing.


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Guideline 6: Dene Workows to Deliver Better Customer Support

McKinsey & Company reports that social media offerscompanies the ability to redene the delivery of service to

customers while dramatically lowering costs. Create anddocument a triage process for categorizing, reviewing, andresponding to inquiries and complaints from clients oversocial media networks.

Work with Compliance and Public Relations to

determine which messages should not be responded

to over public channels or responded to at all, or to

identify any individuals that should be blocked.

Protect your customers’ privacy by educating your

team about when to take conversations o public

social media networks and into other channels of

communication.

Respond quickly to customers but avoid stock

responses or autoresponders. It’s useful to have

a library of legally approved content from your

Marketing department. If possible, respond

individually, which carries greater inuence and

results in stronger customer anity.

Access in-house experts and escalate issues as

needed to resolve client problems and answer

questions.

http://www.mckinsey.com/insights/marketing_sales/why_the_coo_should_lead_social_media_customer_servicehttp://www.mckinsey.com/insights/marketing_sales/why_the_coo_should_lead_social_media_customer_service


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Guideline 7: Measure and Analyze to Demonstrate ROI

Social media lends itself to measurement and analytics because it creates data that can lead to intelligent action.Banks can listen to customers’ social media posts to learnabout product needs and preferences, and even to pick upon buying signals.

Tie your social media strategy to specic business

goals and identify the relevant metrics that willsupport those goals and deliver ROI.

The Hootsuite social relationship platform integrates

with popular analytics packages such as Google

Analytics and Omniture. You can measure not only

comments, likes, and followers, but also perform

end-to-end tracking of consumer behavior such

as click-throughs to your website, campaign

conversions, leads, revenue and other strategic

outcomes attributable to social media initiatives.

Track social media customer care metrics such as

response times, time to resolution, and number ofcase resolutions through a specic social channel.

Apply the intelligence you gain to optimize programs,

hone your message, and invest in social media

promotions that deliver the highest return.


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Guideline 8: Develop a Robust Content Strategy

Banks need to do a better job engaging their audience.A recent survey of bank customers by the Carlisle &Gallagher Consulting Group found that 52 percent believethat a bank’s use of social media is ineffective. You canincrease effectiveness by developing a content strategy tokeep your audience engaged.

Monitor messages and campaigns to discover what

resonates with your audience, then spread eective

messages across multiple channels.

Deliver content that highlights your brand attributes

and positions your bank as helpful to customers. For

example, educate consumers about the dierent

types of loans, mortgages, accounts, lines of credit

and more.

Produce a mix of content for social media publishing.

A good rule of thumb is 30 percent original thought

leadership/educational content, 50 percent curated

content from other sources, and 20 percent

promotional content.

Develop an editorial calendar and publishing

schedule. Hootsuite lets you plan social media posts

in advance and schedule their automatic publication.

http://www.banktech.com/channels/banks-are-boring-on-social-media/d/d-id/1296905?http://www.banktech.com/channels/banks-are-boring-on-social-media/d/d-id/1296905?http://www.banktech.com/channels/banks-are-boring-on-social-media/d/d-id/1296905?http://www.banktech.com/channels/banks-are-boring-on-social-media/d/d-id/1296905?


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Guideline 9:

Make theNecessaryCommitment toAchieve SuccessBanks and credit unions seeking a competitive advantageare committing to the necessary step of using a socialrelationship platform such as Hootsuite to accelerateand derive measurable business value from their socialmedia efforts. A social relationship platform isn’t simply

just a convenient way to manage social media, it’s thefoundation of your ability to integrate all stakeholdersand to execute an effective and compliant social mediastrategy in support of business objectives.

Get started today.


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Trusted by 744 of the Fortune 1000

Hootsuite Enterprise empowers organizations to

execute business strategies for the social media era.

As the world’s most widely used social relationship

platform, Hootsuite Enterprise enables global

businesses to scale social media activities across

multiple teams, departments, and business units. Our

versatile platform supports a thriving ecosystem of

technology integrations, allowing businesses to extend

social media into existing systems and programs.

We help organizations create deeper relationships with

customers and draw meaningful insights from social

media data. Innovating since day one, we continue to

help businesses pioneer the social media landscape

and accelerate their success through education and

professional services.

Request a custom demo today by visiting

enterprise.hootsuite.com

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Guide Banking 9 Social Guidelines That Drive Success

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