Many businesses jumped on the social media bandwagon early as a platform for addressing customer concerns, measuring customer loyalty and satisfaction and launching new products and services. Financial institutions and credit unions were initially slow to adopt social media as a tool for communicating with customers, but internet researchers, the Change Sciences Group, report social platforms are becoming more integrated into banking strategies.
Experts say the wider adoption of social media among banks and credit unions is a response to consumers' abilities to post feedback about a bank and its customer service on popular outlets, such as Facebook and Twitter. By joining these networks, banks and credit unions are now able to manage customer relationships and provide direct feedback to consumers.
"We're moving into a new era of personal fiscal responsibility," said Change Sciences partner and one of the report's authors, Pamela Pavliscak. "Part of this trend is people banding together online to encourage things like saving, budgeting, and smart investing. Financial firms are beginning to think of ways to tap into this, and social media is the place where it's happening."
Despite stronger interest in social media platforms, the study's authors indicated that wider adoption of these platforms will be necessary in the future for banks and credit unions to remain competitive.