How technology and social networks are used to retrieve the image of banking

Banks have had many problems in recent years. On the one hand, banks face the effects of the economic crisis on their corporate image. For many consumers, banks are the real bugbears of the economy. They are those who have borrowed money regardless of risk issues, those who have played with fire and when they burned dragged others and are also those that have taken millions of dollars aid from public authorities while citizens feel the cuts. In this growing bad image, the fact that younger users go directly from them adds. For these consumers the banks are not worth and do not need their services. The millennials nor mortgaging or are carried away by a fever of credit cards.

So how do you get banks to improve their positions and reconnect with the public? How to approach such marshy ground and regain its position as a bulwark reliable brand and consumers? The solution may lie in new technologies. Or at least the banks are now turning to them to try to get it.

How technology and social networks are used to retrieve the image of bankingAccording to a report MDI-collecting Keepunto Viacom, a company is defined as a pre-bank, 71% of millennials would rather go to the dentist to listen to a bank. ” It is evidence that young people, and those who are not so much distrust banks, ” he explained in a press release Raul de la Cruz-Linacero, founder and CEO of Keepunto. ” They think they will not need them for anything in the future. They do not value what they can offer and there are several studies that show that young people drive a new concept for the bank in the future, digital, with new products and services and more humanized “. “They are digital natives and prefer to do it all on the web, mobile, easy, fun, immediate” added PlayBanking introducing a solution halfway between the gamification and the bank.

Consumers value, in general, what new technologies can bring and how they can change their relationship with their bank. According to a study by FICO, 82% of users of banks with financial applications and 76% of banks offering mobile banking recommend entities that are customers to their friends, a figure that exceeds the indices of recommendation from those banks that do not have these tools. If the focus on younger consumers gets, the percentages grow. “Mobile applications are a great opportunity for banks to improve satisfaction and commitment to its customers,” he claimed in the presentation of results David Vonk, FICO responsible banking for North America.

The future of banking is also much more technology, at least if they are to re-seduce consumers. According to forecasts Intelygenz, the future will work with large amounts of data, i.e., by the use of big data to mark the approach to the customer or by the creation of open APIs (allowing third parties to work with your information and they believe both services as they meet the needs of consumers). But not only the general picture will be much more tech: consumers will wearables devices, such as might be the Google Glass; they used social networks to go to the bank with consultations via Twitter; or convert their accounts into something social, with apps to create boats and co-payments.

The great boom of social

Social networks will not be – and are no longer – for banks only in a place to be, but it will become a basic room to do business and to get the trust of consumers. According to eMarketer, the penetration of social networks and reaches 50% of the US population and will reach the same figure in 2017 in the market of Western Europe. These data, the fact that more and more consumers make decisions based on the issues they encounter in their social conversations, as noted by a study by Accenture adds, which will make Twitter, Facebook and social network turn an item key to attract new customers and keep those you already have for the banking industry.

“The financial services firms may find opportunities in social networks by understanding social audiences, mapping the needs of its consumers to create a meaningful social experience and ensuring that their organizations have the real capacity to offer them every time , ” point the conclusions of the study.

Social networks serve financial institutions to ensure and improve brand recognition and get provide a better user experience, but also get grow tangibly. Social, point in the Accenture study, may be the key to increase growth rates, while enabling them to be more efficient in operating and – something that banks valoran- reduce operational risks.

Social environments enable customers to meet. Banks may know what they are concerned or large consumer trends at the same time when these happen. Although this will have to be much more efficient than they were last. Firms in this market will have to integrate better the social part within their business strategies and their marketing departments will have to give more importance to social networks and have to take them seriously. Create roadmaps of what you want to do and what is being done is, for example, inevitable for success.

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