The Total Experience Playbook
by Larry Mead, Kate Kompelien and Kurt Schroeder
Social media platforms offer a wealth of user data and interaction ripe for utilization by financial service providers. As social media use proliferates across the globe, and solutions for utilizing the available platforms emerge, financial service providers must seize the opportunities.
The future of social data utilization is bright, especially in the financial services realm. Let's look at a couple of examples:
Samantha notices a strange charge on her credit card account. Her bank regularly monitors its social media accounts to identify opportunities to engage customers who are unsatisfied or looking to find information regarding a product or service. After sending a general message regarding transaction to the bank’s social media account, Samantha is contacted directly by an agent. The agent offers Samantha the assistance she needs, without Samantha having to invest time or effort into contacting the bank via traditional channels. The interaction seamlessly fits into Samantha’s day, allowing her to focus on her regularly scheduled activities.
Justin and his buddies take a golf trip every year. He creates a private group on his favorite social media platform to allow attendees to communicate and share their thoughts on the coming trip’s destination and schedule. His bank works with the social media platform to support financial transactions, making it easy for Justin to collect each attendee’s funds and send them securely to the hotel, golf courses and rental car companies, all within the platforms framework. This takes the complexity out of collecting funds individually and tracking their distribution.
The use of social media platforms offers many potential benefits to financial services organizations and their customers, including:
As social media platforms evolve, so too do their potential impact on the financial services realm. Maintaining a detailed knowledge of current and emerging platforms, and their potential uses, will prove beneficial to financial providers for years to come.