Customers Want to Interact With Financial Institutions Through Social Media

New survey results show that 11 percent of online consumers are currently connected with their bank or credit union through a social site, and more than one-third (36 percent) of those not connected are interested in doing so according to Fiserv.

Interest remains high for Gen Y Consumers, with 45 percent saying they’re connected to their bank through social media.

“There is clearly a sizable segment of consumers who are interested in interacting with their financial institutions through social sites,” said Geoff Knapp, vice president, Online Banking and Consumer Insights, Fiserv. “An active, engaging online social media presence is a viable way to maintain and grow valuable relationships with consumers who are visiting branches less and interacting through digital channels more.”

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According to the Fiserv survey, consumers who are current users of financial institution social media primarily engage in informational and relational activities. These consumers use their financial institution’s social channel to: receive information about financial services (66 percent), receive information about offers or promotions (32 percent), review other consumers’ opinions or advice or post reviews, complaints or questions (31 percent), and conduct customer service related activities (30 percent).

A lack of awareness was one of the main reasons 31 percent of consumers had not connected with their financial institution and even more significant among Gen Y consumers, with 45 percent indicating they didn’t know they could.

For the survey, Fiserv polled 3,000 online consumers and found 84% were using social media, and 11% connected to their financial institutions this way. Consumers who connected to their banks over social media had 5.6 products, compared with 4.3 for those who did not.

To view a copy of Fiserv’s white paper, see here.