Banking on Social Media

Eric Silvani
Berkeley College School of Graduate Studies
October 4, 2016

1 million to First National Bank. She also understood the importance of a 24/7 presence on social media and staffed accordingly. FNB focused its strategy on customer attrition. Facebook.B. headquartered in Johannesburg. poor branch experience and lack of personalized contact cited as the main causes. Lana Strydom created an effective strategy to engage with customers through social media and keep them engaged and satisfied. . This presence has offered them a competitive advantage to what was considered the oldest bank in South Africa. Another successful strategy was the creation of the persona R.5% with high fees. This was extremely important for customers that required assistance during holidays and off hours. which was growing at an alarming rate. In one year customer attrition increased by 62. Under the direction of Lana Strydom they focused their attention on Twitter. through the efforts of their social marketing team has created a strong presence for the bank on Social Media. and eventually LinkedIn as their analysis showed these were the most popular social media platforms. South Africa.Facts First National Bank. and contributed in more than 6.000 new transactions. resulted in 30. Jacobs to represent the bank and provide a unified voice across social media and “Steve” who represented their competitors and the pain points customers experienced with them. This strategy included an online game on Facebook that simulated one of their banking tools.

Jacobs is a response to that issue. The creation of the online persona R. . but happy and satisfied customers defending FNB will shut the situation down. Allowing its customers to put a “face” to the brand makes it more personal. and that is the only way to put this allegation to rest. but the responses monitored. Any response from FNB will start a Twitter war that they will not be able to win. Should First National Bank respond to the tweet from Standard Bank? No.B. FNB defending itself will have little or no effect. First National Bank should just ignore Standard Bank Group’s tweet that they were lodging a complaint against FNB for misleading advertising. The strong feelings that FNB has generated through its social media presence should be enough for its customers to defend their brand. It is a similar strategy to brands utilizing the same spokesperson in television commercials. what is presented in the case does not show any misrepresentations by the bank. Lack of personalize contact was a leading cause of customer attrition and R. It will bring more attention to the allegations by Standard Bank and anything FNB says in 140 characters will spark responses from detractors.Issues/Answers Is First National Bank’s advertising misleading? No. Jacobs was a smart strategy to create an identity that customers would associate with the bank. First National Bank getting into a Twitter war with Standard Bank will be harmful to the brand.B. Analysis First National Bank has built a strong brand presence on social media.