SOCIAL MEDIA IN BANKING 2012

Benchmarking of the Top-50 Global Banks Best Practices Strategies

APRIL 2012

MYPRIVATEBANKING REPORT

Extract – Original Report with 233 pages plus full data appendix

0 2.0 3.1 3.2 2.0 1.5 3.1 EXECUTIVE SUMMARY SUMMARY RANKING TABLE METHODOLOGY SELECTION OF BANKS AND SOCIAL MEDIA CHANNELS Qualitative Research to identify typical use cases 2. 4 points) YouTube channel (max.MYPRIVATEBANKING RESEARCH CONTENTS 1.4 CASE EXAMPLES FROM THE CONSUMER GOODS INDUSTRY H&M: Gathering important feedback via Facebook and other social media Ford Motor: Launching the Ford Explorer via Facebook Starbucks: How Facebook makes customers visit a Starbucks coffee shop 3.1 1.2 3.2 2. 4 points) Google Plus (max. 4 points) Best practice (max. 10 points) Overall social media strategy (max.6 IMPLICATIONS FOR SOCIAL MEDIA IN THE BANKING INDUSTRY ELEMENTS OF A SOCIAL MEDIA STRATEGY FOR BANKS 7 7 10 12 12 13 14 14 14 15 15 16 16 16 17 17 18 18 21 24 24 25 26 26 27 29 30 31 02 .3 THE FUTURE: THE NETWORKED BANK SNOWBALLING GROWTH OF INTERACTIVE COMMUNICATION BANK CUSTOMERS ARE ACTIVE USERS OF SOCIAL NETWORKS USING SOCIAL NETWORKS FOR CUSTOMER TARGETING AND INTERACTION Data driven targeting of existing and potential customers Customer interaction 3.3 EVALUATION PROCEDURE DETERMINING THE CRITERIA Facebook presence (max. 17 points) Twitter stream (max. 2 points) Use of social media on a bank’s website (max. 3 points) 3. 6 points) LinkedIn profile (max.

10 5.7 5.19 5. BANK OF AMERICA BANK OF CHINA BARCLAYS BB&T BMO FINANCIAL GROUP (BANK OF MONTREAL) BNP PARIBAS BANK OF NEW YORK MELLON BRADESCO CAISSE D’EPARGNE CIBC (CANADIAN IMPERIAL BANK OF COMMERCE) CITIBANK COUTTS CRÉDIT AGRICOLE CREDIT SUISSE DANSKE BANK GROUP DBS DEUTSCHE BANK ERSTE BANK/SPARKASSE OESTERREICH GOLDMAN SACHS 03 .MYPRIVATEBANKING RESEARCH 4.12 5.0 5.4 5.15 5.17 5.1 4.2 4.5 4.6 4.2 5.5 5.8 5.13 5.9 5.1 5.11 5.3 5.3 4.16 5.18 5.14 5. NEED OF IMPROVEMENT FOR MANY 34 36 37 38 39 40 41 4.A.4 4.0 SOCIAL MEDIA ACTIVITIES: PROGRESS FOR A FEW. BUT MORE FOCUS NEEDED GOOGLE PLUS: NOT A LOT TO SEE YET NOT ENOUGH ATTENTION TO SOCIAL MEDIA ON BANKS’ OWN WEBSITES OVERALL SOCIAL MEDIA STRATEGY AND BEST PRACTICES: MORE EFFORTS REQUIRED 42 43 43 46 49 52 55 57 60 63 66 70 73 76 79 81 84 86 89 92 95 98 101 104 5.6 5.22 PROFILES ABN AMRO ANZ BANK BANCO BILBAO V.21 5.20 5.7 FACEBOOK: MORE AND UPDATED CONTENT NEEDED TWITTER: LITTLE ACTIVITY – FEW FOLLOWERS LINKEDIN: BANKS NEED TO GO BEYOND STANDARD CONTENT YOUTUBE: GOOD RESULTS.

49 5.29 5.46 5.38 5.43 5. TORONTO DOMINION BANK GROUP UBS UNICREDIT US BANK WELLS FARGO BANK 106 109 112 115 118 121 124 126 129 132 134 137 140 143 146 149 152 156 159 162 165 168 171 174 177 180 183 186 6.41 5.39 5.33 5.34 5.37 5.28 5.42 5.26 5.30 5.1 SOCIAL MEDIA BEST PRACTICES IN BANKING 189 WEBSITES WITH A SOCIAL MEDIA CHANNEL ‘TO MATCH’ A way of using social media that will find favor with clients and non-clients alike (… Bank) 190 190 04 .47 5.P.50 HSBC HOLDINGS PLC ICICI BANK ING BANK INTESA SANPAOLO ITAÚ J.31 5.MYPRIVATEBANKING RESEARCH 5.44 5.27 5.23 5. MORGAN BANK JULIUS BÄR LLOYDS BANKING GROUP MERRILL LYNCH MITSUBISHI UFJ FINANCIAL GROUP (ENGLISH SERVICE) MORGAN STANLEY NATIONAL AUSTRALIA BANK (NAB) NORDEA PICTET PNC FINANCIAL SERVICES GROUP RABOBANK GROUP ROYAL BANK OF CANADA ROYAL BANK OF SCOTLAND GROUP BANCO SANTANDER SEB SOCIÉTÉ GÉNÉRALE STANDARD CHARTERED SUNTRUST BANKS INC.0 6.40 5.35 5.45 5.48 5.32 5.25 5.36 5.24 5.

3 LINKING Demonstrating good linking.2 CHANNEL EXCELLENCE Making the most of the Google Plus.4 SOCIAL MEDIA BANKING Incorporating social media into Internet financial services right from the start (… Bank) Courageous and logical: integrating social media and online/mobile banking (… Bank) 6.5 MAKING THE MOST OF GOOD CONTENT Blog promotion by means of social media links (… Bank) Great video content for investors that’s easy to find (… Bank) Free advice by video with a thoughtful extra tool for viewers’ convenience (… Bank) 6. an indispensable ingredient for Facebook chat (… Bank) Successfully combining social media with conventional advertising (… Bank) Pro-actively seeking out complaints and queries (… Bank) 206 207 208 199 200 200 201 202 202 203 204 205 205 05 .6 SOCIAL MEDIA FOR CUSTOMER RELATIONS BUILDING Provision of RSS feeds (… Bank) Friendly engagement by the social media team. an indispensable component of an effective social media strategy (… Bank) A social media hub that truly takes the customer’s point of view as its starting point (… Bank) 191 192 193 194 194 195 196 196 197 One step further than a basic social media hub. a social media portal website (… Bank) 198 Media relations can be helped by providing directions to your social media (… Bank) 6.MYPRIVATEBANKING RESEARCH Picking the right social media channel for each task (Barclays) Making a bank’s web content more accessible through social media (… Bank) Promoting financial education through an innovative new kind of bank branch that has its own Facebook page (… Bank) 6. the new arrival in social media (… Bank) An all round successful YouTube channel (… Bank) 6.

7 SOCIAL MEDIA PROMOTING A CORPORATE IMAGE Success with social media is more than good design and lots of content (… Bank) 209 209 210 233 7.MYPRIVATEBANKING RESEARCH 6.0 8.0 APPENDIX: LINKS TO ALL SOCIAL MEDIA PRESENCES DISCLAIMERS 06 .

in most cases executed by a global team of social media specialists. These social media leaders are able to reach millions of existing and potential new customers through new social media channels. They are not able to harness the full power of social media yet. One half of the banks in the benchmarking do not have a social media hub on their website where they provide links to their presences on social networks. labeled as social media laggards by MyPrivateBanking. But these banks have failed yet to build an integrated and strategic approach to social media. and also includes their own websites. Placed below this group of social media leaders are the social media discoverers. These social media leaders are able to reach millions of existing and potential new customers through new social media channels. The critical weaknesses of the majority of banks that the MyPrivateBanking report identifies are:  Most banks evaluated are still lacking an integrated and strategic approach to social media. A disappointing third of the benchmarked global banking players still only attain half of the maximum points or even less. A group which includes about 40% of the analyzed banks and is defined according to MyPrivateBanking by their offers of some basic elements of social media. This success is built on an integrated global social media strategy. 07 . They might not all have a perfect social media strategy yet but they are leading the pack in a fast changing digital world where customer behavior and preferences are ever shifting in response to the stimulus of new technologies. This success is built on an integrated global social media strategy.0 EXECUTIVE SUMMARY « This analysis shows that a select group of banks with just a handful of others have managed to build an excellent social media presence reaching across all the important social networks and across global markets. in most cases executed by a global team of social media specialists. Runners up are BBVA of Spain and the National Australia Bank (NAB) with 44 points each. This substantial proportion of leading banks worldwide. For instance. » 1. only 16 banks have meaningful content on all the analyzed leading social networks. and also includes their own websites. The analysis shows that this select group of banks with just a handful of others have managed to build an excellent social media presence reaching across all the important social networks and across global markets.1 SUMMARY Citibank comes out on top of MyPrivateBanking Research’s social media benchmarking with outstanding 47 points out of a maximum of 50 points. miss out on leveraging the new opportunities provided by social media.MYPRIVATEBANKING RESEARCH 1. are not present on all social media and lack a social media strategy entirely. followed by Crédit Agricole and Deutsche Bank with 43 points. They have mastered only the basics of social media. for instance a Facebook presence or a Twitter stream to communicate with their customers and the general public.

LinkedIn. Mistakes like these can easily be avoided by establishing a clearly defined strategy executed by a dedicated social media team that ensures the message the company wants to send is communicated in a effective way across all channels and markets.MYPRIVATEBANKING RESEARCH  Many banks are neglecting social media on their own homepages. For instance. Be authentic. Twitter. Youtube and Google Plus). Every bank should be present in these important social networks (Facebook. a limited number of smaller niche communities should be targeted.  Focus on the general.  Have a dedicated social media strategy and team. 08 . Not much better than having no social media presence at all. Be engaged. On average. In order to catch up with the leaders in social media development the following strategic steps are required for most banks:  Top Management must open up to social media. defined as the latest content on blogs or videocasts etc being no older than 1 week.  Be original. broadly popular platforms and a few niche communities. as the most important social network. Top management of every important global bank should get involved in determining the right strategy and take the critical decisions to determine exactly how the firm should position itself towards existing and potential bank clients in terms of social media. social media on bank websites are only in seven out of 50 cases fully up-to-date. What’s attractive are lively comments. videocasts or other social media on their website. Only Google Plus shows a weaker average performance level by banks. that won’t work. banks reach only 60% of the maximum possible points for their Facebook presence. is sending conflicting messages across various channels or showing no activity for weeks. increasingly users expect direct customer support through social networks like Facebook and Twitter.  Facebook. podcasts. social media are not up-to-date.  In many cases. Over the last few years only a small number of platforms have made it to become global leaders in the world of online communities. is still the weakest link for most banks. Only 13 out of the 50 banks evaluated have a variety of blogs. In addition. In addition. What is required are original contributions and authentic content. Social media prosper when updates are frequent. You may even be ridiculed for such typical corporate behavior. But don’t just put your standard press release on Facebook. where they’re posting questions and complaints and expecting timely responses. photos and other content that can captivate the user. videos.

in social media. changes requiring relatively little effort can achieve big improvements. 09 . The good news for banks is that. The strengths and weaknesses of the social media presences analyzed for this report together with the best practices identified here will provide both the required framework and detailed recommendations for a start to be made on improvements today. Nevertheless. our analysis demonstrates a clear overall improvement in social media usage by banks compared to previous MyPrivateBanking surveys.MYPRIVATEBANKING RESEARCH Taken as a whole. for the vast majority of banks room for improvement is still vast and the quality of online presences fails by a wide margin to match the importance of social media as a communication tool.

A.MYPRIVATEBANKING RESEARCH 1.50 points) Facebook (17) Twitter (6) LinkedIn (4) YouTube (4) Google Plus (2) Social Media on Website (10) Overall Social Media Strategy (4) Best practices (3) Banks 1 CITI Bank 2 Banco Bilbao V.2 RANKING TABLE Total (max. 2 National Austr. Bank 4 Crédit Agricole 4 Deutsche Bank 6 ING Bank 6 Rabobank Group 6 Standard Chartered 6 Wells Fargo 10 BNP Paribas 11 12 12 14 14 16 17 18 19 19 19 19 19 19 19 26 26 28 28 28 31 47 44 44 43 43 42 42 42 42 41 40 39 39 38 38 37 36 35 34 34 34 34 34 34 34 33 33 32 32 32 30 15 14 13 14 13 13 12 14 10 11 13 15 12 14 14 11 16 10 6 10 10 6 5 6 6 6 5 6 5 5 5 5 2 4 4 6 4 4 3 5 3 5 4 3 4 3 4 3 4 3 3 3 1 3 3 4 3 3 3 4 4 3 3 4 3 4 4 3 2 4 2 3 4 2 3 3 3 4 4 4 3 4 4 2 2 1 1 0 1 1 1 2 0 2 2 2 0 1 2 1 2 2 1 1 1 2 7 6 7 7 9 7 6 8 5 7 6 9 5 2 7 1 8 9 8 8 4 3 4 3 3 3 2 2 3 3 3 3 3 3 3 3 2 2 3 3 1 3 3 1 1 1 1 0 1 2 1 1 0 0 0 0 0 1 0 0 0 0 (continued on next page rank 32-49) 10 .

BNY Mellon.. BNP Paribas. ING Bank. Santander. Royal Bank of Scotland. US Bank. Banco Bilbao V. Suntrust . J. ICICI. SEB Bank. Bradesco. Caisse d`Epargne. Intesa Sanpaolo. Lloyds Banking Group. Société Générale. Unicredit. Goldman Sachs. Deutsche Bank. Bank of China. Morgan Stanley. Wells Fargo 11 . DBS Bank. Morgan. Mitsubishi UFJ Financial Group (English Service). Julius Bär.50 points) Facebook (17) Twitter (6) LinkedIn (4) YouTube (4) Google Plus (2) Social Media on Website (10) Overall Social Media Strategy (4) Best practices (3) 32 33 34 34 36 37 38 39 40 41 42 42 42 45 45 47 48 49 49 28 27 26 26 25 23 22 22 20 19 18 18 18 17 17 16 6 4 4 12 9 8 12 4 10 9 7 11 0 9 0 0 4 6 6 0 1 0 5 4 4 4 4 2 2 4 0 5 0 6 3 1 0 3 0 0 0 3 4 3 3 4 3 3 4 3 4 3 4 3 4 3 3 3 3 3 3 4 2 3 4 3 2 3 2 3 0 3 2 3 2 0 1 0 0 1 1 2 0 1 0 1 0 0 1 1 0 1 1 0 0 0 0 0 2 2 4 2 6 2 3 4 3 3 4 3 8 4 6 3 2 0 1 2 2 3 2 2 2 2 0 1 1 1 1 1 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 2 0 1 0 0 0 0 0 0 0 All evaluated banks: ABN AMRO. Royal Bank of Canada. Merrill Lynch. Crédit Agricole.MYPRIVATEBANKING RESEARCH Banks Total (max. Erste Bank/Sparkasse Österreich. UBS. National Australia Bank. Pictet. Itaú Bank. Credit Suisse. Danske Bank Group. Toronto Dominion. Coutts Private Bank. Barclays. PNC Financial Services Group. Rabobank Group. Bank of Montreal. Bank of America. ANZ Bank. CITIBank. HSBC. Nordea. Standard Chartered. CIBC. BB&T.A.P.

fifty of the world’s leading banks with retail or wealth management operations have been selected. the analyzed presence is not always that of the bank’s home country or of the group. the first 40 selected have been chosen on the basis of having the highest total assets worldwide. the presence with greatest number of likes/followers has been selected (in the case of YouTube the criterion is uploads) and. As most of the banks covered by this report are large financial conglomerates with multiple business activities serving different client segments together with many local business activities. such as blogs. In addition. often in more than one country. Only the public facing social media activities of the banks is within the scope of this report. Twitter etc. Finally evidence for each bank’s social media strategy has been researched and scored.MYPRIVATEBANKING RESEARCH 2. podcasts or social bookmarking. LinkedIn.0 METHODOLOGY 2. investment banking or pure sponsorship presences  In cases where a bank has more than one presence within a particular channel (Facebook. no password-protected or internal social media is included in the evaluation. YouTube and Google Plus. The remaining 10 banks have been selected to ensure the widest possible geographical coverage for MyPrivateBanking Research’s analysis.1 SELECTION OF BANKS AND SOCIAL MEDIA CHANNELS For this research into banks’ use of social media.). Twitter. Analysis is focused on the banks’ presences/profiles on Facebook. the banks’ websites are scored in relation to their use of both social media tools (like RSS feeds and comment boxes) and content. in consequence. Of these. our choice of the most relevant presences for our analysis is based on the following criteria:  Each social media presence analyzed must clearly relate to retail banking or wealth management and not to areas such as business banking. 12 .

Based on these interviews five core types of use were identified. journalists. applicants. Expressing negative positive views about or a general perception of a bank in society. stories employee and in experienced with a company feedback mechanisms on the website external social media Discussions regarding the Potential new clients. on various social media platforms Getting the latest news. existing clients. entertaining and educating themselves through games. its political and social environment corporation. In this study. general public Having fun. suppliers general job public. suppliers general job public. We have derived our detailed evaluation criteria and their weightings directly from these use categories: Social Media Use Categories Paving the way for a customer relationship User Group Potential new clients Objective Creating an overview of the brand. for instance with regard to charity activities. photos and other easily consumable content on mobile devices or on various social networks 13 . journalists. existing clients. products and trustworthiness of a bank by scanning the feedback and opinions others have given or are able to give in real-time in various social networks Giving feedback on various aspects of a bank relationship Existing clients Expressing and or an positive or clients through various negative feelings. applicants. Receiving real-time feeds of information about an institution and its employees for instance through Twitter or blogs rumors and updates about a bank or its representatives Entertainment Potential new clients. Potential new clients. services. encounters.MYPRIVATEBANKING RESEARCH Qualitative Research to identify typical use cases Prior to the analysis of the social media activities. videos. MyPrivateBanking Research conducted 20 qualitative. broader role in society etc. in-depth interviews with bank customers regarding their social media activities. the different uses are typical scenarios of how and why certain user groups use social media – specifically with respect to managing theirfinances. existing clients.

its YouTube content might be posted directly onto to the Facebook Wall. a track record of answering customer queries or complaints that appear as posts or comments on the Facebook Wall. alternatively. Official Facebook presence (max. according to the criteria set out below. Content on Facebook (max. Facebook gives corporations scope for using it as a means of integrating other social media. this flexibility and worldwide acceptance mean that a Facebook presence can now rival a group website as a bank’s flagship presence on the Internet. it scores 1 point. extra activities (such as competitions.3 DETERMINING THE CRITERIA Overall. The network’s leading role is reflected in the high number of potential points – over one third of the total . 17 points) With its membership currently running at more than 850 million active users worldwide. Facebook has maintained its position as the pre-eminent social media channel. With its popularity with the public and the flexibility that it offers to members. a score of 50 points was the maximum. Even more importantly. video content. rules of conduct (privacy policy. Lastly. This can be a Facebook presence for another important market of the bank (not necessarily the home market). user guidelines). 5 points): A bank Facebook presence will score 1 point for each of the following: a full bank profile. The banks surveyed could score points in the following areas:         Facebook presence (max 17 points) Twitter stream (max 6 points) LinkedIn profile (max 4 points) YouTube channel (max 4 points) Google Plus presence (max 2 points) Use of social media on own website (max 10 points) Overall social media strategy (max 4 points) Bonus points for best practices (max 3 points) TOTAL: max 50 points Facebook presence (max. house rules. The results of this analysis of the individual banks were then independently checked by another analyst who was fully conversant with the research criteria of the study. For example. A further 1 point is awarded to banks that have a Facebook presence for a specific segment such as wealthy clients or university students. 2 points): If the bank has a group or centralized Facebook presence. a bank’s YouTube channel could be provided with its own section on its Facebook presence or. quizzes.allocated to Facebook in our scoring regime.2 EVALUATION PROCEDURE The research into the social media activities of the selected banks began with an analysis of each bank’s social media channels and content and the evidence for a coherent social media strategy. further checks were carried out before each of the Bank Social Media Profiles were written to make sure that none of the research findings had become out-of-date. offers. polls).MYPRIVATEBANKING RESEARCH 2. 14 . 2.

Twitter stream (max. For banks. Followers: The number of followers on Twitter is a good approximation of the quality and activity of a Twitter stream. A further 1 point is available to be awarded if a bank has one or more segment or function specific twitter streams such as a customer service stream. Nobody cares about yesterday’s post! Points are awarded on the following basis: Recent entries on the wall: 2 points for latest post not older than 3 days.MYPRIVATEBANKING RESEARCH Being up-to-date (max. 2 points.000 fans. more than 135 million members in over 200 countries are part of LinkedIn. 4 points) LinkedIn is the leading network for business professionals worldwide. At a conservative estimate. for an average 1 tweet each. More than 5. news.000 followers on the analyzed stream scores 1 point. 1 point for latest post not older than 1 week Other recent content such as pictures. Official Twitter stream: If a bank has a corporate or centralized Twitter stream 1 point is awarded. Contact message response time (max 2 points): Responsiveness is key. 1 point. a stream with tweets on newly published investment analysis or one for a sports event sponsored by the bank. 1 point for more than 1 day Number of fans (max. LinkedIn is especially important both as a recruiting ground and as networking tool for existing staff. Overall a bank could reach 4 points for its LinkedIn profile: 15 .000 fans. discussions etc. 2 points): The number of fans (users who “like” a Facebook presence) is usually a good indicator of the quality of a Facebook presence: 1 point for more than 2. This can be a Twitter stream for another important market of the bank (not necessarily the home market). 6 points) With 140 million users in 2011 making it the global leader in microblogging services and a largely adult demographic profile. for response times of more than 1 day but less than 3 days 1 point was awarded. Response time to comments on Wall: within 24 hours scores 2 points. 6 points): The appeal of a social network presence is largely based on the frequency and timeliness of the posted content. we used it to contact the bank. For responses received within 24 hours 2 points were given. Twitter clearly has enormous potential for banks both for purposes of informing customers and potential customers about what products and services they have to offer and as a way of providing customer service. LinkedIn profile (max. Channel description: The existence of an accurate description of the purpose of the Twitter stream analyzed is worth 1 point. with their need for high quality personnel. Provided the presence included a contact message facility. (1 point) Comments by users within the last 3 days (1 point). Daily Tweets: If a bank tweets more than once each working day. and 14 million of them are college students or recent graduates. 2 points for more than 10.

the maximum possible number of points is only 2. Both these components are measured in the ranking: Presence of social media on website (max. YouTube channel (max. 10 points) A bank’s website is still the first port of call for many (potential) clients. a bank’s decision to invest in providing content for their Google Plus presence is a helpful indicator of their level of determination to communicate with their customers and the public at large. The importance of video content as a medium has come about only over the last few years. Google Plus is not yet on the same level with older. its share of points will go up in following editions of this report. Google Plus turns out to have become more important. some banks still seem very reluctant to embrace this medium. Google Plus (max. 2 points) and for every blog. with a variety of content. including simplicity and versatility. making available content such as blogs. Videos can communicate extremely effectively with certain target groups. careers content: A LinkedIn section on products and services and/or a section on careers earned 1 point in total. Despite the examples of the powerful effect of some YouTube videos on the images of corporations. 4 points): For every blog. videocast on the main group website 1 point (max. But if. every bank should broadcast itself via YouTube to profit from the network effects of this platform. Variety of content: If there is a minimum of 10 relevant videos posted on the YouTube channel. making it all the more important that banks should use social media on their websites. podcasts and videos and. podcast. Followers: For more than 1. podcast. 2 points) 16 . There are two sides to ensuring that a website is successful in social media terms. although it is important to realize that the most effective content is entertaining and that. Content up-to-date: If the latest video is not over one month old. At this stage. more established social networks like Facebook or Twitter. Presence on Google Plus: 1point is awarded for a Google Plus presence. videocast etc. firstly. in the future.000 followers (a very low benchmark in order not to put smaller banks with fewer job openings at a disadvantage) 1 point is awarded. Although this relatively new social networking tool has a number of important strengths. a further 1 point is awarded. 2 points) The current social media report marks the first time that MyPrivateBanking Research has evaluated banks’ use of Google Plus. Content on Google Plus: a further 1 point is awarded Use of social media on a bank’s website (max. the bank scores a further point. linking to and integrating with social media outside of the website. a bank can ensure that it appeals to different audience segments. it is still in the process of gaining acceptance in the corporate world.MYPRIVATEBANKING RESEARCH Official LinkedIn profile: 1 point is scored for an official LinkedIn presence. Products and services. 4 points) Being the biggest social video network worldwide. Therefore. on a segmentspecific website 1 point (max. Company profile on LinkedIn: A recent and complete company profile scored 1 point. secondly.

or clear statements and explanations of social media objectives made available publicly such as in interviews. such as Twitter announcements also appearing on Facebook scores 1 point. Where only parts of the website’s social media content are up-to-date 1 point is scored. would-be customers and the public at large and where it has developed a coherent strategy to achieve the best outcomes possible from these relatively new tools: hence. is catered for. 1 point is awarded. Where simple feedback. Making it possible to leave public comments is rewarded with 2 points. 17 . Presence of a social media hub: A web page signposting all of a bank’s social media provision is a benefit to site visitors and a clear sign that the bank in question sees social media strategy as a priority. Consequently. such as rating or like/not like functionality. initiating discussions and commenting is central to social media. Efforts towards the integration of social media: Evidence of integration. involvement with social media works best when companies understand how social media has empowered customers. Content that’s undated is treated as if it is out of date. Links to other social media channels: Links from any bank website to any other social media presences (except another website) score 1 point. Where all existing social media is up-to-date (latest entry not older than 1 week) 2 points were scored. A formulated social media strategy: This may be either a strategy for the bank with clear social media objectives published on the website. RSS feeds: RSS feeds are important to users of social media content for their convenience. 4 points) Banks have opportunities to connect with their customers and the wider public through multiple channels and take up by an individual bank of any particular presence could be merely following the herd or trying out a new medium just because it’s there. 3 points) Employing social media in a manner that not only takes a particular channel or kind of content beyond the merely adequate but changes people’s perceptions of what is possible with social media points to a bank having both an understanding of the potential of social media and staff who have given careful consideration to social media implementation. For providing at least one RSS feed on a bank website. Any of these scores a further 1 point. The presence of such a hub scores a further 1 point. the advent of social media marks a revolution in the relationship between corporations and their stakeholders. prerequisites for achieving success through social media. allowing users to subscribe to the source rather than making repeat visits. Fuller integration of social media messages: In cases where a bank has achieved a coordinated delivery of corporate messages across all or most of its social media scores a further 1 point. or evidence that a team for the deployment of social media is in place. Overall social media strategy (max. However.MYPRIVATEBANKING RESEARCH Up-to-date social media: Frequent and regular updating of all social media on the website is important for its usefulness to website visitors. Feedback: Giving feedback. For every outstanding application of social media 1 point is scored (up to a maximum of three cases per bank). Best practice (max. 1 point is awarded. the inclusion of tests to identify the presence of an overall social media strategy.

) 18 .MYPRIVATEBANKING RESEARCH 3.0 THE FUTURE: THE NETWORKED BANK (….

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