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A majority vote social media as important – critical for banking

Earlier this year we surveyed the Financial Services Club members and readers of the Finanser for their views on social networking and social media in banking.

In February, we published the initial results as a qualitative report and now we have crunched the numbers to produce the quantitative report.

There were 444 respondents to the survey:

  • 106 Banks
  • 62 Corporates
  • 60 Technology Firms
  • 56 Consultants
  • 48 Governments, NGO, Charities
  • 44 Non-Bank FI’s
  • 25 Professionals, Academics and Media
  • 38 Others

69% were from Europe, 15% from the USA, 6% from Asia and 10% from elsewhere.

5% are Board Members, 5% Heads of Division, 20% Directors and 37% Managers.

The results are a fascinating insight into what folks are thinking, with many saying that social networking and media – particularly LinkedIn, Blogs and Privately Managed Communities – will be key for banking relationships in the future.

For example, 40% of respondents think that social media is critical (4%), very important (16%) or important (20%) for bank relationships today; with this figure increasing to 67% if looking five years ahead when 17% believe it will be critical for bank relationships by then.

93% of respondents believe that a focus on social media is essential to the future
of financial institutions and only 1% feel their institution would be likely
to decrease their use of social media in the next two years … only 1 per
cent!

All indications are that this is a hot topic for pretty much
every service organization out there which is surprising as so few firms
are doing anything about it!

Both reports – 36 page data summary and 30-page qualitative analysis – are available for $99.

If you click the button below, just enter your credit card details by pressing the 'continue' button on the lower left hand side of the screen.   This will trigger an email to our admin to send you BOTH reports for just $99 in total.

The headline for me out of this analysis is that, if you're in financial services and wondering whether Facebook, YouTube
or something else will be effective for your future business, then overwhelmingly it is something else other than Facebook!

 

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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