{"id":413,"date":"2020-02-15T08:15:14","date_gmt":"2020-02-15T08:15:14","guid":{"rendered":"https:\/\/www.positiveedge.net\/resources\/?p=413"},"modified":"2022-09-07T07:30:15","modified_gmt":"2022-09-07T07:30:15","slug":"three-reasons-why-banks-trend-online","status":"publish","type":"post","link":"https:\/\/www.positiveedge.net\/resources\/three-reasons-why-banks-trend-online\/","title":{"rendered":"Three Reasons Why Banks Trend Online"},"content":{"rendered":"

Social media greatly impacts today\u2019s businesses, both positively and negatively. Over the years, many businesses have either been glorified or denounced by social media users for their actions (and inactions) \u2014 and banks are no exception.<\/p>\n

PositiveEdge\u2019s banking experts have learned that there are three main reasons why banks trend online, which we call The Good, The Bad, and The Wow.<\/p>\n

The Good…<\/b><\/h4>\n
Marketing Campaigns<\/b><\/h5>\n

Social media is a powerful tool for increasing brand awareness. Many banks have capitalized on this phenomenon using marketing campaigns. Take the campaign of TD Bank for example.<\/p>\n

Since 2008,\u00a0TD Bank is considered as the industry\u2019s king of marketing campaigns.<\/a>\u00a0From delivering pizzas to handing out free umbrellas, TD Bank has launched several memorable campaigns and gimmicks that stand out from the rest. In 2014, they launched the #TDThanksYou campaign, in which TD turned one of its ATMs into an automated thanking machine. This new ATM gave personalized thank you messages and gifts to some loyal TD customers.\u00a0One of the videos of the campaign<\/a>\u00a0received over 20 million views on YouTube.<\/p>\n

New Products and Technologies<\/b><\/h5>\n

Like any other business, banks can be aggressive when introducing new products and technologies such as new mobile banking apps or credit cards with cash-back and travel incentives.<\/p>\n

When Capitol One introduced its new mobile app for tracking and improving credit scores, the bank spent a huge amount on YouTube advertising. Its\u00a0YouTube video<\/a>\u00a0has been viewed over 13 million times since last year. Recently, Capitol One also invested in Facebook advertising.\u00a0Capitol One\u2019s new video<\/a>\u00a0promoting its credit card with a cash-back feature for Spotify subscriptions has over 2 million Facebook views, 2 thousand reactions, 400 shares, and 250 engagements.<\/p>\n

The Bad…<\/b><\/h4>\n
Bank Failures<\/b><\/h5>\n

Bank failures \u2014 from service outages to bank closures \u2014 gather a disproportionate amount of attention not just because of the inconvenience they cause, but also because people expect banks to be more stable and reliable than other businesses.<\/p>\n

Last May,\u00a0JPMorgan Chase customers took their frustrations to Twitter<\/a>\u00a0when the bank\u2019s online services went down. While customers could still log in to the bank\u2019s mobile app or website, they were unable to view their balances, pay their bills, or transfer money. In 2008, a total of\u00a025 banks closed\u00a0because of the financial crisis, generating headlines across the nation. Recently, the abrupt closure of Guaranty Banks in Wisconsin not only caught depositors by surprise, but also\u00a0local state news companies,\u00a0<\/a>which hastily posted the news online.<\/p>\n

Controversies and Scandals<\/b><\/h5>\n

Banks are among the most trusted institutions in the United States and abroad. So, when bank employees, who are supposed to take great care of depositors\u2019 money, are caught perpetrating financial crimes, it not only creates a lot of buzz but also negatively affects public\u2019s trust in the bank.<\/p>\n

In 2016, Wells Fargo employees\u00a0were caught creating fake accounts to meet their sales targets,<\/a>\u00a0leading to over $185 million in fines and compensations. The incident was\u00a0well-documented<\/a>\u00a0on various news and social media channels. In the aftermath of the scandal, Wells Fargo continued to struggle with negative public perception. Credit card and new checking account applications with Wells Fargo\u00a0went down 43% and 40%,<\/a>\u00a0respectively, from the previous year.<\/p>\n

…and The Wow!<\/b><\/h4>\n

When it comes to trending online, nothing beats customer service in generating buzz \u2014 whether it be exceptionally commendable or atrocious.<\/p>\n

For instance,\u00a0Ally Bank recently won two awards from a respected personal finance magazine\u00a0<\/a>for Best Internet Bank and Best Bank for Millennials. It is also widely considered as\u00a0the best bank for customer service.<\/a>\u00a0Furthermore, the\u00a0level of engagement in its social media channels<\/a>\u00a0makes Ally Bank a leader among companies using social media. Customers, especially millennials, recommend Ally Bank for its\u00a024\/7 phone and live chat support, coupled with simple and transparent product offerings.<\/a>\u00a0According to a podcast,\u00a060% of Ally Bank\u2019s new customers are millennials,<\/a>\u00a0which comes at a time when other banks are struggling to win millennials\u2019 approval.<\/p>\n

On the other hand, Bank of America\u2019s attempt to respond faster to customer issues did not go so well. In 2013, it set up a robot that will respond automatically to Twitter mentions. Unfortunately, the generic, impersonal messages went viral, with Twitter\u00a0users disparaging and denouncing the way the bot responded to complaints.<\/a><\/p>\n

Making Customers Heard<\/b><\/h4>\n

According to PricewaterhouseCoopers,\u00a0developing a customer-centric business model is the top priority of retail banks through 2020.<\/a>\u00a0From marketing campaigns new products and technologies, to social media strategies, banks must embrace a customer-centric approach that will not just make them trend online in the short-run, but also create long-term trust with their customers.<\/p>\n

PositiveEdge has been helping banks and financial institutions through its customer-centric solutions. With its\u00a0CRM for Contact Centers<\/a>\u00a0tool, Positive Edge enables more effective customer-agent conversations by integrating a bank\u2019s CRM and phone systems. The tool provides agents with the right information at the right time for every customer, thus enabling a personalized level of care. With its\u00a0CRM Integrated Live Chat Tool,<\/a><\/p>\n

PositiveEdge also enables representatives to engage with customers in real-time.<\/p>\n

Get in touch with us<\/a>\u00a0to learn how we can take your customer experience to the next level.<\/p>\n<\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"Social media greatly impacts today\u2019s businesses, both positively and negatively. Over the years, many businesses have either been glorified or denounced by social media users for their actions (and inactions) \u2014 and banks are no exception. PositiveEdge\u2019s banking experts have learned that there are three main reasons why banks trend online, which we call The Good, The Bad, and The Wow. The Good... Marketing Campaigns Social media is a powerful tool for increasing brand awareness. Many banks have capitalized on this phenomenon using marketing campaigns. Take the campaign of TD Bank for example. Since 2008,\u00a0TD Bank is considered as the industry\u2019s king of marketing campaigns.\u00a0From delivering pizzas to handing out free umbrellas, TD Bank has launched several memorable campaigns and gimmicks that stand out from the rest. In 2014, they launched the #TDThanksYou campaign, in which TD turned one of its ATMs into an automated thanking machine. This new ATM gave personalized thank you messages and gifts to some loyal TD customers.\u00a0One of the videos of the campaign\u00a0received over 20 million views on YouTube. New Products and Technologies Like any other business, banks can be aggressive when introducing new products and technologies such as new mobile banking apps or credit...","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[],"acf":[],"yoast_head":"\nThree Reasons Why Banks Trend Online | Blogs | PositiveEdge<\/title>\n<meta name=\"description\" content=\"Social media greatly impacts today\u2019s businesses, both positively and negatively. 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