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Home » Engagement, industry research, News, Social Media News

Banking and social media: How do we want to manage our money via social channels?

Submitted by on July 2, 2013 – 8:18 amNo Comment

European consumers are increasingly expecting their banks to deliver the goods via social media, a new report by ING claims.

According to the report, ‘Financial Empowerment in the Digital Age’, a median 33% of consumers expect their bank to facilitate payments through social media, with that figure rising to a not-insignificant 57% in Romania and 51% in Turkey.

Unsurprisingly, this opinion was more widely-held among younger users, with 40% of those aged 18 to 24 agreeing. However, 29% of those aged over 55 also said they’d like their bank to allow payments via social, suggesting this is a market-wide demand.

Bad news for banks, though; the report also indicated that the second most frequent activity individuals undertake on social media in regards to their bank is complaining (32%), followed by getting in contact with a help service (31%), deciding to switch banks (27%), opening a new bank account (25%) and changing conditions of a mortgage (22%).

However, the top activity, with 39% of respondents agreeing, is seeking out general information, meaning that banks do have an opportunity to engage with their current and prospective audiences, and should seize the chance to carve out a strong social reputation for themselves ahead of competitors.

The top expectations for banks on social media are as follows:

Give tips for saving: 70%
Communicated about CSR: 61%
Give information on the way the economy affects individuals: 56%
Interact with comments: 55%
Offer products and services: 47%
Make payments possible: 33%


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