Published on February 18, 2014
Our customers don’t trust us! Why financial service companies should use social media to regain the trust of their customers Part 1 WWW.BLOOMWORLDWIDE.COM
Financial Services have a problem… … people don’t trust them How much do you trust the industry? Technology 77% Automotive 69% Food and beverage 66% Consumer packaged goods 65% Telecommunications 62% Brewing and spirits 62% Energy 59% Pharmaceuticals 58% Media 53% Banks 50% Financial services 50% WWW.BLOOMWORLDWIDE.COM Financial services are trusted the least of all industries surveyed Source: Edelmen 2013
In five years the number of customers who trust companies in financial services has fallen considerably 70% 60% 50% 63% 56% 56% 53% 45% 51% 47% 47% 44% 42% 38% 40% 35% 32% 30% 45% 35% 31% 31% 26% 23% 22% 20% 19% 11% 10% 0% Global Poland France 2008 Netherlands UK Ireland 2013 WWW.BLOOMWORLDWIDE.COM Source: Edelmen 2013
More than 60% of financial services customers need to hear company information 3-5x before they will believe it 12% 6% 29% 4% 14% 35% Once Twice Three times Four or five times Six to nine times Ten or more times WWW.BLOOMWORLDWIDE.COM Source: Edelmen 2013
And yet, engagement and integrity are not incorporated into most financial service firms social media messages Customers rank the most important trust building attributes for financial services companies Listens to customer needs and feedback 67% Takes responsible actions to address issue/ 65% Places customers ahead of profits 64% Has transparent and open business practices 64% Offers high quality products or services 63% Has ethical business practices 63% Communicates frequently & honestly on 62% Treat employees well 59% 55% ENGAGEMENT INTEGRITY 60% 65% 70% PRODUCTS/SERVICES WWW.BLOOMWORLDWIDE.COM Source: Edelmen 2013
More than 80% of consumers said it would be important to read user generated content before making a decision about banking or other financial services…. WWW.BLOOMWORLDWIDE.COM Source: Bazaar Voice 2011
…Whereas 56% of consumers who post about personal finance online will use social media to find finance products for purchase WWW.BLOOMWORLDWIDE.COM Source: Global Web Index 2013
44% of millennial’s say they would not purchase insurance without referencing others' opinions WWW.BLOOMWORLDWIDE.COM Source: Bazaar Voice 2011
77% of long-term customers would recommend their financial firms to others – they are the second largest promoter for these types of firms WWW.BLOOMWORLDWIDE.COM Source: Bazaar Voice 2012
45% of online US adults who have a Twitter account are interested in interacting with financial services firms via Twitter WWW.BLOOMWORLDWIDE.COM Source: Forrester 2012
Last year, more than 25% of online audiences globally wanted to be contactable at all times over matters relating to their private affairs WWW.BLOOMWORLDWIDE.COM Source: Global Web Index2012 Source: Forrester 2013
3 ways you can build trust through social media now Listen to your customers • Incorporating customer feedback is effective marketing. Customers reviews will strengthen claims your firm makes Direct customer contact • Social media lets you connect with customers directly. Use it to build stronger relationships and trust online Promote your online advocates • Customers consult peers before making a purchase. Promote your online advocate reviews can help to positively impact sales WWW.BLOOMWORLDWIDE.COM Source: BLOOM Worldwide 2014
Go to www.bloomworldwide.com/finance to find more social media resources tips and advice tailored for financial service companies WWW.BLOOMWORLDWIDE.COM
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