How Social Listening Helps Banks?

Banking CIO Outlook | Monday, May 11, 2020

Social listening helps banks to monitor customer opinions about the brand and its competitors, thus, allowing them to track, analyze, and respond to customer needs in real-time.

FREMONT, CA: In a decade, social media platforms have come a long way from being used by people to share their photos or rant about politics to becoming an integral part of businesses’ marketing strategy. With the right social listening platform, banks can tap into all the benefits and rewards that social media has to offer. Here are three ways banks are leveraging social listening.

• Understanding of Customer Community

Social listening will provide banks with a full grasp of their community information, which will be vital in engaging customers. Knowing the platforms in which customers and prospects engage with and the keywords they use are important for banks. Social listening will uncover all these customer conversations and will help banks to better know the customer community. Depending on the digital presence of the institution, it is important to consider investing in tools that provide vast global coverage and language capabilities.

• Providing Improved Customer Experience 

From social listening, banks' customer service teams can find customer issues and collect insights to establish communication between the bank and its customers. Without demanding customers' account details, the social media team can identify and evaluate issues as they happen and take the conversation offline or refer the customer to the appropriate customer service number. With this, customers will be delighted. Also, the raw, authentic customer insights from social listening will provide banks with the intelligence they need to improve service, sales, and customer satisfaction.

• Preparing for Escalating Social Media Crisis

The right social listening platform will provide the provision to track and analyze all conversations and sentiment around the bank across several social media channels. This will help banks discover and deal with social media icebergs before they become a bigger crisis. If a bank’s social media account gets hacked or if there is a thread of negative comments being posted, social listening will help banks identify these issues early on.

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