Social Listening has been regarded as the social media voice of the consumers and can have a large impact on the reputation if a bank. Responding to your customers’ problems in real time can easily turn a bad situation into a successful customer experience.
However, many banks are still hesitant to develop a strong presence of social listening in banking on the account of heavy industry regulations. Then again, with the right education and a proper social listening platform, banks can easily acquire all the benefits and rewards social media has to offer. Here are some ways social listening can be helpful in banking sectors.
Developing a solid social media policy
This is the first thing to do in, orm banking just before you plunge into listening and engaging, you need to cover your bases. You have to develop and implement a solid, and clear social media communications policy which you can share with your employees and financial advisors. It’s always crucial that everyone involved in your company’s social media thoroughly understands the social media regulations. If you’re using a listening platform, you have to make sure that your team is fully trained on the tools.
Perceive the Landscape
Social listening will give you a full grasp on who your community is, and where they reside. Social listening will uncover all media conversations and help you to get to know your community. It also depends on the global reach of your company, and it may be important to consider investing in a tool which provides huge global coverage and has language capabilities.
Be prepared for the escalating crises
A good social listening tool will give you the best chance to track and analyze all conversations and sentiment around your concern and that too across multiple social media channels, and help you discover and deal with social media complications as they occur before they even develop. You need to define what a crisis is for your company, and then, build a problem response chart with many levels of its seriousness. If you face issues like your company Twitter account has been hacked or there is a thread of negative comments about your brand in a forum, in here, social listening will help you identify these problems in real time. Your team will know exactly the process to follow in such events of a social media crisis.
Archive content and its engagement
You must know about the financial Services regulator, which requires all social media content stored for at least three years. In the past year, the securities and exchange commission announced an alert on the use of social media by financial advisors, which described the importance of compliance policies along with the record-keeping and third-party content. It’s highly essential for financial services agencies to leverage a social listening solution which will archive all company posts and its engagement to make sure you and your team stay inside the line along with the industry rules and regulations.
Check out the points on why social listening in banking is crucial and you will understand the proper reason.