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Key Banking Topics in Social Media

May 11, 2012 By Karen Licker Leave a Comment

*Guest post by Karen Licker, Social Banker & Content Contributor (Independent) at J.D. Power and Associates

The challenges confronting banks that seek to bolster their bottom-line profitability, retain customers, and stay competitive in the marketplace are formidable. Research conducted by J.D. Power‘s Consumer Insight and Strategies Group to track social media activity regarding banking issues between April 2011 and March 2012 finds that:

  • Online sentiment was distinctly negative not only regarding fees, but also for bank technology
  • Complaints associated with website or online issues were a major source of discontent in technology-related messages

 

 

 

 

 

 

 

 

 

 

 

 

 

With customer feedback on critical topics discussed online going from technology to fees and service, banks should see the handwriting on the wall and provide an appropriate outlet for these customers, along with an acknowledgement and guidance for direction for immediate response.

Retail Banks aren’t the only ones that have an opportunity to engage with the vocal online customer. Credit card holders appear to be even more outspoken online, but card issuers appear to have learned this a bit faster than their Retail Banking peers.

  • 43% more credit card customers indicated that their financial institution responded to their online post than for Retail Bank customers (J.D. Power and Associates 2011 Credit Card Satisfaction Study). This may not be surprising, however, given the more virtual nature of interaction associated with credit card servicing.
  • Mobile apps for payments, online sites for daily transactions and much heavier reliance on phone-based rather than in-person interaction all combine to make the credit card environment more conducive to engaging the customer online.

Financial services, however, need to step up to the plate more and address the disgruntled customer. While these percentages are a step in the right direction, there is much more to be done to placate this online audience and turn the negative intensity and passion around.

Filed Under Social Media Tagged With retail banking, social media, statistics

Social Media Statistics: By-the-Numbers, January 2012

January 18, 2012 By Banking.com Staff Leave a Comment

Below are interesting statistics on social media usage. Feel free to share your favorite social media statistics in the comments section or Tweet @bankingdotcom.

  • 52.1% of all sharing on the web is driven by Facebook, with Twitter generating just 13.5 percent of all shares. (Source: Clearsping)
  • 256% increase in mobile data usage by teens in the US age 13-17 over the past year. The average teen used 320MB of data per month on their phone. (Source: Nielsen)
  • 3% of adults say they get news and information about local restaurants, bars and clubs from social media, while 38 percent claim to use Internet search engines. (Source: Pew Internet)
  • 49,000,000 the number of US visitors to the Google+ platform in December 2011, a 55 percent increase from November. (Source Hitwise)
  • 82% of the world’s online population are reached by social networking sites, representing 1.2 billion users around the world. (Source: comScore)
  • 79% of European online adults engage with social media, 86 percent of US adults do the same. (Source: Forrester)
  • 19.7% of the total Facebook user base is located in the United States. (Source: AllFacebook)

Curious what social networks your financial institution should focus on in 2012? Check out this infographic.

 

 

 

 

 

 

 

 

 

* Graphic provided by:

Image: tungphoto / FreeDigitalPhotos.net

Filed Under Social Media Tagged With Facebook, Google, social media, statistics, twitter

Social Media Statistics: By-the-Numbers, December 2011

December 5, 2011 By Banking.com Staff Leave a Comment

Below are interesting statistics on social media usage. Feel free to share your favorite social media statistics in the comments section or Tweet @bankingdotcom.

  • 1,000,000+ RSVPs in the past year to events via professional social network Linkedin (Source: LinkedIn)
  • 81% of small businesses now use social media, up from 73 percent earlier this year (Source: Constant Contact)
  • 66% of US adults use social media platforms such as Facebook, Twitter and LinkedIn  (Source: Pew Internet)
  • 2,400 advertising partners for Twitter, up from 600 in June 2011 (Source: Twitter)
  • 53% of young adults ages 18-29 go online for no particular reason on any given day  (Source: Pew Internet)
  • 42.6 billion videos were viewed by the US Internet audience in October 2011, an all-time high (Source: comScore)
  • 3.5 billion videos are watched on YouTube every day (Source: YouTube)
  • 60% user growth so far in 2011 for professional social network LinkedIn (Source: LinkedIn)
  • 50% of US adult cell phone owners have apps on their phones, up from 43 percent in May 2010  (Source: Pew Internet)
Filed Under Social Media Tagged With LinkedIN, social media, statistics, twitter, YouTube

Social Media Statistics: By-the-Numbers, October 2011

October 19, 2011 By Banking.com Staff 1 Comment

Below are interesting statistics on social media usage. Feel free to share your favorite social media statistics in the comments section or Tweet @bankingdotcom.

  • $400,000,000 in ad revenue is projected for Twitter by 2013, up from $139.5 million in 2011 (Source: eMarketer)
  • 7,432,307 job changes have been tracked by LinkedIn since 2009 (Source: LinkedIn)
  • 68% of social media users go to social networking sites to read product reviews (Source: Nielsen)
  • 59% of B2B purchase decision makers use a smartphone to research potential purchases (Source: eMarketer)
  • 58% of social media users go to social networking sites to learn about or research products (Source: Nielsen)
  • 1,600 advertisers are now using the Twitter platform for advertising (Source: Twitter)
  • 53% of active adult social networkers follow a brand, while 32% follow a celebrity (Source: Nielsen)
  • 40% of social media users access social media content from their mobile phones (Source: Nielsen)
  • $1.23 billion will be spent by US advertisers on mobile advertising this year, up from $743 million in 2010 (Source: eMarketer)

Interested in hosting a giveaway on your Facebook page? Check out these tips from Social Fresh.

Filed Under Social Media Tagged With Facebook, LinkedIN, social media, statistics, twitter

Social Media Statistics: By-the-Numbers, August 2011

August 12, 2011 By Banking.com Staff Leave a Comment

Below are interesting statistics on social media usage. Feel free to share your favorite social media statistics in the comments section.

  • 89% of US companies use social media for recruiting (Source: Jobvite)
  • 71% of online Americans use video sharing sites, a 5 percent increase over 2010 (Source: Pew Internet)
  • 69% of travel companies have seen traffic growth from Facebook; 46 percent have seen the same from Twitter (Source: Tripl)
  • 34% of US cell phone owners have shot video with their phone, while 26 percent have watched video on their phone (Source: Pew Internet)
  • 27% of time spent on Facebook is spent on either the Homepage or Newsfeed, with just 10 percent spent on apps (Source: comScore)
  • 20,000,000 visitors world wide for Google’s fledgling social product, Google + (Source: comScore)
  • 500,000 merchants have signed up for location-based social network Foursquare (Source: Foursquare)
  • 80% of advertisers renew their campaigns with Twitter (Source: eMarketer)

Working on building your Twitter following? Here are 10 tips from All Twitter.

Filed Under Social Media Tagged With Facebook, Foursquare, Google, social media, statistics, twitter

Social Media Statistics: By-the-Numbers, July 2011 Part II

July 22, 2011 By Banking.com Staff 3 Comments

Below are interesting statistics on social media usage. Feel free to share your favorite social media statistics in the comments section.

  • 178,000,000 million US Internet users watched online video content in June for an average of 16.8 hours per viewer (Source: comScore)
  • 58% of Twitter users who have tweeted about a bad experience have never received a response from the offending company (Source: Useful Social Media)
  • 46% of corporate communicators say they use Radian6 as their primary social media listening tool (Source: Access)
  • 50,000,000 websites are powered by WordPress (Source: WordPress)
  • 10,000,000 users for fledgling social network Google+ (Source: Google)
  • 1,000,000 registered Twitter apps, up from 150,000 last year (Source: Twitter)
  • 36,000 businesses have signed up to use Google+ in just two weeks (Source: The Next Web)
  • 550,000 Android devices are activated per day (Source: Google)

Use Google Analytics? The Social Media Examiner outlines how to track Tweets, Facebook Likes and more.

Filed Under Social Media Tagged With android, Google, statistics, twitter, WordPress

Social Media Statistics: By-the-Numbers, June 2011

June 10, 2011 By Banking.com Staff Leave a Comment

Below are interesting statistics on social media usage. Feel free to share your favorite social media statistics in the comments section.

  • 300,000,000 Twitter users as of May 2011, up from 200 million in February (Source: Twopcharts)
  • 79,000,000 users for professional social network LinkedIn as of March 2011 (Source: comScore)
  • 1,000,000 Facebook Fans bring in an average of 826 Likes and 309 comments per post (Source: Simplify360)
  • 40% of companies measure social media performance on a quarterly or annual basis, while 13% don’t measure social media ROI at all (Source: Hypatia Research)
  • 13% of online adults use Twitter, an increase from 8% in November 2010 (Source: Pew Research)
  • 3 billion views per day on YouTube, a 50% increase over last year (Source: YouTube)
  • $120,000 to purchase a Promoted Trend on Twitter for a single day, up from $25,000 in April 2010 (Source: Twitter)
  • 56% of all shared content on the Web is shared via Facebook, an 11% increase from August 2010 (Source: ShareThis)
  • $31.3 billion is expected to be spent on online advertising in the US in 2011, a 20% increase over 2010 (Source: eMarketer)
  • 5.2 hours per month on average spent by US visitors to social networking sites (Source: comScore)
  • 4.9 is the average number of clicks on a link shared via Twitter, ranking it ahead of Facebook (4.3 clicks) and email (1.7 clicks) (Source: ShareThis)

Want the 101 on Twitter? Check out this infographic on the who, why and how of Twitter.

Filed Under Social Media Tagged With Facebook, LinkedIN, social media, statistics, twitter, YouTube

Reputation is the New Marketing Currency for FIs

May 13, 2011 By Steve King and Carolyn Ockels 4 Comments

The growth and convergence of the Internet, social media, and mobile technologies have created a disruptive shift in how businesses and their customers interact. Social media and other online connective technologies provide customers and prospects with an instantaneous, information rich platform for researching, discussing and buying everything from books to buildings.

This ability to access and share information has greatly increased pricing, product and corporate transparency, shifting market power from producers to consumers. It has also reduced the effectiveness of many of the traditional outbound marketing, communications and sales methods used by financial institutions.

The recent Banking.com post, Social Media Statistics: By-the-Numbers, May 2011, illustrates the size, scope and growing role of social media. Examples of some of key statistics included in the article are:

• 800,000,000 recommendations (aka ‘stumbles’) are made each month on news discovery service StumbleUpon

• 132,500,000 people in the US will log in to Facebook regularly this year; by 2013 that number will increase to 152.1 million

• 6 years of video is uploaded to YouTube every day

This massive increase in information, connectivity and transparency results in a greater role for corporate reputation in the purchase decision making process for both consumers and businesses. Because of this, financial institutions will need to build and manage their social reputations by actively participating in social media, delivering on commitments, building strong business relationships and providing value to their customers.

For more on this topic, please see the Intuit 2020 Report – The Future of Financial Services.

 

About Steve King:  Steve is a Partner at Emergent Research. His current research and consulting is focused on economic decentralization, the growth of small business and the future of work and workplaces. Steve has extensive consulting, marketing and general management experience with both large and small companies.  Steve is a senior fellow and board member at the Society For New Communications Research, a research affiliate at the Future of Work and an advisory board member at Pond Ventures.

About Carolyn Ockels:  Carolyn is the Managing Partner at Emergent Research.  Her current research and consulting is focused on economic decentralization, the growth of small business and Gen Y.  Carolyn has extensive consulting experience, and prior to Emergent Research managed Cambridge Energy Research’s Asian energy consulting business, led market research in Japan for RCM Capital Managment, and held a variety of domestic and international consulting positions with the economic forecasting and planning consulting firm Data Resources, Inc.

Filed Under Banking 2020 Tagged With #b2020, banking news, Facebook, financial institutions, Future of Banking, social media, statistics, YouTube

Social Media Statistics: By-the-Numbers, May 2011

May 9, 2011 By Banking.com Staff 2 Comments

Below are interesting statistics on social media usage. Feel free to share your favorite social media statistics in the comments section.

  • 800,000,000 recommendations (aka ‘stumbles’) are made each month on news discovery service StumbleUpon (Source: StumbleUpon)
  • 155,000,000 tweets are issued every day, a three-fold increase from one year ago (Source: Twitter)
  • 92% of B2B marketers are involved in social media marketing, with LinkedIn being cited by 26 percent of survey respondents as the most important channel (Source: B2B Magazine)
  • 132,500,000 people in the US will log in to Facebook regularly this year; by 2013 that number will increase to 152.1 million (Source: eMarketer)
  • 67% of Twitter users said they would be more likely to make a purchase from a follower, while only 51 percent of Facebook users said something similar about their friends (Source: AllTwitter)
  • 88% of marketers found that social media helps get them increased exposure; 72 percent saw increased traffic and subscriptions as a result of social media (Source: Social Media Examiner)
  • 80% of marketers said they were planning iPad-based advertising and/or an iPad-based app this year (Source: Effie Worldwide)
  • 70% of marketers plan to increase spending on social media by at least 10 percent this year (Source: Effie Worldwide)
  • 6 years of video is uploaded to YouTube every day (Source: YouTube)
Filed Under Social Media Tagged With Facebook, LinkedIN, social media, statistics, twitter, YouTube

Social Media Statistics: By-the-Numbers, April 2011

April 6, 2011 By Banking.com Staff Leave a Comment

Below are interesting statistics on social media usage. Feel free to share your favorite social media statistics in the comments section.

  • 100,000,000 members and counting on professional social network LinkedIn (Source: LinkedIn)
  • 20,600,000 US adults will access a Twitter account at least monthly in 2011, an increase of 26.3% over 2010 (Source: eMarketer)
  • 400 full time employees now work at Twitter (Source: Twitter)
  • 5 years ago the first tweet was sent on Twitter (Source: Twitter)
  • 250,000,000 active users access Facebook via mobile device (Source: Facebook)
  • 20,000 ‘elite’ Twitter users generate a whopping 50% of all tweets consumed (Source: Yahoo)
  • 42% on average is the portion of a Facebook friends list that a person does not actually know (Source: BitDefender)
  • $14.7 billion in revenue for US print advertising in 2010, down from $15.5 billion in 2009 (Source: eMarketer)

Do you run a Facebook Page? Don’t miss these marketing tips from Michael Stelzner at Social Media Examiner.

Filed Under Social Media Tagged With Facebook, LinkedIN, social media, statistics, twitter
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