Social Media Statistics: By-the-Numbers, May 2013

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

  • 500,000,000: The number of photos uploaded and shared per day in 2013. (Source: KPCB)
  • 442,000,000: The number of views per month generated by the top 500 brands on YouTube. (Source: Outrigger Media)
  • 50,000,000: The number of unique visitors per month to the Foursquare website. (Source: Foursquare)
  • 6,000,000,000: Hours of YouTube video watched per month. (Source: YouTube)
  • 5: The number of Vine videos shared every second on Twitter. (Source: Unruly)
  • 24: The percentage of online teens that use Twitter, up from 16 percent in 2011. (Source: Pew Internet)
  • 150: The number of times the typical smart phone user checks their phone per day. (Source: KPCB)
  • 645,000,000: Views of local business Facebook Pages during an average week. (Source: Facebook)

Does your financial institution use Pinterest? Here are three creative ways brands are utilizing the site from Social Media Examiner.

Social Media Chatter

 

 

 

 

 

 

 

 

Image courtesy of nattavut / FreeDigitalPhotos.net

What We’re Reading: YouTube, Pinterest and Gen Y

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.

  • Chase Has the Best of the Big-Bank Mobile Apps, Forrester Says

American Banker

Forrester Research has evaluated the mobile initiatives of the top four U.S. banks and declared JPMorgan Chase’s the best. The research firm gave the bank a score of 74 out of 100 on its mobile banking functionality, for providing a wide array of mobile money movement options, including funds transfer, bill payment and remote deposit capture. The other three banks — Citi, Bank of America and Wells Fargo — all scored above average in the tests. The overall research report offered a few insights into mobile banking trends: The percentage of mobile banking users has crept up to 17% as of the end of 2011, according to Forrester estimates.

Read more

  • YouTube Casts a Spotlight on Banks’ Social Media Challenges

American Banker

Twitter and Facebook audiences are tough nuts to crack, but the toughest of all is YouTube. YouTube, the dominant online video site, has hundreds of millions of users, but holding their attention is far more difficult than typing out 140-character messages or encouraging customers to “Like” the bank’s brand. Many of the banks that have a YouTube account devote little attention to it; they populate it with repurposed TV ads and prohibit users from leaving comments. Putting in the effort to provide professional-quality and unique content for YouTube keeps customers engaged and even prompts conversations with branch staff, as Lakeland Bancorp’s (LBAI) Lakeland Bank has learned.

Read more

  • Where’s the Tech Support?

American Banker

A recent survey of 1,527 mobile banking users found a gaping void in the typical mobile banking application — a lack of technical support, tutorials and advice. Asked the one improvement they’d most like to see in their mobile banking application, 60% of these consumers said links to and contact information for technical support. Easier navigation and chat tools would help banks improve their overall mobile banking adoption numbers, says Michael McEvoy, managing director at ath Power Consulting, based in Boston and Washington, D.C., the firm that conducted the survey. Another thing that would help: better education about mobile banking services.

Read more

  • 7 Ways Banks Can Use Pinterest

American Banker

Financial institutions could benefit from being active on the fast-growing social media website Pinterest, Corporate Insight has found. Pinterest relies mostly on images instead of text and incorporates different aspects of Twitter and Facebook to connect users. After examining the website, Corporate Insight said Thursday that it found seven financial themes for which companies could use Pinterest to increase their digital presence. These themes were retirement, savings and investment goals, credit card rewards, lifestyle, corporate mascots, contests and charitable giving.

Read more

  • Ally Rolls Out Mobile Banking Offering

Bank Systems & Technology

Direct bank Ally announced it has released a mobile banking app for iPhone and Android mobile phones. Features of the new app include the ability to check account balances, search transaction history, transfer money between Ally Bank accounts and find ATMs and cash-back locations using the phone’s GPS capability. Additionally, Ally is offering a second app for non-customer Android and iPhone users, which will locate nearby ATMs and cash-back locations in the U.S. This app is available to the public and free to download at the App Store and Google Play Store, Ally said.

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  • Leading the Bird: What Bankers Can Learn from Duck Hunting

Celent Banking Blog

Every duck hunter knows that in order to avoid coming home empty-handed, one must aim ahead of the bird – lead the bird as it is commonly referred. The idea is that if one aims directly at the bird, every shot will be a miss no matter how precise the aim. That’s because by the time the bird shot gets in the vicinity of the duck, it will have flown out of the shot pattern. What does this have to do with financial services? Tons! Today’s financial services landscape is challenged with astonishing array of changes, and the rate of change is faster than most have seen in our lifetimes.

Read more

  • Gen Y Found in Branches as Much as Seniors in Fiserv Survey

Credit Union Times

Fiserv Inc. has found Gen Y consumers are not strictly tied to online and mobile banking, based on the company’s latest Consumer Trends Survey. Fiserv said its Gen Y findings include the following: Gen Y members do not limit themselves to online and mobile banking — they’re more likely than any other age segment to visit a branch, drive up to an ATM or phone a call center. For each of the banking services mentioned, Gen Y represents the highest percentage of high volume users (five or more visits/uses per month) than any other age segment. Online banking, debit cards and bank-based bill pay are the top three financial management tools utilized by Gen Y.

Read more

  • Securing smartphones and tablets against banking fraud

Help Net Security

Trusteer announced a new version of the Trusteer Mobile service which prevents mobile and online banking fraud. The service detects mobile malware infection and helps bank customers fix security vulnerabilities on their devices. End users can also turn off access to their online bank accounts from anywhere using their mobile devices and safely access the bank web site via a secure mobile browser. Financial institutions can authorize online banking transactions using Trusteer Mobile Out-of-band Authentication for Android and iOS devices.

Read more

  • The Post-Cash, Post-Credit-Card Economy

New York Times

In London, travelers can buy train tickets with their phones — and hold up the phones for the conductor to see. And in Starbucks coffee shops here in the United States, customers can wave their phones in front of the cash register and without even an abracadabra, pay for their soy chai lattes. Money is not what it used to be, thanks to the Internet. And the pocketbook may soon be destined for the dustbin of history — or at least if some technology companies get their way. The cellphone increasingly contains the essentials of what we need to make transactions.

Read more

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

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)

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

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.

Reputation is the New Marketing Currency for FIs

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.

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

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)

Using Social Media to Empower Resellers

Jeese Stanchak at SmartBlog on Social Media recently interviewed Cisco’s Small Business Marketing Manager, Jeanne Quinn, about the role social media plays Cisco’s business model.  Stanchak posed questions about which Cisco’s engagement on social media platforms, as well as asked Quinn to share lessons learned from Cisco’s social media strategy.

Analysis: Cisco Systems is widely recognized as a leader in social media adoption at the corporate level. When it comes to the company’s focus on small business, Cisco executes on-going listening campaigns in an effort to better understand the pain points for resellers and potential customers. In terms of how it views various channels, Cisco utilizes Facebook to share the content it generates, Twitter to amplify key messages and spotlight content, LinkedIn to foster small group and community discussion and YouTube for video distribution.

In terms of the customer service issue (which can’t be ignored on social channels), Cisco’s approach is simple and one that other organizations should aim to replicate. Specifically, the company aims to respond promptly, empathize with the customer’s issue or concern, and do its best to solve the problem or get them to someone who can help as rapidly as possible.

Social Media Statistics: By-the-Numbers, December 2010 (Part II)

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

  • 80% of blog readers consume content in the morning, compared to just under 40% who do so at night (Source: HubSpot)
  • 79% of all U.S. moms with children under age 18 are active on social media (Source: Social Times)
  • 44.81% of people say they unfollow others who over-communicate or over share on social media (Source: SmartBlog)
  • 38% of Internet users use Google to login to Websites and social networks, making it the most popular social media login tool on the Web (Source: Janrain)
  • 4pm ET is the best time of day to publish blog posts if you’re looking to maximize Re-Tweets (Source: ProBlogger)
  • 4 times as many people 74 years old and older use social media in 2010 compared to 2008 (Source: Pew Internet)

Also, be sure to check the the following 2010 year in review sites from Facebook, Twitter, YouTube, LinkedIn and Google.