Despite challenges posed by regulatory compliance, social customer service is one of the fastest growing points of contact between financial institutions and their customers. This rapid rise should come as no surprise. Rather than drafting an email or waiting on the phone, nearly two thirds of social media users want companies to offer customer service over social media channels such as Facebook and Twitter.
With the estimate that 95% of all customer interactions in retail banking will be digital by 2020 (CameoWorks), and up to 51% of U.S. adults using online banking and 35% using mobile banking, it is clear that customers will continue to increasingly use Facebook, Twitter and other social channels as their first points of contact for issues and inquiries. Financial institutions must confront the concerns around privacy and security, and make interactions on these channels as safe as possible.
Our latest report evaluates this question through analysis of the Twitter performance of 22 of North America’s largest financial services and insurance companies. Since we chose to only a select group of companies already using Twitter as a customer service medium, it’s important to note that there are still a great many brands who have yet to adopt Twitter as a customer service channel, even if many customers are active in those social channels.
Some key findings include:
- The brands analyzed had an average response time of 2 hours and 46 minutes, significantly faster than most other industries analyzed previously
- Brands responded to less than 44.76% of direct @mentions on average, still not a high number but over twice as many as retailers analyzed
- National Bank of Canada had the fastest average response time at 15 minutes and 38 seconds.
- All of the brands analyzed are setting expectations for customer service on their Twitter pages
To learn more about how brands well leading North American financial institutions and insurance companies perform on social, as well as how to address the challenges of using your social channels for efficient, secure and reliable customer service, check out our report Social Customer Service for the Finance Industry: Building a Risk Free Strategy.