It’s not social to ignore your customers
Last month the new J.D. Power and Associates Report (Full report here: http://prn.to/dZQ08U) came out and reported that customer satisfaction at retail banks is up from 2010. This was despite a decline in satisfaction with fees…and a small note about banks unresponsiveness to complaints that were delivered via social media. You might have missed it so here it is again:
“One in eight customers who indicate they use social media say that they have used it to contact their bank for service-related issues. However, only 20 percent of these customers report receiving a response from their bank.”
I found this tidbit very interesting because of the enormous amount of banks and CUs still rushing into social media. I’m not sure what your institution’s initial social media checklist looks like but please let’s not forget to add “will have plan in place to respond to our customers complaints” to the list.
Social media is an engagement channel and I can think of few less engaging things than being ignored. If you have opened up a channel of communication, then you are responsible for responding. The worse part about this 20 percent figure is that social media is thought of as an instant form of communication, which means we not only expect a response but we expect it immediately. I have posted on a restaurant’s Facebook wall asking for a reservation minutes before leaving the house and received a response before leaving the driveway. Is your institution monitoring and replying in real time like a small 30 table restaurant in Nebraska? For you will be judged in relation to all other businesses online.
Prior to social media, complaints were issued via mail, phone, or in person. At least with mail there was a lag time and multiple steps required between complaint and response. At least then one might have a scapegoat to blame for a response not being received. You do not have this with social media.
With social media, if your response isn’t instant, you’re behind. If you’re response isn’t ever sent, you need to move your page to Myspace where nobody will ever find it.
Our industry has enough challenges – well documented by Jeffry Pilcher’s recent post “The Formula For Winning and Losing Bank Customers” @ http://bit.ly/kjDFUU – so let’s just be sure that we’re not hurting ourselves in our attempt to engage online. Better yet, let’s be ready to respond in real time via this new channel of preference. There is no place to go but up from 20%…I hope.