Dive summary:
- Citibank takes initiative to respond to customer concerns when they are expressed on Twitter and Facebook.
- A study found that Citigroup responds to 36% of customer concerns on social media compares to 11% by Wells Fargo and 3% by Bank of America.
- Social media represents just 1% of customer concerns that Citibank receives.
From the article:
Big banks are notoriously bad at keeping their customers happy. Nearly one out of every five customers has a problem with their bank, according to J.D. Power & Associates. Nowhere is that more apparent than on the Web, where mishandled complaints can go viral and wreak havoc with a bank's reputation in minutes.
That is one reason why banks are courting customers in the small, but fast-growing space of social media. These customers tend to be more affluent and faster adopters of new, expense-cutting technology such as online and mobile banking, which makes them particularly valuable to banks at a time when revenue is barely rising.
