Some banks embracing social media for customer engagement

A recent study by Assentium found that most banks have been slow to develop a social media presence through which they can communicate with customers, according to Brand Channel.

A recent study by Assentium found that most banks have been slow to develop a social media presence through which they can communicate with customers, according to Brand Channel. On average, financial institutions scored 43 out of 100 on the study's scale.

Social Media Today reports that effectively monitoring and managing a company's social media presence can help customer service representatives appropriately respond to complaints. Businesses that have a social media presence can show their customers they are forward thinking, interested and engaged. Even if companies don't want to make a significant investment, they should have a Facebook page and Twitter account so customers who prefer to use social media can communicate with them through those channels, the source reports.

The banks that are pulling ahead as leaders in social media are Citibank, Societe Generale, ABM AMRO, Barclays, Wells Fargo, Standard Chartered, Deutsche Bank, Vanguard, Commonwealth Bank, Nordea and Royal Bank of Canada, according to Brand Channel.

This is an important move because many of their high-net-worth individuals are internationally mobile and expect to communicate with banks through a social channel. Financial institutions that are slow to participate may miss the mark for customer satisfaction and loyalty.