While the use of social media is critical in today’s business landscape—for retailers, entertainment, tech companies, and other businesses—social media engagement is one of the more underrated tools used in the financial industry. A bank’s reputation is the foundation of its success, and with millions of consumers publicly voicing complaints about negative experiences with products and services, financial institutions face genuine risks of attrition and diminished brand perception.
Beyond the Arc recognizes the increasing need banks and credit unions have for social media risk management. In an article for ABA Banking Journal, our CEO Steven Ramirez shared insights on the importance of complaint management to help financial institutions drive positive, profitable customer experiences. One powerful tool is using text analytics to monitor and understand negative feedback on social networks so the business can prioritize actions to resolve issues early on, improve customer service, and prevent future threats.
Banks should pay attention to the significance of social media as a valuable resource for both fulfilling customer needs and attracting new business. With our social media analytics service, Beyond the Arc provides companies with the tools to drive measurable business improvements and reduce regulatory risk and attrition. Highlights of our multifaceted approach include:
- Active monitoring of social media networks such as Facebook, Twitter, and Google Plus to identify, categorize, and analyze customer feedback.
- Action plan for establishing a strong social media presence across multiple platforms. This helps companies understand customer feedback, and builds direct engagement with consumers to help meet key business objectives.
- Crisis communication plan for effectively managing negative customer feedback on social media, such as best practices for providing prompt, personalized support to directly address customer concerns and turn negative impacts into positive customer experiences.
With a customer-focused approach and understanding of complaint management, we help financial institutions strengthen relationships with customers, while putting preventive measures in place for more powerful risk management.