Social Media Monitoring For Banking and Financial Enterprises

Banks and Financial enterprises need social media monitoring. Here’s why –
After the global financial crisis, one of the most damaging consequences that plagued the finance and banking enterprises was lack of customers’ trust in them. Customers and other stakeholders nurtured scepticism about their banks’ financial position and were too apprehensive to conduct business with them. People’s trust and faith were at an all time low.

However, financial enterprises had to endure this challenge and find feasible solutions to overcome it. Some banks like the Fidor Bank that I mentioned in my last post read the situation well and went social for reinventing business. They incorporated social media into their marketing and product innovation strategies. They relied on active customer engagement on social networks and extensive, open interactions with their customers for trust and reputation building.

The success of a few banks and financial enterprises on social media motivated many others to follow suit. Today, along with having a presence on social media, most financial institutions are also exploring and extracting the benefits of social media monitoring. 

How Social Media Monitoring Helps Banking and Financial Enterprises?

Banks and Financial institutions can immensely benefit from social media monitoring tools. From finding prospective customers to generating new leads and beating competition with out-of-the-box strategies to analyzing the sentiments surrounding your brand or knowing what intents lead customers to your website, social media monitoring tools will help you achieve all.

Some of the most useful benefits of social media monitoring for financial services include – 

•     Analyze and measure others perception of your brand, product and services.
•         Manage and monitor your organization’s reputation.
•     Conduct Competitor Analysis
•     Predict and tackle PR crisis
•     Build and nurture customer communities
•         Produce content tailor-made for your audience
•     Develop products based on customer insights  
•     Boost customer service
•     Cost effective, easily customizable to suit varied needs and serve different departments.

Our product, Shout Analytics is an innovative solution for banks and other financial institutions looking for cutting-edge social media monitoring services. For the banking and finance industry Shout Analytics performs among other things, Sentiment Analysis, Predictive Analysis, Customer Profiling, Brand Intelligence, Share of Voice Analysis, and Churn Analysis. Plus, it all happens in a single integrated dashboard for Facebook, Twitter, YouTube, Foursquare, LinkedIn, Blogger and News. 

If you want to know more about Shout Analytics, share your thoughts in the comments below or write to us at info@shoutanalytics.com.