Banks struggle to grasp social media, with only 14% updating social media content online each week
Banks are struggling to grasp social media, research from MyPrivateBanking has found, with only seven of the world’s top 50 banks having updated social media content, such as blogs or podcasts, in the past week. The Swiss research company found in its ‘Social Media for Banking 2012’ report that Citibank was rated the best at social media, rated at 47 out of 50 points for its presence, with BBVA of Spain and the National Australia Bank coming joint second with 44. A third of banks analyzed scored less than 25 points. Steffen Binder, research director of MyPrivateBanking, said: “We see a widening gulf between a handful of banks worldwide, leveraging social media extremely well to serve existing as well potential customers, and the majority of banks still struggling with the new platforms. These banks need to catch up fast or they will lose a new generation of clients. “For the vast majority of banks, room for improvement is still extensive and the quality of online presences fails to match the importance of social media as a communication tool by a wide margin. “The good news for banks is that, in social media, changes requiring relatively little effort can achieve big improvements.” The banks analysed were: ABN AMRO, ANZ Bank, Banco Bilbao V.A., Bank of America, Bank of China, Bank of Montreal, Barclays, BB&T, BNP Paribas, BNY Mellon, Bradesco, Caisse d`Epargne, CIBC, CITI Bank, Coutts Private Bank, Crédit Agricole, Credit Suisse, Danske Bank Group, DBSBank, Deutsche Bank, Erste Bank/Sparkasse Österreich, Goldman Sachs, HSBC, ICICI, ING Bank, Intesa Sanpaolo, Itaú Bank, J.P. Morgan, Julius Bär, Lloyds Banking Group, Merrill Lynch, Mitsubishi UFJ Financial Group (English Service), Morgan Stanley, National Australia Bank, Nordea, Pictet, PNC Financial Services Group, Rabobank Group, Royal Bank of Canada, Royal Bank of Scotland, Santander, SEB Bank, Société Générale, Standard Chartered, Suntrust, Toronto Dominion, UBS, Unicredit, US Bank and Wells Fargo. Social media image via Shutterstock.