How social can help improve the customer experience, in and out of the bank [Finance Report]

Social Media Analyst, Leigh Price’s analysis of the Banking Industry in Australia & New Zealand.

Social Media Analysis - Australia & New Zealand Banking Industry

Our team of social analysts have been busy producing our latest Social Analysis report, which covers the banking industry in Australia and New Zealand.

The insights don’t lie: smart use of social can increase the experience of your customers. We’ve got some of the best insights below, just a taste of the comprehensive report.


Australia & New Zealand Banking Industry Social Analysis

Discover how social can help improve the customer experience, in and out of the bank.

Request Full Report Today


Customers want to be listened to

Create internal procedures and technology-based governance to ensure conversations ‘close the loop.’ If your customer submits a suggestion for a product that is later implemented, ensure they’re aware of this, so they feel they’ve contributed to shaping their bank. Additionally, internal processes need to be streamlined so that those questioning bank policies can be addressed in a timely manner in accessible language. Governance is critical to ensuring distributed teams don’t drop the ball on customer conversations. Consider implementing automations as part of a social platform to ensure no conversation falls through the gaps.

Customer Emergencies

For customers struggling with bank issues, especially internationally, using the most of bank data to make help information more easily accessible to them is recommended. If customers access online resources from an international IP address, information should be customised to suit their most likely requirements.

Generation Gap

Financial training and literacy programs for both younger and older generations struggling to deal with financial systems is advised. Consider using a system of customer tagging on your social monitoring platform, categorising customers into segments. This will assist customer care agents in personalising conversations.

Online Support

Reducing the number of steps needed make to contact a customer service representative is likely to reduce the negative conversations online about banks.

Feedback Procedure

After a poor customer service experience, customers feel there is no outlet to get their voice heard other than social. Providing systems for effective complaints management is recommended.

The Human Touch

We observed a number of posts alluding to a perception of banks feeling faceless. Empowering local staff such as branch managers and marketing managers to share positive stories from their area, or outreach within their community, is a great way to add a human touch. Using a social platform which allows for hub and spoke style repurposing of successful local content will assist with this approach.

Queue Times

Data shows that in-branch queue times is one of the aspects people find most frustrating (after they are already frustrated that they need to go into a branch). Leveraging technology to set a customer’s expectations around branch times and to manage queues will be one way to reduce tension in this area.


Australia & New Zealand Banking Industry Social Analysis

Discover how social can help improve the customer experience, in and out of the bank.

Request Full Report Today


Author: Leigh Price

“I uncover social insights that are in plain sight” Leigh is an experienced social media analyst who has worked in successful startups like Deals Direct to large corporates including GE and Telstra. He applies an analytical approach to the conversations that take place around his clients’ brands to identify rich insights that organisations can act upon.

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