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BizReport : Social Marketing : December 27, 2013

Report: Financial sector needs better customer experience

Social media may be the key for financial institutions looking to make a difference with their customer base - both the existing customer base and those who may be swayed to a new brand. That according to a new report commissioned by Lithium Technologies. On the bad side, the report indicates most financial brands are merely getting by on the customer experience front.

by Kristina Knight

The study, conducted by Forrester Research, found that many financial sector brands are not providing the kind of customer experience that most shoppers expect in the online space.

Lithium President and Chief Executive Officer Rob Tarkoff said: "Visionary companies see increasing customer expectations as an opportunity. Savvy financial services providers like Barclaycard use the Lithium platform to engage and enlist their customers in an entirely new way --inviting them to participate in the business as partners, helping to reinvent old business models. Not only are firms like Barclaycard gaining competitive advantage by building the kind of relationships customers expect today, they're leading an entire industry by delivering a fully differentiated, disruptive customer experience."

Some interesting findings from the report include:

• On average, people rate their financial institutions' 'experiences' as 'Okay'
• 66% of consumers say 'great experiences' from Brand A makes the expect great experiences from other brands
• 18-24 year olds want brands to engage via social media
• 41% say they want customer support via social media
• 39% want brands to 'listen and respond' via social

Image via Shutterstock

Tags: customer experience, customer service trends, Lithium Technologies, social marketing, social media trends

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