Banking’s Holy Grail – Knowing Their Followers

Relationships. The social media industry has been built on the human need to connect and maintain relationships. Connecting with friends, linking with colleagues, keeping them both up to date on where,when, and what we are doing, how we feel about it and who we did it with. Our identity can be, and is, validated by our peers and our friends. I can know you are who you say you are based on the validation of your friends and coworkers, relationships visualized in social media like Facebook and Linkedin.

What type of relationship do you have with your bank? If you think you have good one you probably aren’t really thinking about your relationship with the bank. You’re probably thinking about a relationship with one or some of the bank’s employees. This is completely natural as it is human interactions that affect our perceptions. Fundamentally human beings want to be heard and understood and, I would add, known and valued.

As bankers we know that our company would love to have a great relationship with their clients. They would love to standardize positive client experiences across all of their channels. They would love to know more about their clients, their family, their friends, their likes, dislikes, life goals, and secret desires. The bank, as a marketing, risk mitigating, sales organization would love to be their client’s friend and know so much more about them. The reality is that despite extensive and costly investments in CRM, customer experience design, multiple channels, adoption of social media marketing strategy, they know almost nothing more about their clients than address, balance, and credit score.

What if a bank could make a clear link between their internal view of their client and the social media view of that same client? What if a bank could include social graph metadata into their enterprise data warehouse attributed to a specific client? What if a bank could know if their investments in social media are paying off by attracting their existing customers as followers? What if a bank could know immediately if the message or mention made on Twitter came from an existing client? What if a bank could understand the relationships that a specific client may have with other clients and the amount of influence a specific client has related to their entire client base? How would marketing change? How would social customer service change? How would risk assessment change? These are the just a few of the questions we are asking and answering as we finalize the banking specific version of NORM.

The attached video outlines some of the key functionalities of NORM. We are currently looking for banks in various geographies interested in participating in finalization of banking requirements and beta testing of NORM for Banking. If interested please contact [email protected]

Leave a Reply

Skip to toolbar