Enhanced Social CRM – Social Banking’s First Step


Banks, now more than ever, need to be able to engage with their clients on their clients’ terms. Clients don’t want banks they want banking. Clients expect their banks to be accessible 24/7 not only via mobile, ATM, POS, internet, and call centre, customers are now demanding to engage via social media. A banks is no longer somewhere you go. Banking is something that you do and clients demand integration with the platforms they interact with daily. The growing use of social media as a CRM tool is well documented and most banks are slowly dipping their toes and are testing the waters of social media. Initial forays on Twitter and Facebook tentatively engaging with clients on these platforms. The initial problem for banks in the social media space is the same problem they have had forever, knowing your client (KYC).


KYC in social media can be more accurately defined as knowing your followers (KYF). To this point there is little if any innovation or solutions to help. There are plenty of sentiment tracking and brand management at the enterprise level but there is currently no ability to understand a client socially, compare the client’s social profile to existing bank client profiles and provide a direct link between the two. More over there is no technology existing to move beyond the generic brand sentiment to get down to the individual customer sentiment or to gauge the individual custom influence, state of mind, brand loyalty, or to triage the customer’s engagement with the bank via social channels.

In these early days of CRM via social channels knowing your followers, understanding your enterprise relationship, extending your knowledge of an individual client’s influence is the goal to work towards. Also as social media progresses the ability to provide banking services to your client’s via truly alternative channels, like Facebook, or Twitter, or Foursquare will become initial market differentiators but ultimately business imperatives. To accomplish these goals a rock solid understandings of who your client is socially will be required. Knowing your followers and identifying them as clients will be the cornerstone on which all of the new social banking functionality will be built.

 Imagine the ability to triage a client concern posted on Twitter. Being able to identify your client that posted it. Linking the concern to the specific transaction from which it was generated. Assessing the client’s current state of mind and personality type to tailor the response. Responding to your client directly and tracking the entire interaction within existing contact management systems and adhering to required protocols and escalations. Truly remarkable customer service available today with NORM for Banking.

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