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Viewing report
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Social Media and Banking: Brand Opportunity, Risk or Complete Waste of Time?
Javelin Strategy & Research, March 2010, Pages: 41
Facebook, MySpace, Twitter, YouTube, blogs and other social media are rapidly transforming how Americans congregate and communicate in the online and mobile setting. Leading financial institutions are blazing a path that will change how consumers interact with FIs and gain an increasing measure of always-on, real-time control of their money. There are risks associated with being early to engage in social sites, but there is potential for high rewards for financial institutions and tech vendors that develop cutting-edge tools that tap into the potential of social networks for viral marketing, brand awareness, cross-selling, financial literacy, customer service, consumer forums, timely alerts and always-on interaction. Javelin consumer survey data measures the explosive popularity of social networks, identifies the fast-growing segments and assesses the consumer’s wariness of mixing social networks and banking. It also features case studies of how eight companies are incorporating social media: Addison Avenue Federal Credit Union, Chase, Fiserv, 1st Mariner Bank, MasterCard, Vantage Credit Union, Visa and Wells Fargo.
Primary Questions:
- How many consumers are using social media, and how fast is it growing?
- Do consumers feel safe in social networks?
- Are consumers ready to mix banking and social networks?
- Whom should financial institutions target and what should they do first to establish themselves in social networks?
- How are financial institutions using social media, and how are they faring?
Methodology
Findings regarding financial alerts are based mainly on data collected online from:
- A random sample panel of 2,779 households in April 2009, targeting respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. Overall margin of sampling error is ±1.86% at the
95% confidence level.
- Nationally representative identity fraud victim data, collected in November 2009. The survey of 5,000 respondents was conducted using computer assisted telephone interviewing via random digit dialling. For questions answered by all respondents, the maximum margin of sampling error is ±1.4% at the 95% confidence level. The analysis of “Moneyhawks” is based on respondents who received e-mail or text alerts in the previous 90 days. The majority of Javelin data for online banking financial alerts is based on “online households” vs. “individual consumers.” This is a typical way of presenting online banking data because account management is typically collected on a per household basis. In 2009, the U.S. population was estimated to comprise 306 million people. That includes 232 million adults, 118 million households, and 86 million households that are online. On average, there are about 2.6 people per household. Javelin also collects online banking data using a base of all consumers for comparison purposes.
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