Banks should start blogging, study suggests

Banks should be more consumer-centric and aim to build customer loyalty by starting their own blogs, according to research by Javelin Strategy.

Their research suggests that 20% of US consumers read blogs, rising to 34% of affluent, tech-savvy ones.

Apparently, less than 1% of all financial institutions have their own blogs, and Javelin believe that a bank’s website needs to be more than simply functional. It needs to match the refurbishment of bricks-and-mortar branches that many banks have recently undertaken to make them more appealing to customers.

When banks offer many of the same services, only what extras they offer will differentiate them. Starting a blog will make the bank seem less formal, and perhaps more inviting, particularly to younger customers who rarely visit a branch.

Of all the institutions I’d want to see blogging, banks aren’t high up on my list. I’m quite happy for them to be functional and don’t really want another opportunity for them to charge me or try to sell me something. Maybe I’m just being cynical?

(Via Bank Systems & Technology)

Comments

  1. says

    Oh yes, I can see it now: We would get splogs all over the place! How’s “Myhotbofa.com” for you, or “sexandtheciti.com?” Or maybe “mybankiscool.com!” Totally bad idea!

  2. says

    “John and I were talking the other day over a cappuccino and a bagel, and we thought it’d be great if we could offer our customers a bit more of a personal touch.

    Oh sure, we know you love our blog because of all the (two) comments we received (we don’t want to buy enhancement drugs, by the way, john435), but we wanted to offer you more.

    So we went to see our mate Tony – he’s the manager of our branch and gets a plush office to sit in all day – and we asked him what we might be able to do by way of a promotion.

    You know what, we’ve come up with some fantastic financial deals, but we have to pick just one. So let’s open it up to a vote. Click on the product you’re most interested in, or leave us a comment, and next week we’ll run with whatever’s most popular – unless we end up not being able to do it because of boring regulations or something.

    OK, we’re off to talk to some customers in our branch now. You really should pop in when you have a moment – we’ve just opened a Krispy Kreme outlet right next to the ATMs.”

  3. says

    While I don’t think it’s a bad idea, I don’t think banks would best benefit from a blog. Especially in reference to younger people.

    To most young people a bank account is something they have to have, and they don’t really care where they have it. Throwing up a blog will invariably turn into something projected for their customers who have a lot of money in their accounts, which in most cases won’t be young people.

    Maybe banks could start offering more in the way of better services for young people, instead of just talking about it.

Trackbacks

  1. […] Anche le banche dovrebbero cominciare a bloggare secondo uno studio condotto da Javelin Strategy, diventando in tal modo più orientate al cliente, e costruendo con esso un rapporto di maggiore fiducia veicolato attraverso un proprio weblog. E a tale proposito James Van Dyke, Presidente e Foundatore di Javelin Strategy, sottolinea che “Blogs are quickly becoming vital to many consumers that seek advice or opinions on a variety of topics with a more informal tone. Financial Institutions need to realize that brand management, customer-centricity and loyalty can be strengthened through a blog at relatively little cost, but only if the new rules are understood by established bankers“. Le banche stanno largamente perdendo il controllo sulle discussioni che la blogosfera conduce su di esse, afferma tra le righe lo studio di Javelin Strategy, e meno dell’1% delle istituzioni finanziarie possiede attualmente un blog [via Blog Herald]. […]

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