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?
Andy Merrett is a London-based full-time blogger writing for several Shiny Media technology blogs and various other projects. Find him on Facebook and Twitter.
What is a bank supposed to blog about? Conversational Marketing isn’t something you often do with your Banker, is it?
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!
“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.”
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.
I think, that is a good idea. so banker can be made closer to the customer.