Millennials Demand that Banks Use Social Media for Customer Service
March 29, 2017
The financial industry is abuzz, trying to provide social customer service to the Millennial generation.
Born between 1980 and the mid-90s, millennials are seen as self-reliant and accustomed to getting information immediately across devices and channels. In addition, they hate speaking to an actual person for customer service, and they demand brand transparency and authenticity. And, they value peer to peer recommendations over any other.
When it comes to banking, millennials are very demanding. They expect the banks to engage with them, when they want and where they want. This has forced the banks to invest in new resources such as social media management teams. Social agents listen, engage, and report on social care using powerful technology and analytics to service this need.
Industry research has identified a couple of key traits that are specific to millennials:
- Millennial’s want to use your app. 70% of millennial’s have downloaded their bank’s mobile app.
- They use the app mostly to:
- Track their balance
- Transfer funds
- Make deposits
- 42% will never call the call center. 20% are satisfied when they do call and 38% are not
- 75% prefer digital banking of which 40% will never visit a bank’s branch
With the shift in consumer banking behavior, this new consumer segment has affected banks and their customer service.
For example, BNP Paribas Fortis, a Begium-based international bank, realized that they too needed to serve millennials. They approached Clarabridge for help.
They were using a social media tool that did not provide in-depth insights. Nor did it support their growing presence on social media. The team needed a tool that would let them scale and handle any type of social communication, such as crisis management and launching social campaigns.
The team turned to Clarabridge Clarabridge Engage. The complete end-to-end social customer service hub monitors a wide variety of social channels, including YouTube and Instagram. Also, it lets BNP Paribas Fortis provide social care and engage with customers across social platforms.
- Reduced response times, with the average handle time now only 10 minutes
- Gained a global overview of the end-to-end social customer experience, all in a single hub
- Reduced the number of social tools used, reducing costs, training time, and streamlining the entire social customer care process
Daniel Martins is Clarabridge’s Global Head of Digital Marketing. Daniel is based out of our London office and collaborates with the wider global team to ensure that we are able to meet our customer’s digital needs through best-in-class customer experience.