Streams

Are Americans Ready for Banking via Social Media?

Tuesday, October 23, 2012 - 12:00 AM

A bank in South Africa announced this summer that its mobile banking customers will now be able to conduct transactions and monitor their accounts through Facebook. This type of cross-pollination between banks and social media does not yet exist in the United States, but it could be coming.

New Tech City host Manoush Zomorodi spoke to Mark Schwanhausser, an analyst who studies online banking trends for the firm Javelin Strategy and Research.

In terms of success that we're seeing right now, how many people are [banks] actually helping on social networks? Is this a big percentage of customers?

No. Most people, when you ask them how they would like to use social media or mix social media and banking, they're holding up a big red flag. It's most likely that they will look at it if it's about promotions or discounts and stuff. It's only a 4-to-1 ratio of people saying "I don't like that." But when you're talking about transacting and monitoring your accounts, then it goes up to 9-to-1. These are very strong, polarized opinions, but the first wave of people is out there. And what you can see on Twitter is that there are people who are tweeting on the go saying, "Where's an ATM? You know, what's going on? I've got a problem." So there are people using it. The first wave is here, so the big banks — Citi, BofA and Wells — are leading the way in terms of using Twitter as a customer service channel.

Guests:

Mark Schwanhausser

Hosted by:

Manoush Zomorodi

Produced by:

Daniel P. Tucker

Tags:

More in:

News, weather, Radiolab, Brian Lehrer and more.
Get the best of WNYC in your inbox, every morning.

Comments [1]

Susan

Great blog here! Also your site loads up very fast!

What host are you using? Can I get your affiliate link to
your host? I wish my website loaded up as fast as yours lol

Mar. 07 2013 07:17 AM

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.

Sponsored

 

Feeds

Supported by