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Best Practices in Social Media and Mobile

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31 October 2014
Stephen Greer Jacob Jegher

Getting the Most Out of Social Media, Tablets, and Mobile

Abstract

Never has there been a greater need to create an optimized customer experience. Increasingly, interaction is taking place through digital channels. A growing group of young, mobile-only consumers are loath to enter a branch. For them, interaction will be almost entirely through a tablet, mobile device, online banking, or social media.

Financial institutions are already struggling to win over a generation that is increasingly migrating to banking alternatives like prepaid cards and digital startups. Banks that neglect emphasizing digital customer experience are leaving opportunities on the table, and will be at a distinct disadvantage, fueling the negative perceptions that have damaged the industry for a few years.

Best Practices in Social Media and Mobile describestwo categories of best practices: mobile (tablets and smartphones), and social media. Screenshots provide examples where appropriate. The report also offers three distinct case studies that provide examples of best practices.

In many cases financial institutions have been slow to acknowledge channel proliferation, instead resting on the laurels of their traditional business. Digital banking will mean that digital channels will be the first point of contact. Impressions will be made before a potential customer even sets foot in a branch. This behavioral change demands an optimized multichannel experience.

“Financial institutions will be judged by the service provided through digital channels, and competitive advantages can be driven by best-in-class digital services. Banks should consider the best practices in this report to guide their development and strategy,” says Jacob Jegher, Research Director in Celent’s Banking practice and coauthor of the report.

“Banks need to embrace best-in-class social, smartphone, tablet, and emerging device offerings,” says Stephen Greer, an analyst with Celent’s Banking practice and coauthor of the report. “The modern consumer is increasingly unwilling to accept anything less than a flawless digital experience.”

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