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Eleven percent of online consumers are connected with their financial
institution through a social site today, additional 36 percent are
interested
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Connected consumers primarily use their financial institution's social
channel to receive information about financial services
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A white paper detailing the survey results can be downloaded at http://www.fiserv.com/white-papers.htm
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), the leading global provider of financial services
technology solutions, today announced the results of a survey that
established consumer interest in connecting with financial institutions
through social media. The survey showed that 11 percent of online
consumers are currently connected with their bank or credit union
through a social site, and more than one-third (36 percent) of those not
connected are interested in doing so. Interest is highest among Gen Y
consumers, at 45 percent.
A white paper detailing the survey results can be downloaded at http://www.fiserv.com/white-papers.htm.
"There is clearly a sizable segment of consumers who are interested in
interacting with their financial institutions through social sites,"
said Geoff Knapp, vice president, Online Banking and Consumer Insights,
Fiserv. "An active, engaging online social media presence is a viable
way to maintain and grow valuable relationships with consumers who are
visiting branches less and interacting through digital channels more."
According to the Fiserv survey, consumers who are current users of
financial institution social media primarily
engage in informational and relational activities. These consumers
use their financial institution's social channel to: receive information
about financial services (66 percent), receive information about offers
or promotions (32 percent), review other consumers' opinions or advice
or post reviews, complaints or questions (31 percent), and conduct
customer service related activities (30 percent).
Barriers to Connecting
Nearly a third of consumers (31 percent) cited a lack of awareness as
one of the main reasons they had not connected with their financial
institution. This was a more significant factor among Gen Y consumers,
with 45 percent indicating they didn't know they could. A preference for
using the financial institution's website and privacy and security
concerns were also cited as barriers to connecting.
Consumers indicated they would also be more likely to connect to their
bank or credit union if community-building activities, such as reading
reviews from other customers, were enabled.
Connected Customers are More Engaged
The primary reason consumers connected to any company, including
financial institutions, via social media was because they were an
existing customer, indicating that current social marketing tactics
should focus on retention and loyalty rather than on new customer
acquisition.
The Fiserv survey revealed that consumers who are connected to their
financial institution via social media and consumers who are interested
in connecting are already deeply engaged with their bank or credit
union. Consumers who are already connected or interested in connecting
use an average of 5.4 banking services as compared to 4.3 for consumers
who have little or no interest in connecting. Usage of online banking
and bill payment is strong among those who are connected or interested
in doing so, making online banking users a key target segment for
expanded relationships via social media.
The survey, conducted by Fiserv Consumer Insights in conjunction with
The Marketing Workshop in August 2010, obtained responses from 3,000
consumers, representative of the U.S. online population. To participate,
respondents had to have a checking account and some responsibility for
paying bills. Fiserv Consumer Insights leverages primary research, data
analytics, and consumer marketing capabilities to help financial
institutions maximize their consumer interactions within the digital
channel.
Additional Resources:
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of
information management and electronic commerce systems for the financial
services industry, driving innovation that transforms experiences for
financial institutions and their customers. Fiserv is ranked No. 1 on
the FinTech 100 survey of top technology partners to the financial
services industry. For more information, visit www.fiserv.com.
FISV-G
Media Relations:
Ann S. Cave
Senior Public Relations
Manager
Electronic Banking Services
Fiserv, Inc.
678-375-4039
ann.cave@fiserv.com
or
Additional
Contact:
Wade Coleman
Director, Public Relations
Fiserv,
Inc.
678-375-1210
wade.coleman@fiserv.com
Source: Fiserv, Inc.
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