NEW YORK, June 14, 2012 (GLOBE NEWSWIRE) -- While businesses of all types are still learning to navigate the social media frontier, it seems that banks and credit card companies are lagging a bit behind other major business categories. According to the latest research from Cardbeat®, a syndicated research report published by the Auriemma Consulting Group, Inc. (ACG), banks and/or credit card companies are connected to just 9% of the social media population, while 44% follow at least one brand OTHER than a bank or credit card company. As might be expected, there is an inverse correlation between age and social media usage.
However, a more cautious approach might enable banks and credit card companies to learn from other business categories. What's more, as the model for social media migrates to mobile, some see big opportunities for banks and credit card companies to engage consumers in a completely new way. For example, ACG's Cardbeat research found that the primary expectation from those already following banks and credit card companies via social media was the availability of "news/tips" (cited by 60% of bank and credit card company followers), followed by "offers" and "instant communications from the organization" each mentioned by nearly half (49%) of followers.
Dr. Patricia Sahm, Managing Director at ACG, says that consumers, particularly younger consumers, are clearly seeking assistance in managing their finances, and it's an area where banks have much to offer consumers. However, she says that it may require banks to look at how they are engaging consumers outside of the traditional direct mail, branch, or customer service channels to also include social media. Dr. Sahm says that a bank or credit card company who offers valuable tips to consumers via social media could potentially win a tremendous word-of-mouth advantage over rivals who are not active in these channels. That word-of-mouth is a powerful marketing tool in which customers become marketing allies via social media channels.
About Auriemma Consulting Group
Auriemma Consulting Group (ACG) is a full-service management consulting firm serving the payments, lending, and retail industries since 1984. Cardbeat®is ACG's syndicated market research study of credit cardholders, conducted monthly in the U.S. and quarterly in the U.K. ACG also conducts research in the debit and prepaid space, and publishes a quarterly report known as The Payments Report. With offices in New York and London, ACG consultants are experienced practitioners drawn from the credit card, private label, auto finance, mortgage, and retail banking industries that we serve. For more information, please contact Dr. Patricia A. Sahm at 212-323-7000 or patricia.sahm@acg.net.
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