How Retail Banking is using Social Media: An ING DIRECT Canada case study
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This past Friday I was able to attend a Toronto Board of Trade breakfast featuring ING DIRECT Canada President and CEO, Peter Aceto.
More than any other Canadian bank, ING has taken social media to heart. For example, Not only does ING have a Twitter account but so does Peter.
During the presentation Peter outlined three reasons ING uses social media:
- Networking
- Sharing Ideas
- Talking
Here are a number of key takeaways from Peter’s presentation:
1.) Clients are no longer passive observers. As a result of social media and mobile devices, consumers and clients are now able to comment and discuss at will.
2.) Social media is no longer a fringe activity for companies. It is now mainstream and a bonafide way to build brands and businesses.
3.) Unlike other forms of media, social media allows for conversations to be measured and even responded to. Social media allows ING to have a clear view of what consumers are thinking, doing, what they like/dislike, etc.
4.) ING found out that as they listened and participated in these online channels where their customers were, these same customers will “defend” ING in the social spaces.
5.) The cost of social “acquisition” is much lower than traditional media.
6.) Social media allows ING to be at the dinner table with Canadians as they make financial decisions.
It will be interesting to see how other banks in Canada respond to the “success” that ING has experienced. Will they fully embrace social media? Will other Canadian corporations follow the lead that ING has carved out? It will be interesting to see what transpires. What are your thoughts on social media and banking?
About The Author
Karim Kanji
Karim is a co-founder and partner of both www.thirdocean.com and www.XConnectTO.com. Follow him on Twitter: @karimkanji.
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