Learning from Customers in Social Media

Social media is evolving as a channel where bank marketers can learn more about their customers than from traditional methods of gauging customer sentiment.

Banking Strategies

October 12, 2012

By Robert Stowe England

Retail bankers are monitoring comments in social media to gauge customer sentiment, as well as to broadly predict consumer behavior. In the process, they are learning more about their customers than they have been able to through surveys, focus groups and one-to-one interactions.

And, while the practice is in its infancy, banks are also beginning to apply what they have learned from searches of comments on such sites as Facebook, Twitter, YouTube, LinkedIn, blogs, internet forum discussions and banks’ own sponsored sites, to influence decisions and strategies around retail products and services.

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Robert Stowe England is an author and financial journalist who has specialized in writing about financial institutions, financial markets, retirement income issues, and the financial impact of population aging.

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