There is an opportunity for mortgage originators to connect with their customers via the social media and that is because your competition is dropping the ball on this one.
According to a recent survey from Brookfield, Wis.-based financial technology firm Fiserv, only 11% of online consumers are currently connected with their bank or credit union via a social media site, but 36% of those not connected are interested in doing so.
Gen Y consumers, generally those born in the 1980s and 1990s, at 45% clip said they were interested.
"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%), receive information about offers or promotions (32%), review other consumers' opinions or advice or post reviews, complaints or questions (31%), and conduct customer service related activities (30%).
The survey found the primary reason consumers connected to any company, including financial institutions, via social media was because they were an existing customer. Fiserv suggested that current social marketing tactics should focus on retention and loyalty rather than on new customer acquisition.
Fiserv noted that some companies are reluctant to participate in social media because customers will have an avenue to communicate their own reviews or opinions alongside the bank or credit unions “official” brand. However, marketers must remember their customers will talk online regardless whether the brand has an official presence.
The report said, "Being present in social media enables financial institutions to be responsive to customer concerns and comments. Social media channels can facilitate quick and timely outreach to customers, improving the customer experience."
