Banks are facing a huge challenge to improve their image in consumers’ minds. As human behaviour evolves and more and more customers use digital media to communicate, the need for financial service sector companies to join the online conversation grows. Even though the use of social media networks in business is still a new concept and has its own challenges, some financial service sector companies have already realised the importance of it and are successfully using the technology. The lesson to be learnt is a simple one: Listen to what your customers have to say, engage them in conversation on their terms and learn from the views they express.

We’ve looked at how First Direct implemented its 2009 Social Media Campaign.

First Direct Live – Tell us what you’re thinking…

“I think it’s extraordinary that you don’t offer online banking for Apple Mac users. Nor an iPhone application for online banking. You’re excluding a large sector of highly paid people from your bank” (19.11.09 9.08am).

This comment was made by a First Direct customer and posted on the First Direct Live website for all to see. It is part of the ongoing Social Media Campaign, which was launched in March 2009. In a brave attempt to capture what their customers thought about them, First Direct invited feedback from consumers about the brand and gathered and analysed sentiment from various social media sites. The results are featured on their website in real time.

The website (http://www.live.firstdirect.com) features three widgets. The first one shows the comments, which are left directly on the site by users. The second features “live feelings” retrieved from around the web and updates on an hourly basis, whereas the third widget displays single words gathered from social media sites.

The campaign reinforces the idea that First Direct is open, honest and transparent. Some of the comments and sentiments made by customers on the site are not positive. However, First Direct recognise that these conversations are happening online anyway. By embracing this and publishing the results on the official website, First Direct has achieved a degree of control over the conversation. More importantly, they’ve gained trust by trusting others. The comment above clearly demonstrates that listening to your customers and engaging with them results in valuable insight, that can be leveraged to achieve positive brand change.

“Online comments are part of life now and it is better to embrace it” (Lisa Wood, Head of Marketing).

Admittedly, first direct has always been a digital organisation and was popular with their customers to begin with. The risk of featuring live comments and sentiments was therefore not as high as it may be for other less popular brands. However, there is a lot to be learnt from this leading example. The key is to find out where the conversation about you is happening, join it, learn from it and share it.