11% of
internet banking customers in the US are already engaged with their
financial institution via a social networking website site,
according a survey conducted on behalf of Fiserv.

A further 36%
of customers not yet connected are interested in doing
so.

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According to the Fiserv
report, 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%).

Customers said that they would be more
likely to connect to their bank if community-building activities,
such as reading reviews from other customers, were
enabled.

The Fiserv survey
revealed that consumers who are connected to their financial
institution via social media and consumers who are interested in
connecting are already deeply engaged with their bank or credit
union.

Consumers who are
already connected or interested in connecting use an average of 5.4
banking services. This compares to 4.3 for consumers who have
little or no interest in connecting.

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Usage of online banking
and bill payment is strong among those who are connected or
interested in doing so, making online banking users a key target
segment for expanded relationships via social media.

Geoff Knapp, vice
president, online banking and consumer insights at Fiserv, said:
“There is clearly a sizable segment of consumers who are interested
in interacting with their financial institutions through social
sites.

“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.”