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Most Banks and Wealth Managers Ignore Facebook, Twitter & Co.
60% of surveyed providers have either no activity or are only sporadically active on social networks – Deutsche Bank, Crédit Agricole and BNP have the best social media presences
Overall, the MyPrivateBanking report entitled “Wealth Management and Social Media" comes to the conclusion that the social media presence of the 30 biggest Wealth Managers leaves a lot to be desired. What emerges from the report’s findings is that the banks can be divided in three groups.Just a small group of four banks (Deutsche Bank, Crédit Agricole, BNP Paribas and Credit Suisse) that at least have a consistent and comprehensive strategic approach toward social media. Another group of only six banks use bits and pieces of the social media framework to get in touch and start conversations with clients and users. But an alarming proportion of leading banks, two thirds in all, either have no presence whatever or only engage in sporadic activities on social media networks. Surprisingly, no US-based bank has made it into the Top10 of the ranking.
"Despite the startling growth of social media usage around the globe, the majority of leading banks and wealth managers have failed to discover the potential of social media and act on it”, say Steffen Binder, Research Director of MyPrivateBanking.”
The offerings of social media applications on the banks’ own websites and mobile applications also leave a lot of room for improvement. Only 40% of the banks use some type of social media (e.g. blogs, podcast or videocasts, social bookmarking etc.) on their own websites. Just 50% of banks have one or more mobile apps for general use – none offers a mobile app specific to wealth management clients. “We strongly advice banks and wealth managers to take more interest in social media and not to regard it as playground for juveniles.” emphasizes Christian Nolterieke; Managing Director of MyPrivateBanking. “They urgently need a strategy for defining their presence in this interactive phase in the development of the internet.”
As first steps MyPrivateBanking Research recommends three important measures every bank and wealth manager needs to take today: first, the leadership of every bank must open up to social media and decide exactly how the firm should position itself in the various social media. Secondly, every wealth manager should be present and active in Facebook, LinkedIn, Twitter, Youtube and Flickr. This measure alone would give banks access to close to 1 billion individuals at very low cost. However, setting-up a presence is only an initial step. The third requirement is that every social media presence must be kept vital and attractive by continuously adding relevant content. Maintaining such a standard is mandatory, as are quick responses to postings and feedback.
Top10 Social Media Presences (overall 30 banks ranked): For detailed evaluation of presence in each social media go to our website. A maximum total of 50 points was possible. An average of 24 points was achieved. The ranking: 1.) Deutsche Bank: 38 points, 2.) Crédit Agricole: 33 points, 3.) BNP Paribas: 31 points, 4.) Credit Suisse: 30 points, 5.) Standard Chartered: 20 points, 6.) Commerzbank:
About the report:
This report analyzes in detail the strengths and weaknesses of the social media presences of the 30 largest Private Banks and Wealth Managers worldwide. Using 32 criteria, the social media activities of each bank are ranked, on the basis of an individual evaluation for their presence in Facebook, Twitter, LinkedIn, YouTube and Flickr together with their offerings of social media applications on their own websites and their mobile applications. More infos on the report.
Social Media Presences Analysed:
ABN AMRO, Banco Santander, Bank of New York Mellon, Barclays, BNP Paribas, Citigroup, Commerzbank, Coutts, Crédit Agricole, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, ING Group, Julius Bär, Kleinwort Benson, Lombard Odier, Merrill Lynch, Morgan Stanley, Nordea, Pictet, RBS Coutts, Rothschild, Sal. Oppenheim, Standard Chartered, Société Générale, UBS Switzerland, UniCredit; U.S. Trust, Wells Fargo.
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MyPrivateBanking.com is an independent platform for information and networking among wealthy private clients and with wealth managers across the world. Established in 2009 in Switzerland, MyPrivateBanking.com offers a variety of information to assist investors and providers in making their decisions. This includes in-house research by MyPrivateBanking Research, articles and updates related to wealth management, detailed bank directories and client evaluations of wealth managers across the world. The interactive “MyWealth”