In this digital age, social media has become an integral part of our lives, transforming the way we communicate, interact, and even conduct business.
One industry that has significantly adjusted to the digital revolution is the banking sector.
In Nigeria, social media has emerged as a powerful communication platform and digital tool that can either enhance or challenge the credibility of a bank.
However, as a rule of thumb, the use of social media is to enhance engagement with the relevant target audience in such a way that it positively promotes both corporate and personal brands as much as possible. Let’s consider some areas where social media impacts banking credibility in Nigeria, highlighting the opportunities and challenges they present.
1. Building Trust and Enhancing Credibility:
Social media platforms provide banks with an opportunity to connect with their customers on a more personal level. Through engaging content, informative posts, and timely responses to customer enquiries and complaints. For instance, at FirstBank, we have a strong community built for our customers across various social media channels. Via these channels, we share up to date information on our products and services, showcase our commitment to excellent customer services while adhering to ethical practises and very importantly, we share anti-scam updates to guide our customers against cyber-attacks.
2. Real-Time Customer Feedback:
Social media platforms serve as a valuable feedback channel for our customers. These platforms allow individuals to share their experiences, both positive and negative, with the wider online community. As a Bank, we leverage this feedback to identify areas for improvement and address customers’ concerns promptly. By actively monitoring and responding to customers’ feedback on social media, FirstBank demonstrates commitment to customer-centricity, ensuring a positive customer experience thus, reinforcing credibility.
3. Influencer Marketing and Brand Advocacy:
Influencer marketing has gained significant traction in recent years, with social media influencers having the power to sway consumers’ opinions and behaviour. Banks can now collaborate with influencers to promote their services and gain more positive brand presence. Additionally, satisfied customers often become brand advocates, sharing positive experiences on their social media platforms, further bolstering the banks’ credibility and attracting new customers.
4. Mitigating Reputation Risks:
While social media offers numerous benefits, it also poses risks to banking credibility. False information, rumours, and negative reviews can spread rapidly, potentially damaging reputation. Therefore, banks are usually proactive in monitoring their social media channels, addressing misinformation promptly, and communicating in a transparent manner to forestall any issues that could lead to crises.
5. Ensuring Data Privacy and Security:
Another primary concern associated with social media is data privacy and security. This is one of the core foci of FirstBank; to prioritise the protection of customers’ data and information from unauthorised persons and ensure compliance with data protection regulations as laid out by the Central Bank of Nigeria. By implementing robust security measures and educating customers on safe online banking practices, the Bank instils confidence in our customers, reinforcing credibility in an era where data breaches and cyber threats are prevalent.
Social media has revolutionised the way that the banking industry operates and interacts with their customers. While it presents opportunities for building trust, enhancing credibility, and engaging with customers, it also poses challenges that demand proactive management.
To maximise the benefit of being a part of the Bank that has over 130 years of experience and several legacies of innovation, please follow us today and join our safe online community across the following social media platforms.
Instagram @firstbanknigeria
LinkedIn @ First Bank of Nigeria Ltd
X (formerly Twitter) @FirstBankngr
Facebook @ First Bank of Nigeria Limited
#YouFirst
#FirstBank
References:
1. Central Bank of Nigeria (CBN) – www.cbn.gov.ng
2. Nigerian Deposit Insurance Corporation (NDIC) – www.ndic.gov.ng
3. Social Media Today – www.socialmediatoday.com
4. PricewaterhouseCoopers (PwC) Nigeria – www.pwc.com/ng
