The internet can be a tough place to navigate, and with hundreds of avenues where customers can leave reviews for your bank, it can be very difficult for you to manage online reputation!
It goes without saying that a bank’s reputation is extremely crucial. Everything related to our finances ought to exude the highest security and dependability. If there are any negative rumors about your bank floating around, people won’t be eager to entrust you with their money. Therefore, banks need to watch their brand reputation like hawks. However, there can be hundreds of websites on the internet where people can go and leave reviews about your bank, with no way to manually manage consistent data everywhere, no way to see and respond to every review, and no way to differently manage a one star and a five star review!
A bank may be subject to legal or regulatory repercussions, significant financial loss, or reputational damage if it violates laws, rules, regulations, and related organization standards and codes of conduct that are relevant to its banking activities. This is known as compliance risk, which can be either regulatory risk or reputation risk. Regulations have multiplied both worldwide and locally in response to rising stakeholder expectations for safe and secure operations as regulators work to combat money laundering, terrorist financing, and other illicit financial transactions. Hence, controlling compliance risk involves a variety of targets that proliferate as business and technology advance, leading to new practices that are subject to regulations.
The compliance function at banks, thus, needs to develop a clear vision, strategies, and innovative skills to manage compliance risk and address concerns.
Managing your bank’s reputation consists of all the actions you take to impact how people think about your company and how they express it online, and minimize reputation risk. Negative mentions must be monitored, but that isn’t the only thing you ought to do. You must also be proactive and create a favorable perception of your bank by treating your clients with respect, valuing them, and emphasizing on your advantages over your competitors.
It can take just a few unhappy customers to damage the reputation of your bank. According to a survey, 95% of participants indicated they typically discuss negative customer experiences with at least one other person, while 54% said they share it with at least five others.
How can you Manage Reputation for your Bank in a Compliant Way?
- Deploy AI to search for non-compliant activity: Social Monitor can identify and flag particular phrases or terms that might reflect adversely on your bank, or generate concerns with industry compliance standards, and scout for foul language in customer reviews. Automated notifications can escalate problems to the appropriate bank staff members, while quick warnings and escalation protocols can prevent expensive reputation crises and open up coaching opportunities.
Hierarchy is the most powerful part of Experience.com’s XMP and is our biggest differentiator. It powers every feature and can manage compliance and escalation for your bank.
- Fulfill goals with automated opportunities: Banks may support the objectives of their businesses by automating communication and programme implementation. Using automation, you can:
- Immediately post the best client testimonials on social media platforms
- Maintain uniform data across all online business listings sites
- Automate programme adoption and communication (like rewards membership)
- Automate protocols for apologies and resolution
- Create consistency in the way data is shared online: A brand’s online presence can be boosted by mapping client feedback to all online sites, including your business’ website. As a matter of fact, over 70% of retail banks believe that digital customer engagement is important to the success of their businesses today and tomorrow. Sharing customer feedback on websites automatically might be your #1 ROI, and build social trust.
With the help of Experience.com’s platform, banks with multiple branches can see all of their accounts from one login and access the voice of the employees and the voice of the customers across their entire organization, across every team and across all individuals.
- Manage and respond to reviews to boost brand trust: Respond to, filter, and spread reviews from third parties, as well as new reviews from customers and employees, on social media and directory websites. Display customer reviews on your website with a simple widget or through API and populate your online reviews in one place.
At Experience.com, we help spread the voice of your customers everywhere, to create consistent data among all your locations, and to give you complete and compliant top-down control of your outcomes! Request a free trial.
