KQ Article

My father is a 70-year-old retired banker. He speaks proudly of his former position as a commercial loan officer, and he considered the protection of information and people to be the most important elements of his work. He strengthened his bank’s brand by serving his customers well, maintaining absolute confidentiality in the process.

Dad kept a firm hold on the reins, always knowing what came in, what practices were in place internally, and what left the bank. His job, after all, was to help his customers make sound decisions while protecting them from risk. His customers took comfort in his handle on things, and there was little concern at his bank about bad press. All potentially harmful issues could be quickly and directly remedied.

My father sees no relationship between the ancient art of banking and the very recent phenomenon of digital social media. In his eyes, the two disciplines are diametrically opposed. Unlike the appropriately structured and tightly controlled relationship between consumer and banker, he says, social media interaction is loose. It is unpredictable and uncontrollable. In a word, it’s risky.

He’s not comfortable with all those discussions going on that are not necessarily factbased or well articulated, and that completely circumvent the safety of the marketing department. According to my father, digital social media should be used by bankers to evaluate whether a customer is worthy, not vice-versa.

WHY YOU MUST EMBRACE IT NOW
I believe that my father’s sentiments toward digital social media mirror those of many people who currently work for banks and credit unions. He is proudly controlling and managed in his interactions. We all are to some extent — it’s human to want to control things. But financial institutions seem to attract control-seekers on steroids.

Retired banking professionals might not have to acknowledge digital social media, but you do. You can’t beat it and you can’t ignore it, so you might as well join it. And you will probably grow to like it, because in the end, digital social media will actually help you gain more control over your brand in the marketplace.

Here are three reasons why you need to embrace digital social media as a financial services professional:

1. It offers treasured input that has historically cost lots of money to attain. Consider digital social media a free focus group involving a massive number of participants. Feedback on these sites is always from the gut and always in real time. It couldn’t be more fresh or honest. With the proliferation of mobile devices, you are literally getting the word on the street.

2. It invites you into the conversation. The consumer opinions you read on social media sites are only new to you. People were already saying these things to each other. But now you’re in the discussion and in a position to do something about it. You have more — and more direct — control over what consumers think about you.

3. Like it or not, it’s the future. If you want to master a forum that will bring you closer to consumers, this is it. Remember when you were hesitant to accept the idea of online banking? Here’s your chance to be an early adopter this time around. You’ll be thankful you got on board as early as you did.

Sure, sites like Facebook, Twitter and LinkedIn seem scary. All new things seem that way at first. However, once you try them out, you’ll quickly see their value in helping you maintain control over your financial institution’s perception in the marketplace.

But you must participate, and do it now. Because if you’re not engaged in the discussion, it will definitely go on without you.