Consumers Want to Connect with Financial Institutions Via Social Media, Says Fiserv Survey
o Eleven percent of online consumers are connected with their financial institution through a social site today, additional 36 percent are interested
o Connected consumers primarily use their financial institution's social channel to receive information about financial services
o A white paper detailing the survey results can be downloaded at www.fiserv.com/white-papers.htm
Brookfield, Wis., December 7, 2010 - Fiserv, Inc (NASDAQ: FISV), the leading global provider
of financial services technology solutions, today announced the results of a survey that
established consumer interest in connecting with financial institutions through social media.
The survey showed that 11 percent of online consumers are currently connected with their
bank or credit union through a social site, and more than one-third (36 percent) of those not
connected are interested in doing so. Interest is highest among Gen Y consumers, at 45
percent.
A white paper detailing the survey results can be downloaded at www.fiserv.com/whitepapers.
htm.
"There is clearly a sizable segment of consumers who are interested in interacting with their
financial institutions through social sites," said Geoff Knapp, vice president, Online Banking and
Consumer Insights, Fiserv. "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."
According to the Fiserv survey, consumers who are current users of financial institution social
media primarily engage in informational and relational activities. These consumers use their
financial institution's social channel to: receive information about financial services (66 percent), receive information about offers or promotions (32 percent), review other consumers' opinions
or advice or post reviews, complaints or questions (31 percent), and conduct customer service
related activities (30 percent).
Barriers to Connecting
Nearly a third of consumers (31 percent) cited a lack of awareness as one of the main reasons
they had not connected with their financial institution. This was a more significant factor among
Gen Y consumers, with 45 percent indicating they didn't know they could. A preference for
using the financial institution's website and privacy and security concerns were also cited as
barriers to connecting.
Consumers indicated they would also be more likely to connect to their bank or credit union if
community-building activities, such as reading reviews from other customers, were enabled.
Connected Customers are More Engaged
The primary reason consumers connected to any company, including financial institutions, via
social media was because they were an existing customer, indicating that current social
marketing tactics should focus on retention and loyalty rather than on new customer
acquisition.
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 as compared to 4.3 for consumers who have little or no
interest in connecting. 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.
The survey, conducted by Fiserv Consumer Insights in conjunction with The Marketing
Workshop in August 2010, obtained responses from 3,000 consumers, representative of the
U.S. online population. To participate, respondents had to have a checking account and some
responsibility for paying bills. Fiserv Consumer Insights leverages primary research, data
analytics, and consumer marketing capabilities to help financial institutions maximize their
consumer interactions within the digital channel.
Additional Resources:
o Fiserv Whitepapers - www.fiserv.com/white-papers.htm
o Social Media Research Charts - http://bit.ly/fAY9Go
o Social Media Research Presentation - http://slidesha.re/fisv-social-media
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and
electronic commerce systems for the financial services industry, driving innovation that
transforms experiences for financial institutions and their customers. Fiserv is ranked No. 1 on
the FinTech 100 survey of top technology partners to the financial services industry. For more
information, visit www.fiserv.com.
For more information contact:
Media Relations:
Ann S. Cave
Senior Public Relations Manager
Electronic Banking Services
Fiserv, Inc.
678-375-4039
ann.cave@fiserv.com
Additional Contact:
Wade Coleman
Director, Public Relations
Fiserv, Inc.
678-375-1210
wade.coleman@fiserv.com
