In the past the finance and property industries have received both fair and unfair criticism for allegedly being slow to move with the times.
One area where there appears to be a difference in the rate of change between organisations has been in the adoption of social media.
For those just returned from a trip around the moon, I’m talking Twitter, Facebook, Bebo and other natty forms of communication.
We are now dealing with a generation of consumers who expect responses to enquiries and complaints to be instantaneous and informative, while at the same time concise.
I am looking forward to the lender that roles out the first Twitter mortgage application – it has to be 140 characters or less. I’m sure the Financial Services Authority will have more than a passing interest too.
While many businesses have begun to embrace this powerful channel, there is a challenge in ensuring that communications meet modern consumer preferences, while remaining informative and compliant within the regulatory environment.
Web dwellers expect information to come to them in their world, via the filters they create. Who isn’t fed up of retyping personal details for the 100th time to get access to a website of interest? Like me, many are now pruning their in-boxes to ensure only items of interest get through.
There are dividends to be had for businesses that can develop capability in these areas and pitfalls for those that ignore them.