Tweak Your Biz » Marketing » Metro Bank UK: A Missed Social Media Opportunity?

Metro Bank UK: A Missed Social Media Opportunity?

by frankbradley on August 10th, 2010
32 Comments



On the always excellent podcast For Immediate Release – there was a recent discussion about Metro Bank, the first UK bank to open its doors in over 100 years. The discussion centred on the bank’s decision to focus on established media, i.e. newspaper, direct mail, billboards, radio etc, and not to incorporate any use of Social Media. Are Metro Bank missing a trick here?

The way I see it, there are two places where they are going to get new customers – people setting up an account for the first time, and people switching accounts. In both circumstances surely Social Media could play a huge role. In the group who are setting up accounts for the first time, by far the largest demographic is going to be the teenage/student market. Given the volume usage of Social Media by this age group, having a presence on sites such as Facebook would seem to be a must. However when I do a search for Metro Bank UK and Facebook, I get nothing.

When I think about people changing banks, then one of the most powerful ways of this happening is by way of peer recommendations. We’ve all seen how Social Media makes it easy to make and receive recommendations with your network, so again

I’m surprised Metro Bank is not exploiting this. What are your thoughts on this? Are you or any of your colleagues in Metro Bank’s current catchment area (Greater London), and if so have you heard about them? Do you think they could get value from using Social Media, and if so, how? Why do you think they’ve ignored Social Media to date? Looking forward to your comments



Category: Branding, Marketing Strategy, Press release, Social media Marketing

Tags: , , ,

The Author:

I live in Kilkenny, Ireland, and I'm married with one daughter. I was born in Derry, and came to Kilkenny via Manchester, England, and Dublin. My passion is all things Social Media, and for the last 2 years I have been working as a Social Media Evangelist for Oracle, where I have worked for the last 8 years. This role entails, promoting the use of Social Media internally for improved communication and collaboration. My other interests include sports, especially football (soccer), reading, video games, movies/tv, music and walking. http://frankbradley.tumblr.com/

Read more and connect »

Add Your Comment

  • http://www.channelship.ie fred

    Well spotted Frank.
    I also believe that they could have hugely benefited from social media, however not all the Marketing/PR/communications teams can see this clearly.
    Financial institutions don’t usually set the example for being open and transparent so from that angle they would find it very tough to deal with social media (not if they have an enlightened team). The could risk that to gain something more powerful that most of the banks lost already: Trust.
    What they do have as proof that this works is for example, Rabo Direct. They’ve been a great example so far.

  • http://twitter.com/fredchannel Fred

    Well spotted Frank.
    I also believe that they could have hugely benefited from social media, however not all the Marketing/PR/communications teams can see this clearly.
    Financial institutions don’t usually set the example for being open and transparent so from that angle they would find it very tough to deal with social media (not if they have an enlightened team). The could risk that to gain something more powerful that most of the banks lost already: Trust.
    What they do have as proof that this works is for example, Rabo Direct. They’ve been a great example so far.

  • http://twitter.com/DaveScouller DaveScouller

    Frank they have missed a trick here. As a mechanism to advertise, drive interest and capture new clients SM should be utilised. They seem to be playing a rather safe and staid banking route of using traditional activities to drive interest. I would be surprised if they don’t switch to using SM in the future as they will need these routes to uncover those potential new customers. I have seen info on local and national news in the UK as well as some press coverage but not much else..

  • http://www.encouragingexcellence.ie/ Mairéad Kelly

    What a pity that a new bank didn’t incorporate “new thinking” into their marketing strategy. I wonder how what ages the members of their B.O.M are?

  • http://www.cgonlinemarketing.com/ Christina Giliberti

    You’re absolutely right Frank – what a miss!
    The thing is we assume that all marketing departments are forward-thinking, but they’re not. Some are also driven by the agencies they work with and third party recommends.
    Reputation for banks is always a concern, but strict rules on tone + voice plus a structure will keep things on track (watch out for my next Bloggertone article on this!).

    Facebook is still seen as a bit wild and informal. But consumer marketing does extremely well on it.

    Tks for the enjoyable read!
    Tina

  • Conor Hughes

    I too find it incredible that a new organisation like this fails to see the merits of social media – I think they have missed the boat, but I’m sure its inevitable that sooner or later someone with sense within the bank will notice this shortcoming and rectify their ways!

  • http://twitter.com/FinancialBrand The Financial Brand

    Is there opportunity? Yes. A “huge opportunity?” Questionable.

    Anecdotally, I follow around 1,000 financial institutions on Twitter. The only ones who are enjoying any real success are those providing customer service. Facebook is a little better, but not much. The truth is no one really wants to be friends with- or “hang out” with their bank. Banking, banks and what they have to say are pretty dull, especially when you remember that a brand like Metro has to compete with really “interesting” stuff…like footballers and reality TV shows.

    As far as getting the word out about Metro Bank: (1) Is social media is supposed to be used as an advertising tool? (2) The traditional press, bloggers and social media influencers have been doing a pretty darn good job of getting the word out. I’d bet there’s pretty high awareness of the brand.
    http://www.google.com/search?&q=%22metro%20bank%22

  • Anonymous

    Thanks for the comment Fred. I agree that Financial Institutions don’t set a good example for being open and transparent, however I have noticed that the guy behind the success of Comcast’s use of Twitter has moved job into a financial institution. With that said, I’d expect him to to be focusing on the customer support side of things. Baby steps I guess.

    I agree that Rabo Direct are a great benchmark for any financial institution looking to get into the Social Media space.

  • Anonymous

    Thanks for the comment Dave. Perhaps it’s just a case that they have decided not to focus on Social Media at this point in time, and it is a part of their future strategy.

  • Anonymous

    Good point Mairéad, it would be interesting to see the age profile of the Board.

  • Anonymous

    Thanks for the reply Christina.

    As I mentioned in my reply to Fred it will be interesting to see how Frank Eliason from Comcast fares in his new role in the Financial sector.

    http://www.readwriteweb.com/archives/the_pioneer_behind_comcastcares_frank_eliason_resi.php

  • Anonymous

    Thanks for the reply. I would argue that Facebook has started moving beyond the concept of friends and hanging-out. You no longer have to be a Friend with your Bank, you can simply Like their page.

    I take your point about banking not being the most exciting thing in the world, however people are always looking for value, and my experience is that when people find such value they are always happy to share it with their network.

  • Anonymous

    Thanks for the comment Conor. I agree, I just find it incredible that they are not using Social Media from the outset.

  • http://www.btbtraining.com/blog Niall Devitt

    The reason that most are not enjoying any success is because they are very bad at it, they don’t get it. To say that no one wants to be a friend with their bank is untrue, what is friendship? it is a relationship, a good one. Do people want to have a good/better relationship wit their bank, of course they do. Should banks want to have a better relationship with their customers, of course they should. Is social media is supposed to be used as an advertising tool? Not at all, that’s how trad marketing works. Thinking that social media is like trad marketing is one of the main reasons why businesses fail at social media. The issue here is one of trust & openness, two key components when it comes to social media. In my opinion these are concepts that banks have a track record of running away from rather than embracing.

  • http://www.encouragingexcellence.ie/ Mairéad Kelly

    I used to deal with a particular women in my bank. Nearly everyone coming into the back would join her queue, she was so helpful, friendly and went the extra mile for us all. While she was simply an employee, she turned a business experience into a pleasant personal one – contact on any social media after an experience like that turns it into a personal one too. Banks are really missing the big picture on this issue!

  • http://twitter.com/FinancialBrand The Financial Brand

    Personally speaking, I just want my bank to keep accurate track of my money and not gouge me with fees. Other than that though, I’d prefer they keep quiet and stay out of my life.

  • Sloandepot

    The issue is that Metro Bank was set-up by 2 after thoughts from the US that were shunned by the US banking community and are now trying to fool us with dog biscuits and a change counter. If you read anything about the Hill’s in the media from the states it is not kind. They are ruthless pensioners and out of touch with anything past 1981. I mean look at the bank decor. Vegas nouveau riche. So tacky. So when you consider the background and lineage of the bank founders one should not be shocked that anything new in regards to marketing and social media was overlooked. Virgin and Tesco will do it right. Just wait.

  • Anonymous

    Thanks very much for the valuable insight. Looking forward to seeing what Virgin and Tesco do.

  • Tim Fowler

    Hi Frank – I’m another that will agree with your observation. Our offices at Freshnetworks (www.freshnetworks.com) are directly opposite the new Metro Bank in Holborn, and the offline marketing glitz that they had on their opening day was something to behold. (Incidentally – top marks to Barclays that launched a spoiler activity at the opposite corner of the busy junction at Holborn – lots of their blue marketing with balloons etc and various leaflets being distributed – it got just as much interest I think!!). But we are finding that some banks are now starting to get it, and not just by using Facebook thank goodness!

  • http://alidavies.com/ Ali Davies

    What I enjoyed most about this video and the tips in it is that they are very straight forward. Many of the home based business owners I work with can be quite intimidated by this subject and not know where to start. These tips are a great reminder that the best strategies are often simple, well executed, customer focussed and measured.nYour video helps to demystify this subject for very small businesses in an easy to understand and easy to implement way. It is just what small businesses need.

  • http://www.tweakyourbiz.com Niall Devitt

    Thanks for your comment Ali, they don’t call John the worldu2019s most practical small business expert for nothing :)

  • http://twitter.com/fredchannel Fred

    Thanks Ivan!

  • Anonymous

    Super stuff Fred. Great to see new ground breaking activity on Bloggertone:)

  • Colette @ Real Insights

    Really enjoyed this & delighted to hear ‘listen to your customers’ to glean insights into how you can perform better & deliver to their needs – has always been my mantra & will continue to be!! Thx again :)

  • http://twitter.com/fredchannel Fred

    Cheers mate

  • Derbhile

    I’m always trying to hit that point home about being different when I’m writing press releases. Even if what you do isn’t that different, it’s how you do it that will separate you from the crowd. n

  • http://www.encouragingexcellence.ie/ Mairu00e9ad Kelly

    Great stuff Fred, really enjoyed that. Simple, clear and manageable advice.

  • http://www.homejobsite.com Home Job Site

    I have heard about duct-tape marketing before, but never really understood what it was all about, never bought the book… But John sounds interesting and obviously has some business experience. I wonder if he works from home on occasion.

  • http://www.homejobsite.com Home Job Site

    I have heard about duct-tape marketing before, but never really understood what it was all about, never bought the book… But John sounds interesting and obviously has some business experience. I wonder if he works from home on occasion.

  • http://websitesgiveback.com/blog/ Elena Patrice

    This is great and what a gift to have this interview for your followers/viewers. John is one of my absolute favorites who I have come to completely rely on in many areas for small business. I refer many of my small business clients to follow him and learn all they can because he offers so much. Thanks for sharing this! Much kindness, Elena

  • http://www.cgonlinemarketing.com/ Christina Giliberti

    It all sounds extremely exciting and I’m pleased to see Bloggertone making such a great leap forward.nExcellent interview!

  • http://www.seefincoaching.com/blog Elaine Rogers

    What a great watch, well done lads, looking forward to tuning in to Bloggertone TV again :)

Related Posts


«
»