JPMorgan Chase, United
States biggest bank has been actively using Twitter majorly for customer
service as the bank's customer-service team responded to complaints, queries
and also offered solutions to the problems and redressed the customer
grievances. J.P. Morgan's customer-service account alone has more than 26,000
followers on Twitter and has sent more than 90,000 tweets since its inception. “A lot of
people think that Twitter is a fad and you can’t really use it effectively to
talk to customers,” Bianca Buckridee, a VP of social media with JP Morgan Chase
told a recent panel discussion, according to a report by the University of
Pennsylvania’s Wharton business school. Buckridee’s team responds directly to
questions, using personalized accounts with photos attached – making for a more
intimate connection with JP Morgan Chase staff. In November 2013, JPMorgan tried
to conduct an online discussion with one of its executives by asking questions
via the Twitter hashtag "#AskJPM" and was forced to cancel the even
within six hours as Twitter users tweeted hundreds of messages for the event
that were either jokes or negative questions about the company's business
practices. The planned Q&A
was quickly aborted. "Tomorrow's Q&A is canceled. Bad idea. Back to
the drawing board," the bank tweeted. JPMorgan Chase also uses its twitter
account to also provide the news, policy changes and also information about
bank’s product and service offerings.
In January 2014, JPMorgan Chase promoted Kristin Lemkau
to chief marketing officer who announced her plans to build out the bank's
online digital marketing capabilities and also rework the bank’s social media
presence that took beating due to the twitter fiasco. In an interview with
American Banker, Kristin Lemkau said, "If you look at our digitally owned
channels, we just don't have as rich a strategy as some of our competitors do,"
she added, citing the company's lack of a main Facebook page and room for
improvement with its website. She feels the bank needs to talk more about the
good things it is doing on various social networking sites so as to improve its
social media reputation. Mobile phones are another area where Lemkau is hoping
to "find better ways frankly of reaching our customers." Despite many
challenges and regulatory issues Banks have to increase their presence and
consumer engagement significantly as the customers are actively engaging g on
various social media platforms and networking sites and address the grievances
and also provide the necessary information related to policy changes, rules,
regulations and products and services. To further strengthen its efforts JPMorgan
Chase recruited Susan Canavari as Chief Brand Officer for Chase for leading
strategy and development for the consumer brand, including advertising,
creative services and social media marketing and reports to Kristin Lemkau, the
firm’s Chief Marketing Officer. JPMorgan Chase is not only looking at social
media as way of engaging with customers but also use the data on various social
networking sites to further improve the bank’s product and service offerings.
