Best Practices in Social Media and Mobile

Getting the Most Out of Social Media, Tablets, and Mobile
by Jacob Jegher,  Stephen Greer, October 31, 2014
Industry Trends


Never has there been a greater need to create an optimized customer experience. Increasingly, interaction is taking place through digital channels. A growing group of young, mobile-only consumers are loath to enter a branch. For them, interaction will be almost entirely through a tablet, mobile device, online banking, or social media.

Financial institutions are already struggling to win over a generation that is increasingly migrating to banking alternatives like prepaid cards and digital startups. Banks that neglect emphasizing digital customer experience are leaving opportunities on the table, and will be at a distinct disadvantage, fueling the negative perceptions that have damaged the industry for a few years.

Best Practices in Social Media and Mobile describes two categories of best practices: mobile (tablets and smartphones), and social media. Screenshots provide examples where appropriate. The report also offers three distinct case studies that provide examples of best practices.

In many cases financial institutions have been slow to acknowledge channel proliferation, instead resting on the laurels of their traditional business. Digital banking will mean that digital channels will be the first point of contact. Impressions will be made before a potential customer even sets foot in a branch. This behavioral change demands an optimized multichannel experience.

“Financial institutions will be judged by the service provided through digital channels, and competitive advantages can be driven by best-in-class digital services. Banks should consider the best practices in this report to guide their development and strategy,” says Jacob Jegher, Research Director in Celent’s Banking practice and coauthor of the report.

“Banks need to embrace best-in-class social, smartphone, tablet, and emerging device offerings,” says Stephen Greer, an analyst with Celent’s Banking practice and coauthor of the report. “The modern consumer is increasingly unwilling to accept anything less than a flawless digital experience.”

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
Tel: +1 212 345 1366

Europe (London)
Chris Williams
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary




Mobile Recommendations for Financial Institutions



Tablet: A Long Way to Go with Plenty of Potential



Smartphone: High Adoption But Still Evolving


Social Media: Recommendations for Financial Institutions


Path Forward


Appendix 1: Case Studies and Examples



mBank: Digital Platform Redesign



US Bank: Mobile Banking Enhancements



Tangerine (Formerly ING Direct Canada) Creates a Unique Tablet Experience



How Instabank in Russia Is Combining Social Media and Digital Channels


Leveraging Celent’s Expertise



Support for Financial Institutions



Support for Vendors


Related Celent Research


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