Cashing in: Bank launches social media aggregator

Leeds – UK bank First Direct has launched a new website that aggregates comments about the brand from social media sites. A first for the banking industry, the site, with its stream of uncensored customer feedback, could go some way to restoring consumer trust in the sector.

Among all businesses, banks fare worst with consumers when it comes to transparency, a survey by the bank revealed. The site is an attempt to change this perception. ‘Our customers are writing about us all over the web and we want to embrace this, so we’re showing customer comments, good and bad, from websites, blogs and forums for everyone to see,’ says Lisa Wood, head of marketing at First Direct.

As we demonstrate in our report on Brandtocracies, consumers are now playing a far greater role in the maintenance of a brand’s reputation. Those brands that do not embrace this change stand to lose out.