Do you follow your home loan lender on Twitter?

Social media is everywhere these days and in case you didn’t realise, even banks are getting into Facebook and Twitter. Something that we used to consider as just part of our after hours fun and a way to catch up with friends is becoming all-pervasive and there are even studies out there on how banks are interacting with us, their customers, via social media.

A recent study looked at five months of tweets (messages sent on Twitter), and looked at things like how often Australians tweeted about the big four banks and whether their message was positive or negative.

More than 5,000 messages became part of the study, carried out by Alliance Strategic Research, and it came as no surprise to me to learn that the majority of the Twitter messages about banks were negative. If I’m feeling strongly enough about my mortgage to mention it on Twitter, that feeling would most likely be a complaint, I’m sure. Most of the complaints centred on topics like internet banking and website problems, such as the sites not working or only working slowly, and particular errors in the sites. Interestingly (and again not too surprisingly) there was quite a high correlation between swearing and talking about a bank!!

The big question is, is it worthwhile to mention your bank on Twitter – will the banks do anything about it? According to the study, of the big four banks, so far only Westpac was “getting in on the conversation” with Twitter users. They’re also the only bank of the big four with anything resembling a decent Facebook page – the others are really not to be seen at all. But presumably the way of the future is that every home loan provider will start to listen to its customers on social media – start bugging your bank now.