Social Media Case Study: National Australia Bank

The article dives into how National Australia Bank used social media and more specifically Twitter to announce a ‘break-up’ from other banking conglomerates.  In a casual manner NAB tweeted about their intention to break way from other banking conglomerates and followed that up with a series of YouTube videos.  This was done in part to help change its image as well as differentiate themselves from the rest of the banks by illustrating how they’ve been lowering fees and offering mortgages rates etc…

The result… in just a few days NAB became the #1 most tweeted topic across Australia. As far as their return on investment, NAB saw their customer service rank rise from last to first, a 79% jump in home loan inquiries, 50% increase in credit card applications and 20% increase in new accounts.  The campaign went on to win a Cannes Lion 2011 award for Best Use of Media Relations.

Is this something that American banks can incorporate into their campaigns to differentiate themselves and garner support from the public?  Could this catch on eventually here in the States?

http://socialmediaclub.org/blogs/from-the-clubhouse/social-media-case-study-national-australia-bank?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+SocialMediaClub+%28Social+Media+Club+-+From+The+Clubhouse%29

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2 thoughts on “Social Media Case Study: National Australia Bank

  1. I think this is a great example of how banks and financial companies can finally successfully utilize social media to spread their message to the public in a way that’s more relatable then newspapers or financial news. The most interesting part of this social media campaign that NAB took was the ‘playful’ matter in which NAB was sending out updates. By utilizings some standard relationship cliches like ‘It’s Not You, It’s Me’ they do a good job at making NAB relatable by touching on personal characteristics. They also should be commended for diving in full force. With the high volume of you tube videos and the sheer number of public ads, NAB was working thorugh a turning point in their corporate strategy and rather than hiding and avoiding the public, they used an open book approach.

    The most important line in the case study to me was towards the end “This integrated customer-centric campaign has people across Australia slowly developing trust in an industry typically not worthy of it.” So to your question, it could certainly catch on in the United States, but would any banks be willing to devote that much resources and take the risk? If so, which banks? The big international ones or the local/community ones? Would the campaign need to be based on a major announcement and change in corporate strategy or can it just be rolled out as a way to attempt to embrace current and potential customers? There certainly would be a lot of questions and considerations for U.S. Banks to consider, but NAB did prove that social media could be instrumental in the way in which a financial company reaches out to the public.

  2. This is an interesting article since our class discussion on the use of social media in finance. It appears that NAB has taken a leadership role in social media for the financial industry. This is one of the first cases I have seen of a financial services company using a social media campaign on a topic of real substance. Too often financial services firms tweet and post “fluff” about their firm and their stance on pertinent issues. NAB has proved that consumers want to hear and learn more about what big financial institutions are doing and why.

    It will be interesting to see if this type of social media practice will find its way into other larger global economies. I do agree with the stance we took in class. Whoever the social media leader is in the financial services industry stands to gain a great deal of public support. However, the wrong use of that leadership position could also be disastrous for a brands image. So to answer your question, yes, I believe this type of social media can catch on and be used in the United States. But I think it will take a large well-known firm to “break the ice” before this type of campaign becomes a common practice.

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