Banks Should Blog According to Microsoft Survey

A Microsoft-sponsored survey of 500 18 to 29-year-olds (or “millennials”) finds that banks can use blogs and other social networking technology to improve their image.

Nearly 60 percent of survey respondents said their level of trust in financial services has decreased in the last year and only half of the group felt that the industry was in touch with this generation.

In terms of regaining that trust, 27 percent said that the use of blogs was very important and a further 42 percent said it was somewhat important. The use of social networking sites like Twitter to improve communication was deemed very important by 23 percent of respondents and somewhat important by a further 37 percent.

Just over half of respondents want text message updates and roughly the same percentage called for financial applications for smartphones.

“This survey points to technology as a solution for financial services firms seeking to rebuild trust and build lasting relationships with this group,” says Colleen Healy, general manager, U.S. financial services, Microsoft.