When Huffington Post helped launch the MoveYourMoney campaign they probably had a small inkling of the momentum building on the basis of frustration felt by customers, but I doubt they expected the massive groundswell of support that has happened so quickly.
Let’s look at some of the groundswell against banks like Bank of America and others out on the web 2.0 landscape – it is building, and if banks don’t start to get it right, they are going to lose out to smaller, more agile competitors who are focused on serving customers better.
Citi and BofA targeted by Obama’s Special Investigator
A year ago as the Financial Crisis really started to bite, politicians and regulators were looking for cover and as the new US administration took over it was obvious that banks were going to be an easy target because they had been instrumental in the failure of the banking system and the creation of the sub-prime housing bubble
Public Anger Grows in the UK
In the UK the same was happening with MP’s blaming anyone but themselves for the trouble…
BofA Overdraft SCAM, BofA and Wells Fargo Overdraft Fees, Join-us-on-our-bank-anger-tour-across-the-blogosphere
11 months ago users on YouTube and Bloggers started to complain about hidden fees and outrageous policies that allowed banks like BofA to charge customers for things like Overdrafts, when their account was actually in the black. Have they been listening to this feedback? Well according to HuffPost (http://www.huffingtonpost.com/2010/01/07/bofa-customer-why-cant-i_n_414560.html) it is still happening today
Back 8 months ago people like Roy De Young (roydeyoung.typepad.com) started speaking out on YouTube and blogs complaining about the cost of the bailout to BofA ($45Bn) and the total lack of support that resulted after the bailout. It was impassioned and heartfelt – as Roy says B O A = Bend over America. But as Roy said “If 500 people take their money out it’s not going to matter, but if 5 million do it…”
G20 Protesters Storm RBS Building London
About this time the G20 provided an opportunity for protesters to voice their unhappiness at the global governments handling of the financial crisis. This lead to riots across London and the very public storming of a Royal Bank of Scotland building.
Move by NAB in Australia moves competitors to yield on fees
In July in Australia the pressure on banks re overdraft fees built to extreme levels forcing the banks to abandon their opportunistic penalty fees
You see the #MoveYourMoney Twitter, Blog and Social Networking campaign has succeeded not only because of the effectiveness of social media in ensuring that customers are heard, but also plainly because banks still don’t get it.
ABC profiles Huffington’s awareness campaign for Move Your Money
Bank’s need to be listening to Twitter and Blogs as an essential source of information on how better to serve customers, and then they need to respond – visibly, and rapidly. Until they do, campaigns like Move Your Money will continue to gain momentum and banks will definitely lose customers and revenue. Right now if Google started up a Bank, imagine what would happen…