BAC Credomatic’s social strategy: Opening relationships vs closing deals

Transcript

BAC Credomatic recently consolidated its 11 different Facebook pages into a single profile for all its customers across Central America. José Manuel Páez explains that doing so makes the brand simpler and easier for customers and staff to understand, and communicate its key values: of being a likeable, relatable business that people can turn to when financial questions arise. We have two more videos about BAC Credomatic, about the regulatory challenges of innovating across six different jurisdictions, and the benefits of agile management.

World Finance: What benefits did this consolidation bring to your customers and to the company?

José Manuel Páez: I would say the main benefit to both is around simplicity of our brand. Instead of having multiple profiles delivering multiple messages, we have a single profile with a narrative that aligns to our brand pillars.

We want to be a brand that customers like, we want to be a brand that customers relate to. And we definitely want to be the brand that they turn to when financial questions arise.

World Finance: You have 1.5 million followers – that’s a lot of people who might turn to you when financial questions arise – so how does your social media team manage such a vast audience?

José Manuel Páez: Well we have specialised teams in each country but it’s not about the followers; it’s about how well we segment these customer audiences and actually deliver relevant messages to them.

We try to understand where the customer is in their life – if it’s time to go to college, or if it’s time to actually build a house, or get a car – and get that relevant message out there, on how BAC Credomatic can help them in that moment in their life.

World Finance: So what is your strategy for converting followers to customers?

José Manuel Páez: We give a lot of thought to the posts that we make and try to connect with our customers. Obviously we’re trying to convey our competitive advantage and present the benefits of banking with us. But what we’re getting at is to be able to get that natural path from where we are getting to know each other – and that’s the brand awareness – to when we decide to work together, and create that relationship. Because at the end, that’s what we really want at BAC Credomatic: to create long term, positive relationships.

World Finance: José, thank you very much.

José Manuel Páez: Thank you.