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"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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Banks’ performance on Facebook lags their performance on the other key social media sites, according to a new survey from MyPrivateBanking Research.

Banks have a stronger presence on LinkedIn and YouTube than Facebook, despite the fact that Facebook is “the most popular social network,” the research firm says. It analyzed the social media activities of the world’s top 50 banks and found that 100 per cent are active on LinkedIn compared to 90 per cent on Facebook.  

MyPrivateBanking also evaluated the quality of the banks’ presence on social media sites, and found that their presence on Facebook was “significantly lacking in quality.” Overall, the companies scored 67 out of a possible 100 points for their use of Facebook – lower than for all the other social media sites, including LinkedIn, YouTube, Twitter and Google Plus.

A “major weakness” is that banks are taking too long to respond to comments and private messages on Facebook.

“Of the banks using Facebook, 25 per cent never responded to a posted message by a test user and 40 per cent needed more than a day. Even worse, 85 per cent of the banks did not respond to an individual contact message via Facebook at all,” said MyPrivateBanking.

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