Social media is increasingly changing the way consumers make decisions and rely on user generated reviews to make their decisions. A brand acting on these insights is National Australia Bank, the first bank (and arguably one of our most innovative brands) in Australia to integrate social commerce within their site, where users can submit ratings and reviews of their credit cards. Pretty bold given the opportunity for bad feedback but nice to see a brand willing to take some risks.
They say it’s in an attempt to further demonstrate their commitment to putting consumers at the heart of their business. An obvious benefit to them is also the insights they will gain on their products and opportunity for product innovation.
They have started with credit cards and have 360 reviews to date, with plans to roll this out to other products circa 2012.
Lately, NAB have been getting it very right, innovating well beyond other banks and it seems this is just another example of them leading the big four. I’m still wondering though when the other banks will catch up and take their lead?