A study by TNS Consultancy stated that businesses are creating âdigital wasteâ with their online profiles on websites such as Facebook and Twitter rather than effective marketing.
The findings are published at a time when financial institutions are struggling to get to grips with the opportunities and challenges created by these new communication channels.
Recent research by Amplicate showed that 83 per cent of opinions about major banks on Twitter are negative with Bank of America receiving the most criticism.
Matthew Froggatt, chief development officer at TNS, said: âThe online world undoubtedly presents massive opportunities for brands, however it is only through deploying precisely tailored marketing strategies that they will be able to realise this potential.
âChoosing the wrong channel, or simply adding to the cacophony of online noise, risks alienating potential customers and impacting business growth.â
The survey found that 60 per cent of consumers in the US and 61 per cent in the UK do not want brands to contact them on social media profiles.
More than 72,000 consumers in 60 countries were questioned as part of the survey.
By Jim Ottewill