Bank of Cyprus found itself in a social media backlash after it posted a sponsored message saying ‘We are here to come ever closer’, a statement criticised by hundreds of Facebook members.

Comments ranged from outraged demands to get back their ‘stolen’ money to wry cracks about getting closer to three percent interest instead of seven percent.

“Work, vote and shut up,” was another bitter comment.

“Are you joking?” was another.

“You should feel at least EMBARRASSED…” wrote another commentator.

The bank’s social media administrator was deleting the comments as fast as they were made, but it’s clear that society has not forgotten that their savings were taken from their accounts in exchange for bank shares and used to recapitalise the bank after it lost billions on its high-risk Greek Government Bond investments. In July 2013, the Bank of Cyprus decided on a 47.5 percent deposit haircut on accounts over 100,000 Euros, so it could recapitalise itself after the losses. The after effects were resounding, less cash flow in the market, less funds to pay for their family’s education, buy homes, and all the other things that require capital.

It was not the public’s fault and now they are paying the price for the lack of risk management and are at financial risk themselves. In just one example, during the financial crisis, over 8000 savers lost a total of four billion Euros in the bank’s deposit instruments, and lawsuits are working their way through the legal system. Other lawsuits were filed with the Supreme Court on the basis of human rights abuses.

The thing about social media is that it is not the right environment for these types of advertising messages, particularly at this sensitive time in the economy. The public really doesn’t feel that the bank is close to it, the marketing managers should be sensitive enough to understand the market’s mood. Instead of continuing the campaign it should be ended because it is provoking negative reactions which cannot be good for the company’s image and brand.

Social media is a two-way relationship, and the banks must get used to this new reality; if they cannot understand how the market has been financially devastated and are trying to get back to business as usual, it’s a mistake. The lack of trust is obvious, and must be taken into account by the bank’s marketers.

More progressive would be for the banks to reduce the negative effects of debt, stop abusing their power, and start working more closely with their customers to find constructive solutions. If their customer base is financially threatened, how will confidence - and banking profits - return to the market?