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Banking on Social Media

More and more banks around the world are realizing that the advantages of actively engaging with customers via social media platforms far outweigh their ‘perceived’ disadvantages. Social media has proven to be an extremely effective tool in building bridges with consumers by creating open channels of dialogue that ultimately leads to increased customer satisfaction. In the times that we live in today, where there is a general distrust of the financial community, banks are better able to establish a bond with their clients through social media and overcome these biases.

Banks can now engage with their customers, launch marketing and promotional activities online and interact more with their stakeholders using Facebook, Twitter and blogs.  But more than any other industry perhaps, banks need to be vigilant in their social media activities. Total ignorance of the tools to be used, impatience for ROI and unpreparedness can be damaging to any bank and its reputation.

For details on how banks can maximize benefits from being active in social media, please read the 2011 Social Media Guide on Banking. The report gives excellent tips and sheds light on three case studies; Missouri Bank, Wachovia and Bank of America.

Are you socially engaged with your bank?