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Banks Using Twitter

May 14, 2009

Today people prefer to do their banking online rather then stand inline at the bank. Personally I never step inside, I use the ATM. The following video provided by YouTube demonstrates why people do not like going into the bank (warning: the video is long and boring, pun intended):

Banks have been slower to embrace social media compared to other industries; it is no surprise that banks and financial institutions in general are not perceived in a very positive light, especially now with the economic downturn. But this does not mean your bank should not jump on the social media bandwagon and establish an online presence. With this economic turmoil, it is even more important for banks to reach out to their customers any way they can.
A lot of banks have company blogs, Bank of America’s Future Banking Blog, which discusses topics about the economy and corporate social responsibility, and there is Wells Fargo’s The Wells Fargo-Wachovia Blog, which discusses the merge of the two banks to ensure their customer’s securities. Some banks have even launched Facebook pages, like Citigroup, which has 4,257 members and discussion topics. Some of these banks have even joined YouTube, like Discover to exhibit their commercials. But what these banks are missing is their presence on Twitter. 
Without a doubt by opening up social interaction with your customers, these banks are going to encounter complaints, but this gives the bank the opportunity to try to control the conversation and offer help through a 140-character tweet or DM (direct message). This is just another way banks can reach out to their customers to ensure the bank’s financial stability and offer customer support.
Comcast was another company that was not favorable when it came to contacting for customer service; calling into the call center for help is like calling you credit card company-not fun. But once Comcast joined the Twitter world and started tweeting support to their customers, people started to notice a difference in their customer service and it benefited Comcast’s appearance. These banks could learn something from Comcast’s social media case study and apply it to their own social media plan.
Social media can help provide transparency and accountability, which is what banks need right now, the institutions that listen and contribute to the conversation, will be the ones who survive and grow with their customers. Banks need to turn to Twitter as another form of customer service.

By: Amber Peterson

One Comment leave one →
  1. October 28, 2010 6:57 pm

    Great article! i was actually just looking around trying to figure out how a bank might use social media. Any suggestions on ways banks could utilize blogs/facebook/twitter?

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