The Super Bowl generated 25 million tweets and, by the second half, was more exciting than the game. From “Who wore the fur coat best” to JCPenney’s drunken (or brilliant marketing) Tweets, social media caught our attention and made us laugh.
Banks are more active than ever. Some banks are using social media as a form of information bulletin board, while others seek to truly engage their customer base. The more advanced banks are using it as a customer acquisition channel actively marketing to the 250+ disgruntled households and businesses per day that post a negative comment about their bank and are more likely to change financial institutions.
Social media has also emerged as a preeminent prospecting tool. Banks now can not only determine an inexpensive channel to contact a prospect, but can determine the expected value of a potential customer and figure out the best way to contact the prospect to ensure the highest chance of conversion.
Finally, banks are experimenting with using social media as part of their credit underwriting for both retail and commercial. By using sentiment analysis and measures of influence, banks can now visually map a proxy to customer loyalty. It is no surprise that industry leaders, even in hyper niche markets like gluten-free food manufacturers or oncologists have larger than average social media followings.
No matter what your use for social media, we just updated our social media policy last year and have received several requests for review. For banks that are interested, you can find our template here in our resource center: https://services.csbcorrespondent.com/content/ffiec-2014-social-media-policy
Also, since we are still experimenting ourselves, follow us on Twitter, Facebook , LinkedIn or Google+ for the latest bank data, social media information and banking updates (breaking news, conference reports, musings, etc.).
Submitted by Chris Nichols on February 04, 2014