Social Media was blasted across a smattering of 2011 predictions and remains a concern for businesses everywhere. The Internet and webinars are awash with insight on social media and easy how-to’s: how to use social media, how to find the best tools, how to measure it, among thousands of others.
However the banking industry, always quick to adapt to new technology, hesitates when it comes to social media even when statistics demand it as an integral part of any business plan. American Banker reports that while banking’s focus on capturing the attention of Gen Y users should naturally drive financial institutions to platforms like Twitter and Facebook, the most rapidly growing demographic on Facebook is women 55 to 65. With social media capturing a large portion of any bank’s customer base, institutions should reevaluate their stance towards social networking platforms for, as noted by Christopher Van Slyke, partner and co-founder of Trovena LLC, “it’s not what you know, it’s who you know.”
A Visible Banking article gleans that the hesitation from the financial industry to adopt social media efforts may be due to several campaigns that were deemed unsuccessful. However, the article claims that these social media efforts may not have been promoted properly. The article also highlights eight categories for smart and easy ways to give your financial institution more visibility including cross promotion, shareable site content and a social media page on the bank website.
What social media efforts are you using to reach your customers? How are you promoting these efforts? Let us know in the comments below.