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How the finance industry can reinvent itself through social networking


Consumer trust in financial institutions dramatically eroded after the economic crisis began in 2008 and continued on into 2009. But the finance industry is slowly but surely trying to reinvent itself and opening doors to more innovation, rethinking a lot of their old models. It’s important that they stay on top of the evolving new technologies and consider infusing social networking into the marketing mix.
By adding these new components to their strategies they will be able to use them as a utility that they can make their own. When best practices are used it can open up a new world of opportunities for these institutions to connect with their clients and prospects in a way that they never have before. It will allow them to listen to what is really concerning the consumer.

When it comes to businesses and social media, listening is a must. Social media isn’t a platform where businesses can control the conversation and solely push a product or service (i.e. – posting, "Great rates on CD's - come in today"), because it defeats the whole idea of social media marketing. They must listen to what customers are talking about because it shows that the bank actually cares about what the customer has to say. The feedback won’t always be great, it can actually be harsh at times, but it can be helpful as well. So it is important that the bank uses it to its advantage. It will help the institution find out what consumers think about your products and services. Those comments and conversations will help them develop new products and a strategy to satisfy everyone’s needs and create a win-win situation.

Here are a few financial institutions that are using social media to connect with consumers:

Wells Fargo: Twitter | Facebook
Bank of America: Twitter | Facebook
Discover Financial: Twitter | Facebook
American Express: Twitter | Facebook
ING Direct: Twitter | Facebook


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