My Bank wants to be my friend.. on facebook?

When looking at the banking industry I think they are one of the last industries to utilize social media.  With being the last ones to start using social media they are still catching up on trends and best practices.  Do not get me wrong there have been some great, I mean TRULY amazing success stories with banks or credit unions using social media… but most of us would not be able to name a single one of them.

I wont name names because it just isn’t right to bash like that.  but when it comes to your bank or credit union… do you really want to be their friend on facebook? Do you really want to follow them on twitter? Do you even remember the last time you walked into a branch? I hear you.. why would you.. with things like direct deposit, mobile banking, and ATMs what reason could you possibly have to walk into a branch? With online banking being your connection to your bank why would you need to follow them on social media…. What are they going to tell you that you don’t already know? What are they going to tell you that is BORING!

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Now I know what you are thinking.. what about the big banks… yes they have a twitter account… and they are trying to keep up with it.. but it is proving to be a challenge.. to say the least.  The most memorable challenge for big banks with twitter was during the Occupy Wall Street Movement. – Needless to say I can only assume banks were a bit scared off of actively using social media after that little ordeal.

 

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But What about Facebook?

 

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As you can see here… credit unions are able to pull in their members when banks are struggling to get customers to ‘Like’ them.

LinkedIn (?)

Now seriously… who is connecting to their bank on linked in… not their personal banking.. but their bank?

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Don’t get me wrong your bank is on facebook, twitter, and linked in… but are you watching what they do? It might actually surprise you as banks look to boost their visibility online..

 

 

 

Now I work in marketing.. so my lively hood is on social media… and banks will get serious about social media marketing.. they have no choice as that is where their customers are (much like every other company or industry out there) customers are on facebook talking to each other.. but when is it o-k to talk about your finances? Social media? Has it become that friendly? I personally say no.. but I like the idea of knowing what my bank is doing outside of building branches.. I want to see them out in the community.. Seeing as it’s the community I live in..

Can banks improve their social media?

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I think banks need to start posting what people want to see… i also think banks need to understand how serious social media is.  Some of the mid to large size banks are starting to bring social media in house.  I am not sure how i feel about that, but it does show that they are looking to take a serious look at social media while keeping it in a very controlled environment.  — This is a huge step.. in the right direction?

So blogging world… what would your bank need to share to get you to like, follow, share, comment?

I like community involvement… because when my bank posts photos I can usually tell you where they are…. But what about larger banks?  Are you following your bank? If not, Why not? If so, why?

 

 

https://thefinancialbrand.com/19914/400-retail-banks-on-twitter/

http://bucks.blogs.nytimes.com/2012/01/11/big-banks-struggle-to-help-customers-on-twitter/?_r=0

http://thefinancialbrand.com/28987/facebook-assets-per-like-banks-credit-unions/

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4 thoughts on “My Bank wants to be my friend.. on facebook?

  1. Thank you for sharing about banking and social media. I never really noticed that banks are not as up to date on social media as other organizations. I can see where it would be rather difficult for them to keep up with social media, and I can also see that it may be hard to come up with items to post. I like what you have to say about banks needing to know how serious social media is and how important it is in everyday life for the up and coming generations. This is definitely something that banks need to look into and improve upon.

  2. Great blog posting with some information I had never thought of before. I think your blog opened up my thinking to start to look at other industries the way we look at them through social media. I do think although we may not be used to social media in house with banks I think it might be smart. The reason I think this is because if you have one person in charge and working at it others can focus on their jobs and what they are good at. I think with social media is is a craft when dealing with consumers because you have to craft what to say as to not push other consumers away. I think we see many times when Tweets or comments that are made start argument by having someone that is used to dealing with this it can help keep the images and problems to minimums.
    Abby

  3. Wow, 1 like for every $2 million in assets, that is terrible ROI! However, I do understand the predicament banks and other regulated companies are in when it comes to social media integration. One credit union in St Louis utilizes social media to promote information from them like the use and value of e-statements and upcoming credit union sponsored seminars. They so far have over 1500 likes on Facebook and they post a status update every 2-4 days. This proves they are careful with their level of engagement.

  4. Great insight. I think part of the problem for banks is a lack of understanding of what exactly social media entails. Banks seem to be operating under the impression that simply having an account with these types of websites and having a recognizable logo is all it takes to see the ROI of operating these accounts. Yet most experts wildly preach that you get followers (and, thus, have influence) when you are meaningful and helpful. Banks are boring, insensitive, stiff, and are increasingly seen as untrustworthy. Not only are they behind the times they are not playing catch-up too well, either!

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