While the use of social media is spreading in many economic sectors, it is still marginal in the banking sector: few financial institutions have set up a deployment strategy on social networks. Using social media concepts and tools in financial sectors and especially banking is not an easy task, mainly if it requires discretion and privacy for security purposes
However, the empowermen of SM has touched many institutionas auch as Bank of America. Bank of America uses Twitter, facebook, and other SM interfaces to improve its costumer service, to share its news with its different local communities, to provide customer assistance and to share information about its career opportunities. Besides that, the Bank uses Youtube to dynamise its image. Amazingly, the bank made itself accessible to anybody through its www.youtube.com/bankofamerica.
Bank of America could mange its SM interfaces in a way that matches the users of each face. for instance, In fact, in its facebook page you find all its actions in local communities. In its linkedin page, you can check for jobs, value the existing career oportunities and get informed about the banking official news.
The efficiency by which the bank is using SM helped it get over a serious threat. In fact, the Bank had to deal with its customers’ reaction to an increase on its fees through an efficient, reactive and rapid exchange through its SM interfaces.
However, other banks are still reluctant to enter and maintain SM for multiple reasons. Nytimes Says:” survey on the social media activities of 50 leading private banks found that most had developed “amateurish” social media strategies, were “hibernating” on Facebook and displaying “tokenism attitudes” to Twitter and YouTube, according to Assetinum.com, an independent financial information portal for investors”
Thus, As far as i am concerned, banks would benefit from the establishment of an exchange platform for social media, between financial counselors and clients. From one side, by communicating well on those networks, banks could transmit a positive image of their work to the public and increase their appeal, especially, among young people. From the other side, customers would have online counselors who can guide and assist them, on live basis, more efficiently than traditional agency adviser.
I would be willing to leave my bank for another bank that would inform and advise me through counsel on a social platform, whether it’s a simple request for information on services offered to me or personalized banking support. In fact, Social media has proven to be an effective tool for building relationships with individuals and communities by providing an open communication platform.
References:
How Banks Can Master Social Media, December 13, 2011 by David Olivares, http://www.onsearchinteractive.com/blog/social-media/how-banks-can-master-social-media/
Bank of America Corporation is live in social media; we’re here to stay in touch and serve you better, www.bank of america retrieved on July 22 th 2012 from http://social.bankofamerica.com/
Bank of America defends itself through social media, THURSDAY, MARCH 1, 2012 from http://obsbankwatch.blogspot.com retrieved on July 22 th 2012 from http://obsbankwatch.blogspot.com/2012/03/bank-of-america-defends-itself-through.html#storylink=cpy
Banks Slow to Embrace Social Media by SONIA KOLESNIKOV-JESSOP March 26th, 2012 from www.nytimes.com retrieved on July 22 th 2012 from http://www.nytimes.com/2012/03/27/business/global/social-media-walflowers.html
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