If Acme is already in the social space then being able to talk about these topics is going to increase engagement, and if they’re not it’s still going to give them better insight into where they can expand or focus marketing or products to meet their base at a particular point of interest or friction.

My overuse of the word “or” above probably made that sound more complicated than it really is.

Jennifer Spencer
Community Development
PerkStreet Financial

I do believe the benefits they would receive by participating in social media, would out weight the risks that they worry about. The benefits could include:
•ROR (return on relationships)
•Engaging in real-time interaction to increase the brand’s image
• Strengthen the ties between existing relationships while also creating new ones
• Offering customer service where people want it
• Listening to what people are saying about your brand
• Outputting and receive information simultaneously

Banks and credit unions have figured out how to control the message in traditional mediums like TV and print, so why should they abandon the existing marketing structures, processes and procedures when it comes to social?

@Jennifer – A study conducted by The Financial Brand found that — on average — retail banks and credit unions will see approximately 1 relevant mention about their brand on social media sites per month for every $100 million in assets they have. A “relevant mention” is something interesting or actionable, e.g., “The teller at Acme Bank was so rude this morning” vs. “I just ate 3 Chalupas at the Taco Bell next to Acme Bank.”

@MarketingBanks – I agree that “regulation” is just an excuse. First, there are already plenty of financial institutions handling social media’s compliance risks just fine. Second, where’s the enforcement? And who’s doing the monitoring? Is it going to be the CFPB?

There are a number of things they should and could be doing that have no regulatory implications but I think it’s just easier for them to have a scapegoat.

I can see where a small local bank might find few specific mentions of their name online, but little conversation about issues of relevance? If it’s an issue of relevance to your customers or potential customers, it’s relevant to you. A Twitter account or Facebook page may not be appropriate for your bank, but to not even listen or worse, to not KNOW if you’re listening, means you’re operating in a vacuum. The May article linked to lists a number of tools that are free and fast to check in to at least once a day, whether it’s a marketing department or a head of customer service or a PR company or an intern. There isn’t anything – time, money, hands on deck or regulation – that should stop you from listening.

Jennifer Spencer
Community Development
PerkStreet Financial

End users will likely remain the number one security risk in this landscape, but dramatic results can be achieved with just general security awareness training.