Why Social Media is Perfect for Banks

Posted by: AmberRoberts in: Digital/Social - Financial Services -

At a financial services communications event last week, I sat in on a talk from Citi’s social media guru,Frank Eliason, who has a book coming out entitled “At Your Service” in Spring 2012.

Frank caught my attention when he stated that social media is a perfect fit for banks. Why does he believe this?

• Banks were historically about communities.
• Social media is about being part of a community.
• Right now people believe the banking industry has lost sight of its customers. Banks need to build trust now.
• How can a bank build trust effectively?  Answer: Human interaction. Social media enables banks to do that.

Citi isn’t just using social media channels to address questions and have conversations about a customer’s banking needs and issues. Citi employees participate in social media in ways that have nothing to do with banking as well. The goal is to humanize Citi’s customer service reps, so you’ll see posts from Citi employees on sites such as weather.com.  Because everyone likes to talk about the weather.

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