Facebook:
Banks and other financial institutions are using Facebook to
listen and to serve their customer base, as well as to promote announcements
and blog posts.
Twitter:
Banks and finance institutes are using twitter to share,
listen, ask, and respond to their customers especially in the customer service
realm. Another great usages would be to demonstrate thought-leadership and
know-how.
LinkedIn:
The Finance industry is the 2nd most active
industry on LinkedIn. Typical usage cases involve networking, recruiting
employees, spreading company culture, and to build relationships.
Foursquare:
Allowing check-ins to branch locations is the key area of
use by banks. This allows the banks to give public shout-outs or rewards to
power and returning customers. Some banks have even been using Foursquare to verify a client's location as a measure to prevent bank fraud.
Although social media can pay great dividends to banks,
these financial institutions must tread lightly when integrating social media.
A carefully crafted plan and strategy that adheres to FINRA and SEC standards and
regulations is needed. All conversations and anything considered
sales/marketing material must be recorded and archived in a manner that does
not allow changes or edits. To understand how financial institutes can reap
social media rewards and to understand how FINRA applies to using social media,
I have put together a great presentation that discusses this below.
If you want to know more about these regulations, read through FINRA Regulatory Notice 10-06 which can be found in its entirety below.
FINRA Regulatory Notice 10-06 Guidance on Blogs and Social Networking
If you want to dive in deep, have a look at this comprehensive presentation by one of the best, @JoyceMSullivan or @SocMediaFin at Social Media Week.
If you want to dive in deep, have a look at this comprehensive presentation by one of the best, @JoyceMSullivan or @SocMediaFin at Social Media Week.