Five Ways Banks Should Be Using Social Media

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Social networking has become so common and broad-based in its use — there are now more than 500 million Twitter users and more than 1 billion Facebook users — that banks have no choice but to incorporate social networking into their marketing efforts.

"There won't be any turning back on the growth on social media and there will be a slow gravitation toward services delivered in the channel," says Michael Versace, global research director, IDC Financial Insights. "Social media will continue to force service industries like banking to find ways to engage with customers," Versace says.

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Financial institutions (FIs) must embrace social media and 3rd-party companies are providing critical support. For example, fisoc offers a Buzz Points, merchant-funded loyalty program that enables banks to connect consumers and merchants through online engagement. The social media aspect of this 'opt in' program is designed for customers to earn reward points and additional points when they share the benefits of the program with their online friends through sites such as Twitter, Facebook and Yelp.
Posted by tgprice5 | Monday, February 04 2013 at 3:42PM ET
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