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5 Best Practices for Financial Institutions on Facebook
By siliconindia
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Wednesday, 26 October 2011, 01:11 IST
Bangalore: Social media is the buzz word today. With millions of users spending more and more time on social media it has become one of the ways to find new partners for lifetime, find new customers for your product and find new ways to spread across a message. Now that Social Media has become so huge that even corporates consider it as a business strategy. All companies from different sectors promote themselves on social websites, but how many of us have seen our very own banks on these sites? When it comes to banks which is often held back by its regulations is not considered to be very innovative when it comes to social media.
Banks are considered a serious affair with their background dealing with policies and money. And many of us are accustomed to the banks traditional ways of communication. But there some financial institutions broken the taboo and have made huge differences through Facebook.
Here are some of the best practices that makes them unique among other financial institutions:
1. Citi bank:
The bank builds its rapport with its customers by not giving policy updates on facebook but it astutely uses its Facebook presence to build community by asking questions (often location-themed) like "Has your city hosted any major sporting events?" This creates friendly conversation and interaction that is not otherwise naturally facilitated by a bank.
Frank Eliason, Citi's SVP of social media said changing the perception of its customers is what Citi aims at and they trying doing in a very human way.
Eiason also said that to know what works well for them, it can be done only through experimentation. Like for example, Citi ran an exclusive Beyonce video that you could only see on Citi's Page. "Most importantly, we recognize that it's OK to learn and it's OK to try new things," Eliason says.
