#Hashtag – FI’s & Social Media

Financial Institutions (FI) across the country are using social media now more than ever to communicate with their customers. FI’s largely are known as impersonal so their entry into the social media realm and activity in that realm is improving their relationships with customers worldwide.

FI’s are doing what you would expect on social media: communicating with customers, using it for marketing/sales messaging and monitoring customer concerns/complaints. However less than 30%, according to the ABA’s State of Social Media in Banking Research Study, of Banks are using social media for competitive analysis or to conduct research.

A wealth of knowledge is available through these platforms about customers. Facebook can even be used to provide predictive analytics. FI’s need to use social media to socialize with customers but also need to be sure to use it as a tool to further their business.