TD Bank's Success with Radian6

According to Bank Technology News, "The latest incarnation of TD Bank's buildup of a broad social media program for North America—the embedding of Twitter staff within the contact center—is only a few months old, but the bank has already discovered the formula to win an impressive spike in the use of social media to resolve customer queries."

"By embedding its Twitter experts with the contact center, and tying the two staffs' efforts together with a real-time online monitoring and analysis engine, the bank has seen a 25 percent monthly growth in Twitter use for customer service for each of the past three months."


Check out the Bank Technology News article here.

ASB Bank's Customer Service Project on Facebook

A recent post on The Media Online highlighted a campaign by ASB Bank in New Zealand. According to The Media Online, ASB Bank created a virtual banking experience on Facebook, effectively using the social media platform as a conversation platform knowing that this is where their customers spend their time.

Of course, before moving your customer service function over to Facebook, be sure to check out the post on Social Media and Bank Compliance Requirements. 

Social Media and Bank Compliance Requirements

HSBC Launches Social Media Newsroom

HSBC has launched a social media newsroom for journalists, bloggers and online commentators. The site has been designed to be a 'go to' site for all comment and information on the UK Bank's position on key issues and latest announcements.

The HSBC social media newsroom is designed to be a central hub for all bank announcements, staff activity and community events.

The site is divided into two sections to reflect the areas of HSBC Bank Plc: Personal Finance and Business Banking and brings together not only press releases and articles but also video and images hosted on YouTube and Flickr.

Personal Finance: www.hsbc.co.uk/newsroom

Business Banking: http://www.newsroom.business.hsbc.co.uk

Hubspot's Five Ways Community Banks Can Adopt Social Media

Dave Clarke, an award-winning editor and editorial director in the marketing departments of Fortune 500 companies such as Oracle and Symantec provides the following five tips to community bank social media usage as a guest blogger on Hubspot.com.

1. Understand that, while social media creates a virtual community, it takes real time to properly service and manage your social media. Time management is crucial. Create a strategy for what types of messages will be posted, by whom, and how often. Don’t limit your marketing to banking topics only. Keep the community front and center, too in your social media efforts.

2. Get your internal policy right. Make sure staff across the bank understand how social media works in a business setting and how that intersects with their professional responsibilities.

3. Read everything. Social media platforms are constantly evolving and changing. Just when you think you have a platform mastered, the technology, user demographics or even the jargon associated with those channels can shift.

4. A picture may be worth 1,000 words, but with banking regulations being what they are, the privacy policies guiding their posting (especially if they include customers) can be 10 times that. Work with your legal department to streamline the process to get photos posted in a timely manner. Photos of community bankers out in the community are one of the most valuable tools for conveying the bank’s commitment to the community at large.

5. Be sure executive management, IT, and marketing are all behind your social media efforts. Without any one of them, your social media campaign cannot succeed.

An additional resource for community banks is the 2008 (dated but still relevant!) Community Banker's Guide to Social Network Marketing as well as the Human Resources Guide to Social Media Risks.

Third Federal Bank Uses Mascot and Social Media to Create Community

3rd Fred, the lime green, amorphous mascot of Third Federal Bank, has gone missing and the Bank is using social media to get its customers and prospective customers to help to find him. The marketing campaign coincides with Third Federal’s 90th anniversary. The Bank’s marketing team created a series of Internet videos and is using social media sites such as Twitter and YouTube to get out the word. The effort has captured the attention of the American Bankers Association, which mentioned the campaign in a post on its Banking Journal website.

Check out the videos here.

Financial Services Roundtable Releases "Social Media Risks and Mitigation"

EXECUTIVE SUMMARY

Social media is a term used to define the relatively recent phenomenon of mass personal publishing most often intended for public consumption and typically conducted in an interactive and conversational style. Social media‘s rapid growth – it is now the most popular online activity – has garnered the attention of the commercial space, including financial institutions hoping to meet their customers‘ evolving needs and expectations through this medium.

Social Media and Risk Mitigation - June 2011

Recognizing the rapid adoption of social media exemplified by now familiar sites Facebook, Twitter, and LinkedIn, BITS has developed this paper to provide financial services companies with insight into the various risks associated with the deployment and use of social media. This paper does not intend to cover every situation an organization might encounter, but instead serves to highlight the issues common to many financial institutions and provide guidance on how these risks might be moderated.

This paper is intended for a general audience, from business practitioners to compliance, risk and legal professionals, primarily from a United States perspective. It provides a synopsis of the major themes an FI should consider when using and deploying social media and is best used as a reference guide, delving into the situation or organizational section that is most appropriate to the reader. To assist readers in identifying which sections are most applicable to their purpose and expertise, a risk matrix is provided in Appendix E.

This paper addresses risks and mitigation methods for financial institutions using social media from three perspectives: To communicate with or service customers, By employees within a financial institution in personal and professional capacities, and By employees or contractors outside the office.

Corporate Insight Finds Twitter Now More Popular than Facebook with Financial Services Firms

According to Corporate Insight, Twitter has surpassed Facebook as the most popular third-party network employed by financial services companies. While only 15% of the firms they tracked had a Twitter profile in the fall of 2008, that number grew to 57% by October 2010.  Since then, they have been tracking statistics related to the social media properties on a monthly basis.  Their findings demonstrate that Twitter continues to gain in popularity. As of August 1st, 67% of the firms Corporate Insight tracks now have a presence on Twitter, a 10% increase in as many months. During the same time, the percentage of financial services firms with Facebook pages increased by 3% to 59% of the industry.