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Issues : Technology

Social Media Series: A Look Ahead

January 10th, 2011 |

This is the fifth and final post on the value of social media for today's financial services executive. Over the last month, we've looked at the fundamentals and why you need to care about newer trends and technologies, how some have successfully incorporated social media into their institutions way of doing business, the need for individuals and companies to be both authentic and transparent, and how you might personally get up and running if you're not already. Today, we look ahead to social media in 2011.  

As this series draws to a close, cue the music*:

If this is it
Please let me know
If this ain't love you better let me go
If this is
I want to know
If this ain't love baby
Just say so

By now, we all know that social media marketing carries the same risks as traditional marketing. But with the continued surge in social services like those offered by Twitter, LinkedIn and Facebook, social networking platforms present powerful ways to connect with employees, consumers and shareholders of all generations.

fortune.jpg

Social media blends technology and social interaction; done right, it can be a win/win/win. Such networking co-creates value for you, your financial services company and your customers. Community building is something we all can do more of in 2011; hopefully these columns have inspired you to think about how you can get engaged and stay involved with conversations about your institution. Yes, a LOT has been written about social media, so I thought it would be interesting to share three predictions for 2011.  

Beyond the standard 'you will train employees on the proper way to communicate with customers through social media,' I'm excited to see the following take place:

  1. As more people take to mobile technologies (coupled with a wider adoption of tablets like the iPad), marketing efforts that incorporate online, in person and in print activities -- supported by social media plans -- will appreciate in value.
  2. Customer service departments take over as the main proponents of social media, with the full support of the CMO and leadership teams.
  3. Banks leverage geo-tagging applications to prepare/predict for traffic in their branches and at least one gets into social gaming in a big, big way.

Have a few predictions of your own that you'd like to share? Leave a comment for us below. While this is the last post on this particular series, our VP of Digital Strategy will be leading a panel discussion at our annual Acquire or Be Acquired conference in Scottsdale later this month. If you're game to share your view(s) with her, I know she'd appreciate your thoughts.

*Can't get the refrain out of your head? You have Huey Lewis & The News to thank for that.

adominick

Al Dominick is the President for Bank Director, an information resource for directors and officers of financial companies. He writes about mobile banking, growth, social networking, key industry events and metrics. You can follow him on Twitter @aldominick, connect via LinkedIn or follow his About That Ratio blog.

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