Social Media – The Financial Institution Disconnect

Posted: August 1, 2010 in Banks, Credit Unions, Social Media
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Facebook just passed 500 million users, Twitter just posted its 20th billion tweet, more video is uploaded to You Tube in 60 days than all 3 major US networks created in 60 years.

Social Media is not going away according to Harvard Business Review that states it is unstoppable. So where are the financial institutions of Memphis as it relates to Social Media? There is dead silence. Is it fear? Is it old world thinking?  Why the paralysis?

Current research continues to show that banks and credit unions lag behind the national average as it pertains to social media. Here in Memphis, we are further behind.  I know I worked at a local Credit Union, and have years of banking experience.

How sad…in era where you can reach out to your customers, members and embrace their concerns the banks and credit unions continue to hide like the wicked witch of the west.

Memphis, it’s time financial institutions embrace this new form of marketing. It’s not going away, and as my daddy taught me, it’s far better to be proactive than reactive.

Let me know your thoughts and comments as it pertains to Social Media and your financial institution here in Memphis.

  1. JohnD says:

    Hi Blair,

    We’re finding that many decision-makers in financial institutions are stuck: They can’t see where social media fits in their current marketing and distribution context.

    “Is it part of a long-term strategic initiative?”

    That means it is going to take energy and focus — and who has time for that with everything else that is going on?

    And, without consensus, decision-makers lack conviction — and a way forward.

    At Advisolocity, we think social media consultant Guy Kawasaki has it about right when he says: “Don’t worry about strategy, implement, make mistakes, correct your course — and keep going.”

    We put together a white paper to introduce financial executives to the revenue-generating advantages of implementing cost-efficient, creative social media programs.

    You might find it useful for your colleagues in Memphis. You can download a copy here.

    Best John Drachman