Facebook, Twitter Are Capitalist Tools of Banks and Credit Card Issuers

Corporate Insight study says social media allows companies to easily connect with customers and reinforce its brand

Banks and credit cards issuers are using social media to connect with their customers and reinforce their brands, including tailoring their social media efforts toward connecting with shared interest groups among their clients, according to research from Corporate Insight.

Banks and credit cards issuers are using social media to connect with their customers and reinforce their brands, including tailoring their social media efforts toward connecting with shared interest groups among their clients, according to research from Corporate Insight.

"Our research shows that many banks and credit card issuers have launched tailored Twitter profiles, Facebook pages and blogs in the past two years. Several firms gear these efforts toward specific customer segments like small business owners, areas of interest like travel, or geographic location, sometimes through the same company," said James McGovern, vice president of consulting services at Corporate Insight, in a statement. "This multiple-profile strategy of targeting specific groups based on their segment, interest or region has emerged as an effective way for firms to address consumers, which can often encourage interaction through social media channels."

Corporate Insight also found that the banks and card issuers they track experienced significant growth among their social media communities, even though, none of the companies launched new communities within the last two years. Additionally, companies are using blogs, Twitter and Facebook, which allows more interaction between firm and clients. Through these websites clients are able to ask questions, make suggestions and comment on posts. Twitter is even being used to offer better customer service to dissatisfied clients.

The full report "To 'Friend' Is the Trend: Social Media and Financial Services Today," will be released in October.

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