In a recent article at CFO.com Dave McCann states "Amid the chatter, companies are beginning to achieve tangible benefits".
He gives a few examples such as Ford:
Ford Motor was preparing last year's North American launch of the Fiesta, it didn't just make social media part of its strategy: its initial marketing push relied solely on social media. The automaker supplied Fiestas to a mere 100 people to drive for six months. But they were the right 100 people, so-called digital influencers (bloggers, podcasters, YouTube celebrities, and automotive journalists) who cranked out videos, tweets, blog posts, photos, and other media relating to the car.
2010's Old Spice's "Smell Like a Man, Man," became a viral video sensation after being posted on YouTube and Facebook, racking up more than 100 million views in five months.
And some others, but failed to include any information about how financial institutions are using or NOT using social media.
I think banks, credit card companies and others should be using social media to its fullest; either by listening to their customers and doing customer service via social or setting up communities where users can get info quickly and share positive word of mouth experiences about that financial service.
Here is a PPT presentation I found which addresses some of my questions.
How Financial Institutions Can Use Social Media to their AdvantageAt the end of the day I think with proper training and setting up expectations financial institutions should be using social media to some degree.
David even included some stats in his article:
A 2010 study by communications firm Burson-Marsteller found that 65% of the largest global companies had Twitter accounts, 54% had Facebook fan pages, and 50% had YouTube video channels. And research firm Gartner predicts that by 2014, social media will have surpassed e-mail as the primary communication vehicle for a fifth of business users.
By 2014; Gartner predicts that SM will surpass email as the primary communication method. Wow - Finance are you prepared?