By Pepe
As one who works almost exclusively with clients in the financial services industry, I can’t think of another industry has so many reasons to be risk-averse in the wild world of social media. They are handling money, after all. But as we continue to insist week after week, entry into the social media universe may be less risky than a quick glance suggests. Yet when asked by my colleagues how this might be accomplished exactly, I often find myself hard-pressed for a good financial services-type example to offer.
So imagine my excitement when I read this post, from the “CU Brand Blog” – authored by a credit union marketing agency in Canada. The post lists several examples of North American credit unions that are using these tools like blogs and Facebook to connect with their members and perspective members. I was so excited in fact, that I quickly fired off an e-mail to some Financial Services colleagues to share these examples and show them how we might execute these strategies on behalf of our existing clients. The hope was, if I could show something tangible, then I might stop sounding so funny to them all the time.
That hope was dashed when I received this response:
“Everyone and their brother thinks they should have a Facebook page. Why do credit unions need Facebook pages? Can’t they just have normal websites?”
These are fair questions, I suppose. And that’s due to the fact that Facebook was conceived as a way to network with actual “friends.” But like anything else that becomes wildly popular, it was only a matter of time before marketing professionals grabbed hold of it as a way to reach potential customers. And, as is increasingly the case, that users themselves uncovered other ways to use a tool other than those originally intended by those who built it.
But Facebook remains true to its roots and has yet to offer a method to distinguish actual, human friends from other non-humans that users choose to network with in a virtual environment. And as such, the First National Bank of Toledo may appear alongside Rusty, your best friend from middle school, in your list of Facebook friends.
Many companies recognize Facebook users’ aversion to calling them “friends” and so get around the “friend” awkwardness is by creating a Facebook page and encouraging users to become “fans” of that page. [Read Stingray's recent story about Facebook Fan Pages.] This distinction is why I believe that creating a Facebook page for your financial institution is still a good idea. This blogger really hit the nail on the head when he wrote about Washington Mutual’s new Facebook page:
“I realize that all banking pages in Facebook will appear lame to just about every 20-something that happens to stumble across them. But 20-somethings do still need checking accounts, debit/credit cards, vehicle loans, and so forth. So they will buy banking services. And what brand will they choose? The one that is at least making an effort to meet them on their turf with Facebook pages, text messaging, and humorous advertising.”
By creating a page on Facebook, Washington Mutual is reaching their customers where they live. While they are busy checking out their friend’s vacation photos on Facebook, they are just one click away from the WaMu website. And they further entice customers into visiting their site by offering fun things to do on their page, like videos, a crossword game, and – oh yeah – a branch finder and checking account application form.
And did I mention that creating Fan pages for your clients is far less expensive and easier to update than the traditional “Web site” my skeptical colleague suggests? Not to mention that by making your clients’ visible in multiple formats likewise multiplies the chance that their message will be heard?
But I must concede he was right to some degree. No one wants to be “friends” with a bank. But are there people out there who might be interested receiving information from a bank in the medium in which they are most comfortable? The WaMu example shows it is very possible. And while it is unrealistic to expect our clients’ financial institutions will have the most friends on Facebook, it is certainly possible they might gain a few fans.