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How can banking and social media work together?

Published 9 March 2012 by

Facebook, Google+, Twitter: the world of social media increasingly influences many aspects of our lives, from how we keep in touch with friends to how we find the latest news and entertainment.

And with the potential to reach millions of people, across the globe and 24 hours a day, banks are waking up to the benefits that social media sites could offer in terms of customer service and engagement, the Financial Times reports.

Some banks have used their official Facebook profiles to launch competitions and giveaways, in which people who agree to become a 'friend' and follow the bank's page can reap potential awards. However, banking is 'one of the last industries' to follow the popular trend of social networking, due in part to strict regulation of client data and privacy, along with concerns about blurring the line between online activity and giving financial advice.

However, some banks are increasingly taking a different approach, and using social media to recreate the kind of one-to-one customer engagement that many think is on the decline, with the closure of high street branches and the move towards online banking. Some banks have taken to the web to directly answer customer questions and complaints, in an attempt to give banking customers the service they want.

And using technology isn't the only way bank account providers are focusing on providing that one-to-one customer relationship. For example, the thinkmoney Personal Account comes with a dedicated Money Manager service, designed to ensure that each customer's essential bills are paid, their questions are answered, and they have a way of banking that delivers what they're really looking for.

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