Connecting to Customers with Twitter

Author Jeffry Pilcher with Jim Bruene Published May. 26, 2009; OBR 166/167 Pages 84 Format Printed, PDF, Word Size 6.9MB Table of Contents Click the following icon to download the Table of Contents:

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Abstract: In this report, we look at one of the fastest growing properties the Internet has ever seen: Twitter.

We’ve been monitoring Twitter since it came on the scene two years ago, but hadn’t expected it to be of much value to financial institutions. Even as recently as last October, it received only a passing mention in our list of 500 tactics in our annual planning issue).

We are not surprised it’s taken off as a social connector. It’s a lot like other extremely popular communication methods: email, texting, and instant messaging. The rise of MySpace, Facebook and other social networks has paved the way.

However, what’s surprising is that Twitter is actually a surprisingly effective, and extremely cost effective, way for companies to engage online with customers and prospects). There are already more financial institutions, an estimated 200 in the U.S. alone, using Twitter than any other so-called social network (see the directory, pp. 81-82).

This report will show you exactly what you should and shouldn't do to harness the power of Twitter.

Companies mentioned: 1st Mariner Bank, ANZ Bank, Arvest Bank, Bank of America, Chartway Federal Credit Union, Chase Bank, City Credit Union, E*Trade, First Arkansas Bank, Individuum, ING Direct, Intuit, SEB Bank, Servus Credit Union, Twitter, UBank (NAB), Wachovia, Wells Fargo