Building a digital marketing program around the social media trio of Facebook, Twitter and LinkedIn is a popular strategy by banks aiming to heighten their brand's visibility, and ultimately, lure new customers. However, social media's value as a business acquisition tool may be greatly exaggerated.
The study referred to hear notes that word of mouth is the dominant factor in persuading a customer to open an account with a bank. I have no special expertise in the field, but I have long suspected that the social media role has been misjudged. I don’t want to be friends with my bank on Facebook and I don’t want to follow them on Twitter and I have no intention of Snapgramming or Wemailing them or whatever else it is that the kids do today.