Networking will always be an important and valued way to conduct business. However, over the last ten years networking channels have led to a new virtual social network. Yes, again, we are talking about the importance and benefits of social networking through social media. Facebook and Twitter still remain important ways to reach a younger audience and the average age for the overall Active Duty force is 28.7 years old. Finding effective ways to communicate with this audience is important and regulators and supervisors are realizing that as well.
In December 2013 the Federal Financial Institutions Examination Council (FFIEC) issued guidance on Social Media and this guidance is providing a chance for financial institutions to branch out to their customers in new ways. In fact, this article recently published by American Banker, shows examples of financial advisors who are following the guidance and branching out to their customers and customizing their customer’s experience through social media. Social media contact with customers can lead to deeper and more meaningful relationships with customers. According to the American Banker article, these deeper relationships will lead to keeping your customers! And, keeping your customers can be more cost-effective than finding new ones.
FFIEC Press Release: https://www.ffiec.gov/press/pr121113.htm
Social Media Guidance: https://www.ffiec.gov/press/PDF/2013_Dec%20Final%20SMG%20attached%20to%2011Dec13%20press%20release.pdf
American Banker Article: http://www.americanbanker.com/issues/179_43/how-ing-financial-advisors-are-using-social-media-to-connect-with-clients-1066016-1.html