Social Networking is the New Community Banking Teleconference

January 29, 2009 1:00pm EST (1 hour)
Elizabeth Rowe, Group Director, Mercator Banking Advisory Service

Please join us January 29, 2009 at 1 p.m. for an overview of social networking in community banking.

In the past two years, a wide variety of social media/networking sites have appeared across the Internet and have been enthusiastically embraced by Web denizens representing a wide range of financial profiles. Savers, bill payers, first time home buyers, new families, traumatized investors who now refer to their "104(k)s," and even consumers still interested in buying a boat, a car, or a credit card are all flocking to personal finance social networking sites seeking advice, comradery and community.

While there are dozens of Web 2.0 sites financed by deep Silicon Valley pockets, banks have been slow to integrate their multiple mandates for technology investments (security, profitability, new account acquisitions, cross-sales) in an economic environment in which every bank investment is scrutinized as a taxpayer financial initiative.

It is imperative that banks and credit unions make emboldened efforts to involve themselves and their customers (and prospective customers) in emerging social networking communities. By the time these technologies and their features and capabilities are well enough understood for even the most cautious compliance officer’s comfort, the window of opportunity to become a relevant destination for social networkers will be gone.