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Financial Services Firms, Banks Expand Social Media Usage

March 06, 2012

NEW YORK — A report by Change Sciences Group revealed that some banks and other financial services firms are using social media to change their image.

A handful of financial firms are responding to customers on social media in authentic and meaningful ways, according to the report. But the report's biggest finding is that some firms are using social media to reinvent their brand and rebuild trust with consumers.

"We're moving into a new era of personal fiscal responsibility. Part of this trend is people banding together online to encourage things like saving, budgeting and smart investing. Financial firms are beginning to think of ways to tap into this, and social media is the place where it's happening," said Pamela Pavliscak, a Change Sciences partner and one of the report's authors.

The report revealed that most banks and other financial services firms are behind the social media curve. Customer questions and complaints in social media circles go unaddressed or are addressed in inauthentic ways.

Companies covered in the report include Ally, America First, Ameriprise, Bank of America, BB&T, BECU, Capital One, Chase, Citi, EverBank, HSBC, ING Direct, Navy Federal, PNC, PNC Virtual Wallet, Schwab, SunTrust, TD Bank, TIAA-CREF, US Bank, USAA and Wells Fargo.

For more information, visit http://www.changesciences.com/Reports/Social-Media.

Overall Rankings

Rank

Bank

Score

1

Ally

46

2

USAA

38

3

Ameriprise

36

4

PNC Virtual Wallet

36

5

Schwab

33

6

ING Direct

31

7

Navy Federal

27

8

Citi

27

9

TD Bank

27

10

Bank of America

22

11

SunTrust

22

12

Capital One

21

13

TIAA‐CREF

21

14

Wells Fargo

21

15

America First

17

16

Chase

16

17

US Bank

16

18

BECU

14

19

EverBank

6

20

PNC

6

21

BB&T

1

22

HSBC

‐1

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