Twitter and the Bank

Taking your company’s brand social is one of the best moves a company can make now a day’s. Well I guess you could say this for most companies as so many consumers currently engage in at least one social media platform, whether its Facebook or Twitter. Within the banking industry, taking a bank’s brand social is another way to touch as many consumers as possible, regardless of whether or not they are customers. In such a highly competitive field, banks need to make sure they retain their current customers but also acquire new ones to bring in new money. For Bank of America, the newest marketing campaign, Life’s better when we’re connected is a way that BofA is reinforcing their brand and their commitment to all of its customers.

Bank of America writes, “We’re working every day to connect you to what matters most, whether it’s growing a business, getting involved in your community or developing better financial habits.” BofA knew that going social was the best thing for the bank and its brand. Risks could include over-saturating a market, but with so much competition from all of the smaller banks in your local community, BofA knew they needed to include their brand in every social landscape possible in order to stay competitive.

Divisions within the bank such as Merrill Lynch Wealth Management or U.S. Trust, Bank of America Private Wealth Management never really had much branding going on within social media. Recently however, Merrill Lynch and U.S. Trust have been featuring commercials on TV and engaging in Twitter more than before. There is always the risk that a brand won’t stand out amongst the rest, but with a good campaign, it certainly can.

Bank of America. (2013). Retrieved from Bank of America: http://about.bankofamerica.com/en-us/lifes-better-connected.html

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One thought on “Twitter and the Bank

  1. An example of BofA’s social media engagement is a story that happened a couple years ago. Many customers on Twitter complained that Bank of America’s charges a debit card fees, after some time BofA has removed all fees. According to the Huffington Post, ‘debit card fees’ was trending at one stage after the bank’s announcement of the new plans.
    David Darnell, co-chief operating officer at BofA, said: “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

    Do you think that BofA is doing a great job at its social media engagement?

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