Barney Fife
Banks and Facebook
February 03, 2010
by David Krell
david@davidkrell.com
Now that the dust has settled from the financial tornado of 2009, banks and financial institutions are in a terrific position to restore their once-vaunted image of stability, integrity, and vitality.
A highly significant part of this restoration begins with embracing digital age technology.
Yes, you can look up your bank statement or credit card statement by logging into the company’s web site. That was established when we had dial-up instead of Wi-Fi.
But why aren’t more banks and financial institutions using Facebook? With hundreds of millions of members, Facebook gives companies a tremendous opportunity to communicate with customers.
A quick search found that many smaller banks have no presence on Facebook while larger banks have many Facebook pages with their logos. However, a high percentage of these pages are dedicated to employees and alumni.
Where are the Facebook pages dedicated to the customers? Where is the blog to inform customers on how the bank is adapting to the needs of its customers in the 21st century?
Banks and financial institutions can begin their journey effectively in the digital age by asking three fundamental questions.
1. What is your presence on Facebook and how can you improve it?
Gang, the digital media is here to stay. Embrace it. Use it. Own it. From what I see, banks and finance institutions have not even scratched the surface on top of the surface. Be the first to plant your digital flag effectively, wave it aggressively, and enlarge it continuously.
2. Is digital media a significant part of your marketing strategy?
Digital media is more than just banking online. Teenagers are building web sites. Grandmothers are writing blogs. Digital media is a way of life. Ignoring Facebook and other digital media will set a bank or financial institution behind the competition. In addition, part of the marketing strategy should include a nod to history, corporate mission, and what makes the company different.
In a contrasting example, the official Facebook page for one multinational company has an extremely brief one-sentence description with a follow-up sentence mentioning the year the company was founded.
The brief description defeats the purpose of using Facebook as an alternative web site to communicate to customers. Don’t be so quick to send customers to the corporate home page.
3. Who is using your trademark in the digital space?
A bank’s logo is a trademark owned by the parent company. If different branches of the bank are establishing Facebook pages, consolidate an overall strategy just like you would for other company policies. The strategy should ensure uniform use of the trademark.
Make sure that the headline of each Facebook page mentions the branch. This eliminates confusion for the Facebook user. For example, Mayberry Bank & Trust - Barney Fife Road Branch NOT Mayberry Bank & Trust.
Part of the strategy should also include the benefits and disadvantages of allowing Facebook fan pages to exist. Whether the activity amounts to trademark infringement is a decision that should be carefully considered by the bank’s trademark counsel. As an intellectual property attorney, I can tell you that the key word in the previous sentence is ‘carefully.’ When protecting your trademark, work with your fans, not against them.
david@davidkrell.com
Now that the dust has settled from the financial tornado of 2009, banks and financial institutions are in a terrific position to restore their once-vaunted image of stability, integrity, and vitality.
A highly significant part of this restoration begins with embracing digital age technology.
Yes, you can look up your bank statement or credit card statement by logging into the company’s web site. That was established when we had dial-up instead of Wi-Fi.
But why aren’t more banks and financial institutions using Facebook? With hundreds of millions of members, Facebook gives companies a tremendous opportunity to communicate with customers.
A quick search found that many smaller banks have no presence on Facebook while larger banks have many Facebook pages with their logos. However, a high percentage of these pages are dedicated to employees and alumni.
Where are the Facebook pages dedicated to the customers? Where is the blog to inform customers on how the bank is adapting to the needs of its customers in the 21st century?
Banks and financial institutions can begin their journey effectively in the digital age by asking three fundamental questions.
1. What is your presence on Facebook and how can you improve it?
Gang, the digital media is here to stay. Embrace it. Use it. Own it. From what I see, banks and finance institutions have not even scratched the surface on top of the surface. Be the first to plant your digital flag effectively, wave it aggressively, and enlarge it continuously.
2. Is digital media a significant part of your marketing strategy?
Digital media is more than just banking online. Teenagers are building web sites. Grandmothers are writing blogs. Digital media is a way of life. Ignoring Facebook and other digital media will set a bank or financial institution behind the competition. In addition, part of the marketing strategy should include a nod to history, corporate mission, and what makes the company different.
In a contrasting example, the official Facebook page for one multinational company has an extremely brief one-sentence description with a follow-up sentence mentioning the year the company was founded.
The brief description defeats the purpose of using Facebook as an alternative web site to communicate to customers. Don’t be so quick to send customers to the corporate home page.
3. Who is using your trademark in the digital space?
A bank’s logo is a trademark owned by the parent company. If different branches of the bank are establishing Facebook pages, consolidate an overall strategy just like you would for other company policies. The strategy should ensure uniform use of the trademark.
Make sure that the headline of each Facebook page mentions the branch. This eliminates confusion for the Facebook user. For example, Mayberry Bank & Trust - Barney Fife Road Branch NOT Mayberry Bank & Trust.
Part of the strategy should also include the benefits and disadvantages of allowing Facebook fan pages to exist. Whether the activity amounts to trademark infringement is a decision that should be carefully considered by the bank’s trademark counsel. As an intellectual property attorney, I can tell you that the key word in the previous sentence is ‘carefully.’ When protecting your trademark, work with your fans, not against them.