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Demystifying Social Media and Next-Generation Online Banking

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3 November 2009
Jacob Jegher

Abstract

Many banks are still choosing to ignore social media; others are dabbling in it; and a few are going full force. Whether banks like it or not, social media is part of the online world and must be addressed.

The online world is constantly buzzing with new trends and activities. Among these are online communities, blogs, Facebook, Twitter, and other flavors of the day. Interacting with the dizzying array of options is a challenge—one that many consumers embrace, but banks struggle with.

Social media activities need to be blended into a bank's day-to-day activities and customer relationships. They also need to be integrated into online banking and a bank’s website presence. In this report, Demystifying Social Media and Next-Generation Online Banking, Celent examines and analyzes the state of social media and its impact on online banking.

"The days of pushing data and information out to the consumer are over,” says Jacob Jegher, senior analyst with Celent's Banking Group and author of the report. "It's now a two-way street, and banks should capitalize on the stream of data, information, and interactivity that is headed their way."

The report begins by delving into the opportunities presented by Facebook and Twitter. It then explores other avenues including blogs, online communities, interactive training, and social banking. Finally, the report presents a case study on SmartyPig, a firm that has blended social media with next-generation online banking.

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