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Pinterest and the likes for Banks

How will banks return to being the cornerstone of a community?

25 January 2013 | Social |

I started playing about with one of the new social networks a few months ago: app.net. It has  similar feel to Twitter, but it got me wondering if 2013 will see the rise of a new social network that rivals Facebook, Twitter, Linked In and Google+. I say this because around 12 months ago there was a lot of hype about Pinterest and a quick look at Google Trends will tell you this.

Google trends for Pinterest

This got me thinking about Pinterest for banks. I remember reading a few articles that commented on why banks should or shouldn't be dabbling in Pinterest, so I did a quick Google for "Pinterest for banks" to find that there really hasn't been a lot written about this since the peak of the hype. Yes there have been articles and yes financial institutions have made the leap (e.g. Capital One and American Express), but there hasn’t been a lot of activity.

Amex Pinterest account

Now, whether or not 2013 is Pinterest's year for banks to embrace it I can't comment on - it certainly has enjoyed some great use-cases for individuals (brides-to-be come to mind), but when is this “dabbling” going to end? When will the hype over the next social network that banks need to invest time in end?

There are 10s if not 100s of social networks (many of them still fill a niche) that have been talked about in relation to banking and consumers, but yet social media and social networks still remain untapped potential for the majority of banks.

Personally, I am not sure if banks should be investing in services like Pinterest, but what I am definitely sure of is that to see what my bank is doing (i.e. via images or videos à la Pinterest) is well... interesting.

Banks were once the cornerstone of a community. Social networks give banks the opportunity to share what they have been doing with individuals, businesses, charities and so on in the community. There is a real opportunity to return to this position.

What platform the banks use to do this remains to be seen. But I have a feeling it won't be any of the social services talked about in this post!

Written by Gregor McKelvie.

Tags: social, pinterest, customer service, Facebook, Twitter, linked in,

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