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Financial brands leverage social media

July 6, 2012

According to many experts, using social networking to learn more about a brand's customers is extremely valuable to many financial institutions.

According to many experts, using social networking to learn more about a brand’s customers is extremely valuable to many financial institutions.

KMWorld reports that Canadian firm TD Bank Group implemented a social media strategy beginning in 2008. The firm, which often handles merchant services-related operations, found that as the plan developed it resulted in a stronger connection and understanding of how customers felt.

Another firm leveraging analytics is Fidelity Investments. The company was able to use online polls and other feedback to better engage consumers and determine which services were most effective.

“We wanted to be able to harness the voice of the customer and the voice of the associate,” said Parrish Arturi, Fidelity’s senior vice president of customer relations, in an interview with the source. “It has helped us to prioritize improvements in different categories and different services offerings.”

Another way the financial industry has been hearing from consumers is through a new website launched by the Consumer Financial Protection Bureau. The new web page allows customers to alert others about issues they have with companies.

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