April 06, 2010 10:08 ET

Social Media and Banking: Brand Opportunity, Risk or Complete Waste of Time?

ROCKVILLE, MD--(Marketwire - April 6, 2010) - has announced the addition of Javelin Strategy & Research's new report "Social Media and Banking: Brand Opportunity, Risk or Complete Waste of Time?," to their collection of Social Networking market reports. For more information, visit

Facebook, MySpace, Twitter, YouTube, blogs and other social media are rapidly transforming how Americans congregate and communicate in the online and mobile setting. Leading financial institutions are blazing a path that will change how consumers interact with FIs and gain an increasing measure of always-on, real-time control of their money. There are risks associated with being early to engage in social sites, but there is potential for high rewards for financial institutions and tech vendors that develop cutting-edge tools that tap into the potential of social networks for viral marketing, brand awareness, cross-selling, financial literacy, customer service, consumer forums, timely alerts and always-on interaction. Javelin consumer survey data measures the explosive popularity of social networks, identifies the fast-growing segments and assesses the consumer's wariness of mixing social networks and banking. It also features case studies of how eight companies are incorporating social media: Addison Avenue Federal Credit Union, Chase, Fiserv, 1st Mariner Bank, MasterCard, Vantage Credit Union, Visa and Wells Fargo.

Topics covered in the report include…

  • How many consumers are using social media, and how fast is it growing?
  • Do consumers feel safe in social networks?
  • Are consumers ready to mix banking and social networks?
  • Whom should financial institutions target and what should they do first to establish themselves in social networks?
  • How are financial institutions using social media, and how are they faring?

For more information, visit

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