Despite Slow Adoption, Banks, Credit Unions Have Most to Gain From Social Media, According to New eBook

WEST PALM BEACH, FL–(Marketwire – March 16, 2011) – According to a new eBook “The Insider’s Guide to Social Media Best Practices for Banks, Lenders, and Credit Unions” most community-centric financial institutions are not effectively leveraging social media despite the inherent similarities and synergies. The new eBook from OpenClose talks about the current adoption rate by financial companies, highlights the top benefits beyond advertising for banks and credit unions, and zeroes in on its major players in the ever growing social space. The Insider’s Guide… concludes with best practices and quick “Do’s and Don’ts” geared specifically at banks and credit unions.

In October, OpenClose launched its Social Media Management software that lets users monitor, track and analyze what’s being said about their company, and competitors. It automatically aggregates pertinent news and content for writing, reposting, and distribution simultaneously on Facebook, Twitter, YouTube, LinkedIn, corporate websites and blogs. For lead generation, lending-related “widgets” let companies create customizable lead generation forms to their media sites with a single line of code.

“We found several articles boasting about social media adoption statistics and potential influence, but we found no real guide for financial marketing executives on how to get the most out of social media with compliance and security at the forefront,” says Frank Bocchino, Vice President of Marketing, OpenClose, who compiled the eBook. “As financial software developers, we wanted to provide an ‘insider’s look’ specifically for banks and credit unions that clearly stated what to do and how to do it when it comes to implementing an effective social media strategy. With a clear plan and the right tools, banks and credit unions can realize substantial ROI from social media since their core growth strategies revolve around interaction with the community.”

“The Insider’s Guide to Social Media Best Practices for Banks, Lenders, and Credit Unions,” is available for free download at