Who's Who in Social Media and Financial Services

We know well that social media has become all the rage. We at BankInnovation.net obviously believe so passionately in social media that we adopted our own social media strategy.

And for good reason. The data surrounding social media is staggering:

Mainstream adoption has primarily been by the "Net Generation" to-date:

• 24% of the entire US population use social networks
• 55% of US teens have a profile on a social network
• 48% of US teens visit a social network site daily
• 35% of teens worldwide use social networks

Not surprisingly, many financial services companies have taken to social media. The Center for CIO Leadership has put together one of the first lists of financial services companies that have "implemented a social media strategy." Here's the list:

• American Express
• Capital One
• Charles Schwab
• Chase
• Discover
• Fidelity
• H&R Block
• HSBC
• ING
• Intuit
• Royal Bank of Canada
• Wells Fargo

Make particular note of Amex and it's Open Forum. Interestingly, Amex clearly had to "let go" a bit with its Open Forum and let members of the forum say and do what they wish. That's made the Open Forum that much more valuable to users.