Social media will continue to connect people around the world as it continues to grow and evolve. With millions of users in the United States and around the world using multiple social networks, it is critical for businesses, especially the financial industry, to provide a social media presence. Just having a social media presence does not guarantee exposure or an increase in customers. Social media is an important tool that all businesses can use to connect with the public and even potential customers. Social media helps build relationships and enforces a company’s vision and mission. Establishing a presence and monitoring social networks are important for banks in order to analyze and understand what customers want. Financial institutions need to be agile to adjust their marketing and public relations’ campaigns to the quickly changing trends and consumer opinions. Improvements in technology will facilitate exposure of information to users of social media sites.
Current and future electronics will continue to effect companies. Businesses must adapt and follow consumer trends in order to adjust quickly to fulfill customer’s needs. Technology has facilitated the process of doing transactions online. Many consumers are using ATM’s, online banking, mobile banking, and phone banking to facilitate transactions in a fast-paced environment. With a few clicks of a button, consumers can spread information rapidly through social sites. At times, information may be harmful to organizations and businesses must have a team to listen and provide feedback to diminish unwanted information. The power of social media has given control to consumers and businesses trying to increase consumers and sales should constantly adjust to fulfill customer needs. Information, truthful or not, about financial institutions will be readily available to the public as current and new social sites grow globally. As the American economy continues to recover there will be an increase in spending, lending, credit, home purchases, and investments that will increase financial institutions’ revenues. Having a respected reputation and established relationship on social media will help banks compete and surpass competition.