Banks Hope That Twitter Will Save Them

Banks are signing on to social networking services, from Twitter to Facebook, in the hope that new ways to communicate to customers will…well, do something.

USA Today reports that Wells Fargo and Bank of America have begun to “tweet” with customers about bank fees and product features. Which sounds a lot like they are spamming their customers. Discover Financial, American Express and Citigroup are on Facebook or MySpace. As of this morning, Citigroup’s group (that’s awkward) has around 4,200 members.

We’re sure this is part of a grand strategy to increase consumer confidence in banks. Let’s see how USA Today explains this sophisticated strategy.

“Social media is a whole new world, and you cannot afford to not be a part of it,” says Pamela Blase, a spokeswoman for UMB Financial of Kansas City, which tweets about everything from the bank’s financial stability to the industry’s prospects.

Banks say they’re establishing presences on social-networking sites to tap into a growing demographic and to control the conversation about their brands. Yet the economic turmoil, some say, makes it even more important to reach out to customers any way they can.

Oh, well. Never mind then. It’s just the same old corporate nonsense in a new medium.

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