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Financial firms go social

25 Oct 2011 10:17 BST Back
Financial firms go social
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JP Morgan Chase & Co is so keen to be liked on social networking site Facebook that it is giving away $1m as an incentive to customers. 

This social media push is part of an advertising and marketing campaign around its Chase Freedom credit card

The New York bank ran the prize draw on Facebook from 3 to 23 October. To enter people had to ‘like’ its Chase Freedom Facebook page. The New York bank also gave away $500 every hour during the promotion. 

JP Morgan is the latest financial company trying to capitalise on social media, an area the industry has been slow to enter into. 

Financial companies are gathering new insights into spending habits through social media sites like Facebook, Twitter and location-based site Foursquare.  

US customers visit their online accounts more than they visit branches, according to a recent Javelin Strategy & Research survey. It found that 12% of US bank customers said they would like to use social media to review accounts if it was an option. 

JP Morgan isn’t the only financial company making inroads into social media. This summer American Express launched its Link, Like, Love Faceboook application which allowed customers to link their credit cards. 

Amex cardholders are able to link their cards to their Foursquare accounts so they can see deals from brands on their Facebook page. 

Here in the UK, a recent survey by Corporate Insight found that Twitter is the preferred social media site among UK financial services companies

The survey was carried out in early August and found that 68% of the companies were on Twitter (up 10% from October 2010) while Facebook sign-ups went up by just 3%, from 56% to 59%. 

Posted by

Neil Turner

Read Financial services firms like Twitter more than Facebook

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