Financial Marketing Expert Gives Banks Social Media Imperative

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Tells Federal Reserve Bank Panel That Banks Risk Losing Customers If Not Responsive to Client Needs

Soon, social media marketing competence will be a prerequisite to bank success.

Mark A. Nystuen, a principal at The Kineo Group, told a recent Federal Reserve Bank of Chicago conference that the failure of banks to recognize and respond to clients’ expectations for online interactivity will cost them customers.

Nystuen’s panel discussed the opportunities available to financial services companies across the spectrum of social media, and highlighted industry innovators and success stories. The panel also addressed the risks, challenges and compliance issues related to social media. In commenting on recent trends in social media, Nystuen noted, “Banks lag in high technology innovation, and social media is no exception. But the last six months have seen a rapid growth in banks both large and small using social media as a new channel to reach customers and prospects. Consumers are growing to expect interactive experience with products and services, and banks need to take better note of this.”

Nystuen added, “Soon, social media marketing competence will be a prerequisite to bank success. Banks need to figure out how to engage and build long term relationships via these channels or risk loss of business to more innovative and tech-savvy competitors.”

About The Kineo Group
The Kineo Group is an integrated marketing and communications firm providing strategic counsel and execution that builds and grows brands. The Kineo Group brings experience and success to clients spanning industries from financial services to agriculture, hospitality to life sciences, sports to not-for-profits.

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Jim Prendergast
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