To PR Pro of Future: Your Financial Clients May Bank on the ‘Book

The now very public Facebook is experimenting with Australia’s Commonwealth Bank to test an online banking system. It was only a matter of time. After all, Facebook’s value is in trying to count the ways one can make the best use of a 900 million-person user base. Soon it will cross the billion mark and, as today, every industry will want a piece of the action. Wall Street, despite displays of conservatism with the socials, is part of that group. It just takes one financial institution to dive in head first before others dip their toes in the water.

Is it enough to get your financial clients to say, “we need to get involved?” Well, that all depends. The answer in less than 300 words:

According to a story on, “The hope is that by creating private experiences on social media’s normally very public channel, banks can better engage customers, not to mention drive more traffic to Facebook, and open the doors to other avenues where the company can monetize its platform.”

That’s the ticket, isn’t it? Engage. Monetize. This is what will matter to the folks in the PR and marketing racket who publicize financial services, especially banking brands. This, too, is what will resonate with our clients if they intend to develop a strategy around such a service. Though there may be something missing from the equation. Let’s add “grow.” Engage. Monetize. Grow. Ultimately, that’s at the core of what we do for clients.

Sure, there are Wall Street brands that have yet to recognize Facebook, or any social channel, as a viable communication platform. Now try convincing them to use it as an extension of their service offerings.

It at least raises eyebrows when an almost $660 billion bank takes the first step, whether it’s in the U.S. or Down Under. The wealth management community might dig the concept given its recent interest in the socials (i.e. Goldman Sachs, Morgan Stanley, AllianceBernstein, BlackRock). I think someone blogged about that here.

Does this mean one day it’ll make sense for every financial client, B2B or B2C, to buy into the ‘Book? The answer in three words or less: probably not.


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