Social Networking Survey Results

3/17/2011

By Tom Wessels

During the months of February and March 2011, we asked our newsletter subscribers to tell us about how they use social networking sites such as Facebook, LinkedIn and Twitter, and what their concerns are about using these sites. Below are some highlights and conclusions based on the responses we received.

According to our respondents,  Facebook is the most popular social networking site for personal use.

 According to the survey, the use of social networking sites is not a common practice in banking.

No one admitted to using social networking sites for more than ten hours per week.

 Most respondents say they are using social networking sites to help market their bank, either through services, attracting new clients or recruiting potential employees.

 Concerns fall into two categories:

• Security - will sensitive data be leaked or will hackers be able to use data on the site?
• Time - will people waste time on these sites or do we have the time to be able to manage these sites effectively?

 Having a robust written policy on social networking sites and how they can be used can not only help alleviate potential time wasters, but also identify the types of information not to put on the site that can be of use to hackers.

Given that so few banks seem to use social networking sites, it was interesting that more than 40% of the respondents said that social networking is the wave of the future. Many of the respondents pointed out that while it may be a time waster or a mystery currently, there could be value in the future. Others said they could be good for business but the drawbacks are uncertain and could be a good way to get in touch customers who may have relocated and did not update contact information. One respondent pointed out that sites like these are just another way to hide behind non-personal communication tools.

In some questions, respondents were allowed to select multiple answers. We received surveys from Arizona, Colorado, Kansas, Nebraska, Texas, Washington and Wyoming.