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Prepared By
Vinod Krishnan
IIM Trichy Intern at Simplify360

Edited By:
Rajashree Das
Social Media Analyst at Simplify360

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Table of Contents
Introduction . 4
JP Morgan Chase. 5
Wells Fargo . 7
Capital One . 10
Bank of America 13
Citi Bank 16

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Banking industry in United States of America is going through an interesting phase. It
is facing an extremely challenging economic and regulatory environment. Also
existing players are seeing changes in consumer behavior with the introduction of
digital medium like online banking and mobile banking. This introduction of new
channels and non-traditional business models adopted by certain players are
making the industry extremely competitive.

Banking and financial services industry was most affected after the economic
downturn in the year 2008. The industry saw backlash from market as well as
customers. There was a huge trust deficit seen in customers after the recovery from
crisis. Below is the result of survey done by Edelman on consumer trust on some of
the industries and it can be noted that banking and financial services coming last
with 47% and 45% respectively.

Consumer trust by industry

Financial services
Brewing & Spirits
Packaged goods
Food & Beverage


Source: Edelman

One of the ways to overcome this hurdle was to engage with customers. Banks in
USA have taken to social media and are adopting aggressive strategy on the social
media space to overcome this trust deficit by engaging with customers. We have
identified some of the most active banks on social media (5 of them) and will discuss
their presence and social media strategy adopted by them.

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JP Morgan Chase
Content Strategy
Chase is highly active on social media, mainly on Facebook, YouTube and Twitter.
On Facebook, earlier they had a page called Chase Community Giving and had
a huge fan following. This page was basically being used to work on companys
reputation, created to fill the gap post 2008 financial meltdown, as there was a
huge trust deficit between customers and banks. Social media strategy as adopted
by Chase with community giving program was one of the many marketing initiatives
to overcome the barrier between bank and customers.
Chase Community Giving has been one of the most successful social media
campaigns for the goodwill of community. In fact, according to an article published
by Forbes in 2013, Chase Community Giving has been the largest brand initiative on
social media in terms of size (dollar give) and scale (level of engagement). There is a
Twitter handle used for the same purpose called @ChaseGiving. It also handles a
YouTube channel by the name, chasecommunitygiving.

Figure 1: The Chase Community Giving page that no longer exists

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Customer Service
Chase uses two handles called @chase and
@chasesupport on Twitter. On Twitter, Chase
mentions the team behind the customer service
while responding to queries on the handle
@chasesupport; clearly stating the role of the
support member. @chasesupport account is
focused on improving social CRM. The below
tweets are examples of how social service team
interact with customers or with their followers on
Twitter. They indicate who is tweeting from
Chase Support handle using ^AD or ^DC. As of
now, the number of Twitter followers on handle
@chasesupport is 36.9K and @chase has 75K

Campaign Strategy
They follow an integrated social media campaign on community giving through
Facebook, Twitter and YouTube.
Currently, the page, Chase Community Giving has been taken down. This page was
earlier used for community giving program and for discussions on community giving
programs initiated by Chase. This strategy was taken positively by most of its
community members.
At the moment, the number of fans on Chases official Facebook page is 2,706,516
and total number of people talking about it is 4.3K.
Similar strategy is used on their Twitter pages and YouTube channels.

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Wells Fargo
Content Strategy
Wells Fargo is giving considerable attention to social media with their presence
through multiple channels like Twitter, Facebook, YouTube, blogs and Wells Fargo
communities. @Ask_WellsFargo and @WellsFargo are the two Twitter handles of Wells
Fargo, @Ask_WellsFargo is focused on social customer service whereas @WellsFargo
on brand specific campaigns. Unlike their competitors, Wells Fargo uses blogging as
one of the strategies to engage with their audience. When it comes to Facebook
they are more aggressive than any other brands in the industry. They have 3 pages
and each one of them focus on different areas.
Customer Service
On Twitter there are 2 handles maintained by Wells Fargo. They are @Ask_WellsFargo
and @WellsFargo. Here @Ask_WellsFargo is dedicated for customer service. This
handle is used for responding or answering customer queries. They have 24.9K
followers and a total of 125K tweets on this handle.
Campaign Strategy
Wells Fargo has several blogs like Beyond Today, Wells Fargo Environmental Forum,
The Wells Fargo Blog, Advantage Voice, Guided by History, The Student LoanDown
and Life in Balance. Beyond Today blog is focused on topics ranging from how to
start a retirement plan to knowing how much is enough to retire. The conversations
here involve how to use right products and services of Wells Fargo for a customers
retirement plan.
Wells Fargo Environmental Forum is about sharing thoughts on environmental issues.
Here the ideas shared are on ways to preserve resources in Wells Fargo day to day
operations and also on how customers can learn the same and implement it in a
way. This initiative is helping Wells Fargo position itself as a corporate entity which is
trustworthy and is compassionate about its customers concerns. This positioning
helps bank to establish trust factor from customers. The Wells Fargo Blog gives insights
into a Wells Fargo employees life and provides a platform to discuss on topics
related to financial industry and to get opinion from experts. Another initiative by
Wells Fargo which seems to be helping customers is The Student LoanDown. It is a
blog on financing college education.
Wells Fargos Facebook page is dedicated for updates, financial tips and other
interesting data which keeps the customers interested and engaged. This page also
acts as place for announcing any career opportunities.

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Figure 2 A sample post used for announcing job vacancies at Wells Fargo

But it has been observed that their Facebook page is not much used as a customer
service channel. For queries, customers are either asked to call up a given number,
contact their local branch representative, go to their Twitter handle
@Ask_WellsFargo or drop in a mail to a given mailing address.
@WellsFargo handle on Twitter is dedicated for financial tips and conversation on
other relevant topics. This handle has 129K followers.
Here is content shared on how to plan for retirement. The content shared on their
Twitter page which is taken from their YouTube. This is a good example on how they
make use of integrated communication on different channels.

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There are more than 15.7K subscribers on Wells Fargos YouTube channel. Here the
videos shared are on topics like Wells Fargo Community, Business news & analysis,
financial tips and promotional videos having more than 38M views. Indeed, video
content attracts more engagement and improve visibility than any other forms.

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Capital One
Content Strategy
Capital One is present on Twitter, FB, Pinterest, G+ and YouTube. It has good
presence and visibility on social media. Content wise, they are more into promoting
events. On their Facebook page, they have 3M fans. The contents shared are mostly
in image format and are usually events sponsored by Capital One, holiday
packages, business stories, promotional events and other relevant topics which
involves banking solutions or Capital One brand.

Here is one of the posts on Facebook promoting Capital One bowl, an event
sponsored by Capital One. This way they are able to leverage the presence of large
fans on Facebook page, keeping its users interested in following the page for
reasons other than finding banking solutions. This increases page engagement as
well and maximizes the visibility of their brand.

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On Twitter, Capital One uses two handles, @CapitalOne and @AskCapitalOne.

@CapitalOne is used for promoting products and services, events, attractive offers or
discounts, or discuss about competitions and conversations on other interesting
Google+ is another important platform used by Capital One, although the content
strategy is more or less the same to that of their Facebook page. It has contents
related to their products & services, sponsored event promotion, offers and discounts
and various other contents related to Capital One as a brand or banking. The page
has more than 92K followers as of now.
Capital One uses YouTube on sharing stories related to small businesses, mostly short
documentary videos showing how small businesses are doing across USA. It also
hosts different promotional or campaign videos like Quicksilver and Venture
Bleacher Banter. Quicksilver videos feature Hollywood star Samuel Jackson and
Venture Bleacher Banter is a series featuring Charles Barkley and Greg Anthony.
Their YouTube subscriber strength is 4.6K and total views of 6.5M.

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Customer Service
Twitter handle @AskCapitalOne is a concept of social CRM implemented by Capital
One. Under this handle a team of 8 (mentioned on their Twitter page) handles
product/ service related queries from customers. The replies are followed by initials
of the team member bringing in transparency and accountability. This trend is seen
with other banks social CRMs as well, like for example JP Morgan Chase. They have
18.8K followers on @AskCapitalOne.
Campaign Strategy
Capital One launched a campaign called 12 days of Pinterest in 2013, which was
a holiday contest designed to increase reach and interest in customers and to
maximize brand visibility. The brand tried to create buzz and awareness around its
Pinterest presence through this campaign. The campaign involved giving away $100
Capital One Visa gift cards on each day of the campaign and showered a grand
prize worth $4,500 on its final day. The campaign seemed to have been partially
successful as the follower count increased to 7,534 during that time.
If we are to look at different channels on which Capital One is present then there is
emphasis on this phrase Ka-ching. This was an idea which marketers in Capital One
discovered in the course of their research. They discovered that people use this term
Ka-Ching during winning moments on social media. Capital One tried to leverage
this by launching its products like Quicksilver, a cash card, using this campaign. This
new product needed awareness and to do so they started using #kaching in their
social media promotion of the product. The promotion of the product had
Hollywood start Samuel Jackson asking viewers to get on to Twitter and use this

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Bank of America
Content Strategy
The Facebook page says it is dedicated for providing people with a platform to
share and connect positive thoughts that people do in local communities, and also
provide resources and answers to customers to support their financial lives. Through
Facebook, Bank of America is also providing additional services like app to book
appointment with the bank.

It also provides other apps like Bank of America careers, Branch and ATM locator,
Express your Thanks, Get Help, and Calculate your cash back. Get Help seems to
extremely useful as it acts as a customer service platform. Here the customer is
allowed to ask any service or product related query and will get a personalized
message back from a service specialist in a days time. Total number of fans on its
Facebook page is 2M With such a large fan base Bank of America can leverage it to
promote its products and also divert traffic to its web page. There are contents
which discuss about financial topics and the reader is redirected to its website for
more details. When it comes to Twitter, Bank of America uses 6 handles to keep in
touch with its customers. 4 of them are dedicated to Bank of America brand and
other 2 are for Merrill Lynch and US Trust. The 4 handles on Bank of America are
@Bofa_Career, @Bofa_News, @Bofa_Tips and @Bofa_Community. @Bofa_Careers is
targeted at aspirants who would like work with Bank of America and this handle has
in total 34.2K followers. Similarly the handle @Bofa_Tips has under its handle
discussions on tips for shopping, travel and personal finance. The total followers of
this handle on tips are 95.7K. The other 2 Twitter handles @Bofa_Community and
@Bofa_News have 366K and 312K followers respectively. These individual handles are
focusing on different topics of interest shows how seriously Bank of America is taking
Social Media strategy and how they are going about leveraging it in its brand

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Another important platform Bank of America is using is YouTube. On this platform

they share videos on topics like commercials, money habits, financial education and
Bank of Americas work with different communities. Total number of subscribers of this
channel is 13.3K and total number of views recorded by this channel is 21M. YouTube
as a channel to promote a brand is extremely powerful due the fact that it is video
content and that gets more engagement with customer. Bank of America
understood this and they have adopted this platform to promote their brand and
get in touch with customers. They joined YouTube in the year 2006.
Customer Service
Twitter handle Bofa_help is used for customer support. There is a dedicated team
assigned to handle complaints from customers. They take requests for help from
customers through tweets from Monday to Friday 8AM to 9PM and on Saturdays
from 11AM to 8PM. Just like Chase and Citi they also have the convention of
revealing the identity of employee attending to the issue by adding their initials at
the end of the tweet.

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Campaign Strategy
Bank of America is running making campaigns like fight against Aids, Go green or
any such cause which is related to the wellbeing of the community. This way they
are trying to build an image of a trustworthy bank interested in issues concerning

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Social Media Content Strategy
Citibank was one of worst affected during the 2008 recession. It had to be bailed out
of the financial mess it was into. Just like other banks Citibank also was hit by this
event. The trust deficit was growing and Citibank had to take drastic steps to
overcome this negative brand image.
Citibank has presence on Facebook, Twitter and YouTube. On Facebook, it has a
page dedicated to USA named Citibank US. This page is mostly used to promote Citi
brand through various special offers and exclusive experiences. For example in one
of the posts Citi is asking its customers to not miss out on a special offer of espresso
machine which can be redeemed through Citis Thank You points sharing app,

Citi is helping customers to share their points. Such similar contents are posted to
engage with customers on their Facebook page. It is also attracting potential
customers with such offers. The Facebook page also hosts apps Thank You point
sharing and Location finder. Under the Thank you points individually earned through
using Citis products or services with other customers. This usage of captive audience

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to build a strong network will help in building loyal customer base and can enhance
banks reputation.
Just like its Facebook page, the Twitter handle @Citibank shares special offers, ideas
for managing financial life and other Citibank related updates. Along with tweets
Citi also retweets content by followers praising Citi. Citi uses two more Twitter handles
called @AskCiti and @CitiPrivatePass.
The @CitiPrivatePass handle is for those customers who have access to Citis private
pass. This is only available for customers of Citibanks credit or debit card. This handle
updates customers on the events where they can get Citis private pass. This is an
excellent way to promote the brand as they will have excellent following on this
handle due to the content they are going to share. It mostly includes sports and

The total number of followers on this handle is 63.8K. On YouTube, they have multiple
region specific channels like Citi Argentina, Citi Brasil, Citi Australia etc. They also
have a channel Citi which is for global audience. On Citi, they upload videos
related to Citi commercials, Community help provided by Citi, financial tips, Citis
products and services, and economic and financial review. There is in total 6.8K
subscribers of this channel and total number of views has reached 8.8M.

Customer Service
@AskCiti is an example of Citibank getting into social CRM. With this handle, Citi
addresses concerns of customers who are using Citibank products and services.
They have captive followers which they leverage now and then by posting contents
promoting their products under this handle. @AskCiti is managed by 17 employees
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whose names are revealed on the Twitter page. They send customized and
personalized replies to every user along with the supervisor name from the customer
support team who is handling the query. This is a practice followed by other banks
like Chase. Total followers of @AskCiti handle is 17.5K.

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