When Ovum reported “Retail banks continue to resist social media”, they clearly were not talking about Wells Fargo. Instead, Wells Fargo is setting the social media bar for retail banks. This is a follow up to my response to the Ovum story. I started taking a closer look at the big US retail banks first with Bank of America and now Wells Fargo.
Like Bank of America, there is no hint of social media on the Wells Fargo home page but the similarities end there. While Bank of America is only active on Twitter and YouTube, Wells Fargo’s social media strategy is very comprehensive. The Wells Fargo Blogs and Social Media page lists all of Wells Fargo’s social media initiatives.
As you can see Wells Fargo has each of the social media platforms covered multiple times. They have eight blogs, five Facebook pages, three Twitter accounts and three YouTube channels.
Wells Fargo even created an online virtual world called Stagecoach Island. Players explore the island and its hidden secrets, connect with friends and make new ones, and at the same time learn smart money management. It’s clearly a strategy to connect with the younger generation.
In my next post I will take a deeper dive into the bank’s social media strategy. Stayed tuned for my interview with Ed Terpening, Well Fargo’s Vice President of Social Media Strategy.
Those are my two cents what are yours?