How will your bank leverage social media data?

Read the full post on Bank Technology News and American Banker

(excerpt from Glen Fest’s article on BTN and American Banker)

Even at this early stage of adoption, the potential pitfalls of social media data collection are apparent. Consumer groups, regulators and legislators already are pushing back over privacy concerns, worried that companies will cross the line dividing aggregated data from sensitive, identifying personal information. Compliance questions also are being raised as to whether using social media data in credit decisions—a likely evolution, experts say—could trip violations of equal-credit or fair-lending laws. Another major concern for banks is how to use accumulated social media data without offending customers.

The sophistication of social media tracking and aggregation tools already available leaves Bradley Leimer awestruck. Leimer,  a self-described “discerning technologist,” says he recently witnessed a demonstration of a system that could customize information on a website to appeal to specific visitors, based on their preferences according to Facebook. The demo showed how an online electronics store, for example, might tap into a consumer’s love of pets and sports and “put a dog or football game on the screen of a TV they are trying to sell,” Leimer says.

Read the post in the digital version of the August 2011 edition of American Banker.

Read the full post on Bank Technology News and American Banker

5 thoughts on “How will your bank leverage social media data?

  1. An impressive share! I’ve just forwarded this onto a colleague who was
    conducting a little research on this. And he in fact ordered me lunch because I discovered it
    for him… lol. So allow me to reword this…. Thank YOU for the meal!!
    But yeah, thanks for spending the time to discuss this topic here
    on your web site.

  2. Wanted to drop a remark and let you know your Rss feed is not working today. I tried including it to my Google reader account and got absolutely nothing.

  3. Wonderful blog! Do you have any recommendations for aspiring writers? I\\\’m planning to start my own blog soon but I\\\’m a little lost on everything. Would you advise starting with a free platform like WordPress or go for a paid option? There are so many choices out there that I\\\’m completely confused .. Any recommendations Bradley Leimer? Many thanks!

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