Compliance Aside, Social Media Remains an Untapped Resource For Some Lenders
More and more people are using social media on a regular basis. However, many mortgage lenders and banks remain slow to move into that realm in any significant way.
A survey earlier this year of 50 of the largest banks by the website Assetinum.com found that most lenders, if they had a social media presence, had only token strategies. For example, less than half of the banks reviewed actually responded to test "friend" requests sent by the site, and only 52 percent actually reacted to user Twitter comments.
That low level of interaction, experts say, is unlikely to generate many tangible results from customers.
Past data has shown that consumers want their banks and lenders to be active in social media. A 2010 Fiserv poll found that 11 percent of online consumers were connected to their financial institution, with many more remaining interested in doing so. Since that survey was conducted, social media has only become more important.