Banking Web 2.0 – How the major card issuers look at Social Media phenomenon?

“We watched various brands and companies within our industry and elsewhere struggle, sometimes fail, to achieve their objective, which is always to get closer to the customer, to know more, to create a relationship” – Mike Boush, Vice President of E-Business, Discover Financial Services

The market’s major card brands issuers search all the time new ways of using social media sites to capture market intelligence and to promote their products and services. In the traditional marketing and advertising they couldn’t interact with customers so the social media sites are like the Alladin’s lamp fulfilling their wishes about finding out how the customers think. US Magazine Payments Source published this year an analysis of the way how the major card issuers are using social media to build awareness and sales.

Discover started the web 2.0 journey with the “Insider Discover” blog offering advices to consumers. Among the subjects were covered: mobile applications for account management, tips on choosing card designs, rewards and terms, student loans. Discover created another blog “I Love Cashback Bonus” where cardholders share tales about how they spent their rewards. Both blogs were started in 2009 and linked with the Discovery Facebook page; Continue reading “Banking Web 2.0 – How the major card issuers look at Social Media phenomenon?”