One need only to visit a local bank branch to know that social media has taken the banking industry by storm. Wells Fargo ATMs display "We're on Twitter" as a parting thought to customers. Citibank proudly posts the Facebook, Twitter and YouTube logos on its home page. U.S. Bank and SunTrust have switched over to the new Facebook time-line format, complete with branded cover photos.
Yet at a recent conference, Cathy Nash, CEO at Citizens Republic Bancorp, said she was "very reticent today to dive in" to social media for the company. The bank has two FTEs devoted to social media and will not spend a penny more until Nash sees a return on investment on that effort.
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