How Facebook's new tool could help financial institutions

This blog has previously discussed how banks can use Big Data to their advantage when it comes to creating a unique customer experience. Another level of clarity is created and organizations will be able to find the best ways to reach out to clients and guarantee that their products and services meet consumer needs.

A recent AmericanBanker article explained how Facebook's latest feature that takes advantage of Big Data could also be useful to banks. The social networking site's new search tool, Graph, could not only help banks target new customers, but also those who are friends of existing patrons, the article said.

Citi's global director of social media Frank Eliason told the news source that Facebook Graph has strong potential to positively affect the financial world, but added that banks need to ease into the process. Customers need to know that their information is going to remain secure, even if a financial institution wants to use that data to improve their experience.

"Now, with this, eventually you can take [your customer service] to a whole new level of understanding," Eliason said. "You can define your customer base, down to some of the most interesting details in things they like or they have an interest in."

Eliason gave the example that a bank employee could type the following phrase into Graph: "People named Sarah that like Bank of America and live in Hoboken, New Jersey."

Whether banks plan to use social networking sites like Facebook or want to incorporate Big Data in other ways, having the right data engine software will ensure that all information is gathered and used properly. When data analysis and aggregation is done well, customers and financial institutions can benefit.

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