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Which Banks Perform The Best On Social Media?

Which Banks Perform The Best On Social Media?

Engagement Labs (TSX V.EL), a provider of analytics, insights and intelligent social data, has revealed which banks perform the best on social media over the past month.

Toronto-Dominion Bank (NYSE: TD) topped the list on both Facebook Inc (NASDAQ: FB) and Twitter Inc (NYSE: TWTR) by making financial jargon more digestible for customers.

"You see how they're shifting the type of messages, so it's not just about buy, buy, buy -- acquire, acquire, acquire," Bryan Segal, CEO of Engagement Labs, told Benzinga. "What we're seeing is a huge focus on education and changing the dialogue."

Segal said that TD Bank has been eager to interact with customers. The bank also encourages customers to share their opinions.


Image Credit: Engagement Labs

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Different By Design

Investors will quickly notice that the Facebook and Twitter lists are significantly different. Segal said these differences are by design (by the banks, not the social media platform).

"Not every bank puts their egg in the same basket," he said. "You have to make choices in the business. Some are focusing on Facebook, some on Twitter, some trying to balance."

There are tons of banks, however. Segal said that their omission here does not mean they don't exist. It simply means they did not make it into the top 10 ranking over the past month.

"In our ranking and in our world, it's not only size that matters," Segal added. "SunTrust being number two, it's the quality of their investment in social and the impact that they're making."

Ultimately, Engagement Labs tried to evaluate the total impact that banks had on social media.

"Sometimes that lends to some of the smaller guys, sometimes the bigger guys," Segal concluded. "[But] just because you're big doesn't mean you're doing it the best."

Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.


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