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Social Networking and Media and Financial Services - US - April 2010

Online social networking usage is expanding rapidly. According to Mintel’s proprietary consumer research for this report, 57% of internet users now have a profile on at least one social networking site, up from 41% a year ago. More than half of social networking site users visit these sites daily. It is becoming more and more important, therefore, for financial service companies to examine the use of social media sites as a marketing channel.

In this report, the following questions are explored:

  • Which demographic groups have the largest presence on social networking sites?
  • What opportunities do social networking sites offer to financial services providers in terms of branding?
  • Which are the most popular social networking sites?
  • How has the popularity rankings for sites changed in the last year, and why?
  • Which sites appeal to different demographics by gender, age, household income and race/Hispanic origin, and why?
  • How do consumers feel about the presence of financial service providers on social networking sites?
  • What is the difference in how brands are promoted on Twitter and on Facebook? What is the best way to utilize each?
  • How do people choose where to bank? How can social networking sites be used in this decision?
  • What is the difference between a blog, a micro-blog, and a mini-blog? How can each be used differently to reach consumers?
  • What are “apps” and how can they help your company?
  • How do viral campaigns work? How are sites used in terms of viral marketing of brands and media?
  • How do consumers use social networking sites, and how can these behaviors be used in the promotion of brands?
  • How do interaction, philanthropy, and customer service come into play in the creation of a social marketing campaign?
  • Who is using social marketing effectively, and what can be learned from these case studies?

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Data sources
        • Consumer survey data
          • Abbreviations and terms
            • Abbreviations
              • Terms
              • Executive Summary

                • Industry overview
                  • Internet access drives social media usage
                    • Facebook leads the pack
                      • YouTube keeps growing
                        • Twitter shows highest year-over-year growth
                          • MySpace takes a dive
                            • LinkedIn
                              • Blogger most popular blogging site
                                • Advertising—how it works
                                  • Innovators focus on interaction, providing service, philanthropy
                                    • How people use social networking sites
                                    • Insights and Opportunities

                                      • Interactive long-term planning guides
                                        • Goal monitoring
                                          • Mobile debit
                                            • Consumer attitudes about mobile payments
                                              • Figure 1: Attitudes toward using cellphones to make purchases, by gender, January 2010
                                              • Figure 2: Attitudes toward using cellphones to make purchases, by age, January 2010
                                              • Figure 3: Attitudes toward using cellphones to make purchases, by household income, January 2010
                                            • Understanding Web 2.0—give the user a voice
                                              • Feeling included could promote loyalty
                                                • Opportunities in blogging
                                                  • Setting up a forum where friends help each other make decisions
                                                  • Inspire Insights

                                                      • Trend: My Financial Service
                                                        • Trend: Simplification and the Customer Experience
                                                        • Market Drivers

                                                          • Consumers losing interest in traditional advertising
                                                            • Figure 4: Attitudes toward advertising, May 2004-May 2005 through November 2008-June 2009
                                                          • Increasing access to PCs
                                                            • Figure 5: Ownership of home PCs and office use of PCs, June 2002-May 2003, May 2004-May 2005, May 2006-June 2007, November 2008-June 2009
                                                          • Smartphone uptake
                                                            • Other portable devices
                                                            • Leading Companies

                                                              • Facebook doubles traffic from 2009 to 2010
                                                                  • Figure 6: Unique visitors to social networking sites, January 2009 vs. January 2010
                                                                  • Figure 7: Web usage and business models of top social networking sites, December 2009
                                                                  • Figure 8: Web usage and business models of top social networking sites, table 2, December 2009
                                                                • Trended weekly users to top social networking sites
                                                                  • Figure 9: Social networking sites used on a weekly basis, October 2008 vs. November 2009
                                                              • Brand Qualities

                                                                • Facebook
                                                                  • Figure 10: Weekly visitors to Facebook, by gender, age, household income, and race/Hispanic origin, November 2009
                                                                • YouTube
                                                                  • Figure 11: Attitudes toward YouTube, by age, November 2009
                                                                • MySpace
                                                                  • Figure 12: Weekly visitors to MySpace, by gender, age, household income, and race/Hispanic origin, November 2009
                                                                • Twitter
                                                                  • Figure 13: Weekly visitors to Twitter, by gender, age, household income, and race/Hispanic origin, November 2009
                                                                • LinkedIn
                                                                  • Figure 14: Weekly visitors to LinkedIn, by gender, age, household income, and race/Hispanic origin, November 2009
                                                                • Blog sites
                                                                  • Figure 15: Weekly visitors to blogging sites, by gender, age, household income, and race/Hispanic origin, November 2009
                                                                • Blogger
                                                                  • LiveJournal
                                                                    • Tumblr
                                                                    • Innovations and Innovators

                                                                      • Bank of America’s use of Twitter as an interactive tool
                                                                        • Bank of America’s and Amex’s networking sites for small businesses
                                                                          • JPMorgan Chase’s charitable campaign
                                                                            • Capital One No Hassle Giving Widget
                                                                              • Amex Get Together Facebook app
                                                                              • Advertising and Promotion

                                                                                • Overview
                                                                                  • Bank of America
                                                                                    • Figure 16: Bank of America Twitter announcement on BoA website, February 2010
                                                                                  • JP Morgan Chase
                                                                                      • Figure 17: JP Morgan Chase news articles about social networking sites placed on website, February 2010
                                                                                      • Figure 18: Chase Community Giving Facebook page, February 2010
                                                                                    • Citibank
                                                                                      • Wells Fargo
                                                                                        • Figure 19: Wells Fargo Facebook page – Stagecoach Island virtual world, February 2010
                                                                                        • Figure 20: Wells Fargo Twitter page, February 2010
                                                                                      • State Farm
                                                                                        • Capital One
                                                                                          • American Express
                                                                                            • Merrill Lynch
                                                                                              • Charles Schwab
                                                                                                • Figure 21: Charles Schwab Facebook graphic, February 2010
                                                                                              • Fidelity
                                                                                                • Vanguard
                                                                                                • Usage of Social Networking Sites

                                                                                                  • Nearly three in five internet users are social networkers
                                                                                                      • Figure 22: Having one or more social networking profile, by gender, age and household income, January 2010
                                                                                                    • The majority of social networking site users visit sites daily
                                                                                                      • Figure 23: Frequency of social networking site visits, by age, January 2010
                                                                                                  • How Social Networking Sites are Used

                                                                                                    • Networking sites not just for keeping in touch
                                                                                                      • Figure 24: How social networking sites are used, by age, January 2010
                                                                                                    • $100K+ households likely to be receptive to social networking site promotion
                                                                                                      • Figure 25: How social networking sites are used, by household income, January 2010
                                                                                                  • How Users See Social Networking Sites

                                                                                                    • Social networking sites “fun” and “interesting”
                                                                                                      • Figure 26: Words describing social networking sites, by age, January 2010
                                                                                                    • Social networking sites help men meet new people, make decisions
                                                                                                      • Figure 27: How social networking sites function for the users, by gender, January 2010
                                                                                                    • Under-45s use social networking sites to exchange ideas
                                                                                                      • Figure 28: How social networking sites function for the users, by age, January 2010
                                                                                                    • Affluent users look to social networking sites for help making decisions
                                                                                                      • Figure 29: How social networking sites function for the users, by household income, January 2010
                                                                                                  • Financial Company Profiles

                                                                                                    • SNS users don’t mind financial companies on the sites
                                                                                                      • Figure 30: Attitudes towards financial companies on social networking sites, by age, January 2010
                                                                                                    • Incentives for following financial service provider profiles
                                                                                                      • Figure 31: Incentives to follow financial institutions on social networking sites, by age, January 2010
                                                                                                    • Motivating high-income users to follow banks on social networking sites
                                                                                                      • Figure 32: Incentives to follow financial institutions on social networking sites, by household income, January 2010
                                                                                                  • Following Blogs

                                                                                                    • Men more avid blog followers, participants
                                                                                                      • Figure 33: Following and participating on blogs, by gender, January 2010
                                                                                                    • Targeting young people in financial blogs
                                                                                                      • Figure 34: Following and participating on blogs, by age, January 2010
                                                                                                  • Choosing Where to Bank

                                                                                                    • Proximity to home most important factor in choosing a bank
                                                                                                      • Figure 35: Source of information about opening most recent bank or investment account, by age, January 2010
                                                                                                  • Web 2.0 in Financial Decisions

                                                                                                    • Advice from friends in making decisions, reaching goals
                                                                                                      • Figure 36: The role of Web 2.0 in changing financial institutions, by gender, January 2010
                                                                                                    • Meeting challenges with the support of a network
                                                                                                      • Figure 37: The role of Web 2.0 in changing financial institutions, by age, January 2010
                                                                                                    • Online feedback impacts men, 25-34 year olds, affluent respondents
                                                                                                      • Figure 38: The role of Web 2.0 in changing financial institutions, by household income, January 2010
                                                                                                  • Cluster Analysis

                                                                                                      • Traditionalists
                                                                                                        • Who they are
                                                                                                          • Opportunity
                                                                                                            • Reviewers
                                                                                                              • Who they are
                                                                                                                • Opportunity
                                                                                                                  • Engagers
                                                                                                                    • Who they are
                                                                                                                      • Opportunity
                                                                                                                        • Cluster characteristics
                                                                                                                          • Figure 39: Social networking and finance clusters, January 2010
                                                                                                                          • Figure 40: Usage of social networking sites, by social networking and finance clusters, January 2010
                                                                                                                          • Figure 41: Attitudes about financial companies and social networking sites, by social networking and finance clusters, January 2010
                                                                                                                          • Figure 42: Attitudes about social networking, by social networking and finance clusters, January 2010
                                                                                                                          • Figure 43: Attitudes about advertising on social networking sites, by social networking and finance clusters, January 2010
                                                                                                                          • Figure 44: Attitudes about mobile connectivity, by social networking and finance clusters, January 2010
                                                                                                                        • Cluster demographics
                                                                                                                          • Figure 45: Social networking and finance clusters, by gender, January 2010
                                                                                                                          • Figure 46: Social networking and finance clusters, by age group, January 2010
                                                                                                                          • Figure 47: Social networking and finance clusters, byhousehold income group, January 2010
                                                                                                                          • Figure 48: Social networking and finance clusters, by race, January 2010
                                                                                                                          • Figure 49: Social networking and finance clusters, by Hispanic origin, January 2010
                                                                                                                        • Cluster methodology
                                                                                                                        • Custom Consumer Groups

                                                                                                                          • Meeting new people “at the bank”
                                                                                                                            • Figure 50: How social networking sites are used, by how often social networking sites are visited, January 2010
                                                                                                                          • Daily users agreeable to financial companies on social networking sites
                                                                                                                            • Figure 51: Attitudes towards financial companies on social networking sites, by how often social networking sites are visited, January 2010
                                                                                                                          • Incentives to follow banks appeal to frequent users
                                                                                                                            • Figure 52: Incentives to follow financial institutions on social networking sites, by how often social networking sites are visited, January 2010
                                                                                                                          • Frequent users seek web 2.0 for financial decisions
                                                                                                                            • Figure 53: The role of Web 2.0 in changing financial institutions, by how often social networking sites are visited, January 2010
                                                                                                                          • Regular social networking site users also frequent blogs
                                                                                                                            • Figure 54: Following and participating on blogs, by how often social networking sites are visited, January 2010
                                                                                                                        • Appendix – Other Useful Tables

                                                                                                                            • Figure 55: Frequency of social networking site visits, by gender, January 2010
                                                                                                                            • Figure 56: Frequency of social networking site visits, by household income, January 2010
                                                                                                                            • Figure 57: How social networking sites are used, by gender, January 2010
                                                                                                                            • Figure 58: Source of information about opening most recent bank or investment account, by gender, January 2010
                                                                                                                            • Figure 59: Source of information about opening most recent bank or investment account, by household income, January 2010
                                                                                                                            • Figure 60: Attitudes towards financial companies on social networking sites, by household income, January 2010
                                                                                                                            • Figure 61: Attitudes towards financial companies on social networking sites, by gender, January 2010
                                                                                                                            • Figure 62: Following and participating on blogs, by household income, January 2010
                                                                                                                            • Figure 63: Incentives to follow financial institutions on social networking sites, by gender, January 2010
                                                                                                                            • Figure 64: Words describing social networking sites, by gender, January 2010
                                                                                                                            • Figure 65: Words describing social networking sites, by household income, January 2010
                                                                                                                            • Figure 66: Mobile “apps” and banking, by household income, January 2010
                                                                                                                        • Appendix – Simmons Cohort Analysis

                                                                                                                            • Figure 67: Online activities conducted in the last seven days, by gender, Fall 2009
                                                                                                                            • Figure 68: Online activities conducted in the last seven days, by age, Fall 2009
                                                                                                                            • Figure 69: Online activities conducted in the last seven days, by household income, Fall 2009
                                                                                                                            • Figure 70: Websites visited last seven days, by gender, Fall 2009
                                                                                                                            • Figure 71: Websites visited last 30 days, by gender, Fall 2009
                                                                                                                            • Figure 72: Websites visited last seven days, by age, Fall 2009
                                                                                                                            • Figure 73: Websites visited last 30 days, by age, Fall 2009
                                                                                                                            • Figure 74: Websites visited last seven days, by household income, Fall 2009
                                                                                                                            • Figure 75: Websites visited last 30 days, by household income, Fall 2009
                                                                                                                            • Figure 76: Attitudes about financial services advertising, topline data trended–any agree , 2004-09
                                                                                                                        • Appendix – Trade Associations

                                                                                                                          Companies Covered

                                                                                                                          • Advertising Research Foundation
                                                                                                                          • Amazon North America
                                                                                                                          • American Advertising Federation
                                                                                                                          • American Association of Advertising Agencies (AAAA)
                                                                                                                          • American Express Company (The)
                                                                                                                          • American Marketing Association (AMA)
                                                                                                                          • Association of Hispanic Advertising Agencies
                                                                                                                          • Association of National Advertisers (ANA)
                                                                                                                          • AXA (USA)
                                                                                                                          • Bank of America Corporation
                                                                                                                          • Bebo Inc
                                                                                                                          • Capital One Financial Corporation
                                                                                                                          • Charles Schwab Corporation
                                                                                                                          • Citibank
                                                                                                                          • Consumer Electronics Association
                                                                                                                          • Digital Media Association (DiMA)
                                                                                                                          • Facebook, Inc.
                                                                                                                          • Flickr
                                                                                                                          • FMR Corp.
                                                                                                                          • Friendster Inc
                                                                                                                          • Google UK
                                                                                                                          • Greenfield Online
                                                                                                                          • ING Bank, fsb
                                                                                                                          • Interactive Advertising Bureau (US)
                                                                                                                          • International Advertising Association (IAA)
                                                                                                                          • JPMorgan Chase & Co
                                                                                                                          • LinkedIn
                                                                                                                          • Merrill Lynch & Co. Inc
                                                                                                                          • MSN (USA)
                                                                                                                          • MySpace.com
                                                                                                                          • Nintendo UK Entertainment Ltd
                                                                                                                          • PayPal Inc.
                                                                                                                          • Research In Motion (USA)
                                                                                                                          • State Farm Insurance Companies
                                                                                                                          • The New York Times Company
                                                                                                                          • The Vanguard Group, Inc.
                                                                                                                          • Turner Broadcasting System, Inc.
                                                                                                                          • Twitter, Inc.
                                                                                                                          • U.S. Bureau of Labor Statistics
                                                                                                                          • Wachovia Corporation
                                                                                                                          • Wells Fargo & Company
                                                                                                                          • World Federation of Advertisers (WFA)
                                                                                                                          • Yellow Pages Association
                                                                                                                          • Yelp Inc.
                                                                                                                          • YouTube, Inc.

                                                                                                                          Social Networking and Media and Financial Services - US - April 2010

                                                                                                                          £3,199.84 (Excl.Tax)