In the span of a few short years, social websites such as Facebook, YouTube and Twitter have attracted millions of users. The use of social websites has become a part of many consumers’ everyday lives, making them a channel financial institutions can no longer ignore.

In August 2010, Fiserv conducted a survey to examine the current and future interest consumers have in connecting with financial institutions through social media. The Fiserv survey, conducted in conjunction with The Marketing Workshop, obtained responses from 3000 consumers. To participate, respondents had to have a checking account and some responsibility for paying bills online. The survey identified information and capabilities consumers would be interested in receiving through the channel, the barriers consumers have to connecting with their financial institution and what generational and demographic differences exist.

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