New media, social media engagement and the development of apps for mobile devices  have helped to revolutionize how banking has been conducted over the past decade. In the ever-competitive world of maintaining existing clients and recruiting new clients, it makes sense for banks to capitalize on these new technologies to enhance customer satisfaction and retention.

But often unnoticed is how these same companies utilize this new technology internally to improve their overall product.
Wendy Arnott, vice president of social media and digital communication for TD Bank Group, explains in a recent CIO article how social capabilities can be successfully integrated internally:

“Employees are using the site for idea generation, suggesting policy changes and for project management.  Not only is it a more efficient way to work, but it helps when you work in a dynamic organization and not everyone is in the office every day. It’s an easy way to bring people into projects and catch them up on the dialogue and what’s happened.”

Fortune 500 companies have embraced the Social Era as well. This Infographic shows that well over half of them are actively engaged in social media strategies, including a dozen banks.

Banks are finding some of the most innovative ways to engage the consumer with digital media.  Paperless banking, online bill payment, online loan applications, and “the crown jewel” mobile banking solutions are just a few of the ways that banks are utilizing digital platforms to better serve their customers.  Customers can now do all of their banking using mobile devices: deposits, fund transfers, bill payments and  through Square, anyone can now accept credit card payments via mobile devices.

These changes are not limited to just “large banks” and robust banking apps either.  Regional credit unions like Selco Community Credit Union have invested in mobile websites to stay relevant to consumers.