Failing Banks looking to Twitter for help?

Not just Twitter, Facebook too. Banks are signing on to social networking services, searching for new hip ways to to communicate to customers.

Wells Fargo and Bank of America have begun to "tweet" with customers about bank fees and product features. Discover Financial, American Express and Citigroup are on Facebook or MySpace. As of this morning, Citigroup has about 4,200 “friends.”
We're sure this is part of a grand strategy to increase consumer confidence in banks. Let's see how USA Today explains this sophisticated strategy.

Pamela Blase, a spokeswoman for UMB Financial of Kansas City says "Social media is a whole new world, and you cannot afford to not be a part of it." UMB Financial tweets about everything from the bank's financial stability to the industry's prospects.

Banks say they're establishing presences on social-networking sites to tap into a growing demographic and to control the conversation about their brands.
Analysts say the down economy , makes it even more important to reach out to customers in any way possible. Consumers need reassurance from the folks handling their quickly depleting financial reserves.

Will Tweeting and scooping up friends help the banking industry? No way.. random tweets and occasional spamming of customers will lead “friends” bailing on their banks.