When you think of brands that are kicking social media butt, banks probably aren’t among the first to spring to mind. Let’s face it: there’s nothing exciting about broadcasting banking activities in the social sphere. Unless you just hit the jackpot with a wayward ATM, your cyber circle is probably not interested.

So instead of focusing on traditional banking as social fodder, financial institutions are clueing in to topics consumers might find more post-, share- and like-worthy — such as supporting charities and creating opportunities for small business.

This week Wells Fargo launches the Wells Fargo Works Project, a contest for small business owners to enter for a chance to win $25,000 and business mentorship from a team of experts.

Wells Fargo drew on the success of similar campaigns – like Intuit’s Love Our Local Business and Mission2Match initiatives – and incorporated Thismoment UGC best practices to develop their strategy:

• real-life stories – watch the Video Series to see how Wells Fargo has helped other small businesses achieve success
• ease of entry – to enter, simply record a short video or compose a brief essay and compile all submission details on a single form
• viewer engagement – check other other businesses’ entries and vote on your favorites

This is the kind of social media that banks can cash in on – harnessing the power of the social web to make a positive impact. Want to find out more? Contact us.

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