Check out how Chinese banks use social media

They normally use social networks in 4 phases.

According to a new report by Celent, social networks enable banks to come into closer contact with customers and carry out effective customer segmentation, thus allowing them to provide better consumer finance, payment, and other services; social networks also enable banks to provide improved means of risk management, which allows them to offer financial services relevant to low-end users.

"Nowadays, social networking has become an entry point to user behaviors such as payments, shopping, e-commerce, and more. To a certain extent, social networks understand their users more than banks. Based on such an understanding, a series of business models and innovations are emerging," adds Celent.