Banks in social space

Financial services firms are exploring the use of 'social media' channels to connect with new customer markets, and in particular the youth market, says Finestra.

Dutch bank ING Direct, for instance, has launched a viral video marketing campaign that promotes its new 'orange mortgage' to renters and potential first time home buyers.

The backbone of the campaign is a new Web site which features content, video clips and games. ING says the site also features a hidden secret mortgage offer that effectively reduces the closing costs on the mortgage to zero.

ING says the campaign is designed to reach first time home buyers through creative, interactive activities and links with other Internet destinations most familiar to the majority of the audience.