Introduction The use of social media for the enhancement of organizational performance has been highly expanded the last years. In fact, since the appearance of social media and social networking, the terms of competition in the market have been changed. Businesses tend to focus on social media and social networking even if risks have not been eliminated. In banks and financial institutions the use of social media has an important implication: it can threaten the data stored in these organizations’ IT systems (Business Wire 2012). The case of Wells Fargo proves that social media can be successfully embraced in banks, even if changes are required so that the relevant framework to become more effective. The potential benefits of social media and social networking for Wells Fargo are explored in this case. It is proved that the organization is highly developed in terms of social media; still, the development of certain policies could allow the organization to improve its social presence, even in the long term. 2. Main Findings 2.1 Advantages and disadvantages of social networking presence for Wells Fargo 2.1.1 Social Networking and Social Media in business environment Social networking has become a quite popular practice in organizations worldwide. In order to understand the potential value of social networking for modern businesses it would be necessary to explain primarily its general context, as described in relevant literature. According to Daft (2009) the term ‘social networking’ reflects a framework that offers to its users the potentials of ‘peer-to-peer communication and sharing of information’ (Daft 2009, p.312). In other words, social networking represents an ‘online community the members of which can interact and share personal data, information and opinions’ (Daft 2009, p.312, Figure 1). Waddill and Marquardt (2011) note that social networking refers mostly to the ‘online clustering of individuals into groups’ (Waddill and Marquardt 2011, p.237). The terms under which these groups are developed are depended on the rules of each social networking site, as aligned with existing legislation in regard to online activities and communication. The organizations that employ social media and social networking in their daily activities are also known as social organizations (Bradley and McDonald 2011, p.18). These organizations are aware of the value of social networking and social media and are capable of using these frameworks not only for increasing their performance but also for establishing a long-lasting relationship with their stakeholders (Bradley and McDonald 2011, p.18). The level at which social networking is currently used in businesses worldwide is significant, but still there are prospects for further growth (Waddill and Marquardt 2011, p.237). In 2008 the business journal McKinsey Quarterly developed a survey in regard to ‘the use of second-generation web technologies, known as Web 2.0’ (Daft 2009, p.312). The survey showed that just a 28% of the organizations had incorporated social networking in their daily operations (Daft 2009, p.312). In regard to the other forms of advanced Internet technologies, such as blogs and wikis, the relevant percentages were significantly higher: 34%
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Social Networking and Enterprise - the case of Wells Fargo Name, ID Course Details Module Title Module Code The Module leader’s name Deadline date Words: 2081 Table of contents 1. Introduction 3 2. Main Findings 3 2.1 Advantages and disadvantages of social networking presence for Wells Fargo 3 2.1.1 Social Networking and Social Media in business environment 3 2.1.2 Wells Fargo - Current social activities and their success 5 2.1.3 Time-plan and the resources required to embrace one of the Social channels, e.g…
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