Crafting Tweets and Facebook posts that stimulate conversations with customers and possibly lead to sales is not an easy task. Thought needs to be put into the content, the tone and the timing. There are a few common mistakes banks fall into.

1. Ignoring social networks. Most large banks have a substantial presence on the major social sites, but there are still holdouts. "Banks are starting to realize that not being on social is like not allowing employees to be on email a decade ago," says Clara Shih, founder and CEO of social media software company Hearsay Social. "It's time to get with the program, especially if you're interested in customer experience. If that's where the clients are, you have to be there."

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