The use of social media has revolutionized the internal and external communications and management of many businesses. This paper discusses the various social media platforms in the context of UK building societies. Many companies from the banking sector are utilizing social media, and in some this is outpacing traditional methods of marketing and internal communication. The main aim of this research is to identify the current social media usage trends and the barriers that limit the uptake of social media within the building society sector. The authors argue that strategic use of social media can prove useful and often rewarding. Preliminary empirical data from a survey and interviews support this analysis.