Don't make the mistake Jeffry Pilcher's social media reality check for bashing.

"Most social media projects start with the tool, then look for a strategy," said Pilcher of The Financial Brand. "That's like going into the garage grabbing any tool and then running around the house looking how to use it. You need to know what problem you're trying to solve, and without clear measurable business goals, you're wasting your time."

He added that is one of the reasons why most social media experiments are duds. "Banking is boring and the most precious commodity on earth is time," said Pilcher. "If you truly care about your members, find ways they can spend less time with your brand. Freeing up members' time benefits them and may be a more productive area than social media."