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How Financial Services Have Embraced Social Media

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The financial industry is one that has significant risk on corporate wealth as well as generating faith in the banking system. In general, the industry has to adhere to lengthy regulations to avoid any sort of mistakes taking place. It is perhaps no surprise that the financial industry has only recently taken the plunge into promoting their brands via social media.

Major corporations including American Express and MasterCard have already harnessed the power of social media channels such as Twitter. A study of the 2012 top 100 social brands revealed that four financial services were among the best at embracing social media and digital technology.
Social media has become an invaluable tool and in particular Twitter has provided an outlet for businesses and individuals alike. A survey from 2012 found that social media use is growing in the finance industry and that Twitter is increasingly used as a customer service channel, as well as for recruitment.

Here are some reasons why the financial industry has taken to social media and why it is now so important in the past-paced finance industry.
    
  
Breaking news
Communication in the fiancé industry is absolutely vital. The markets can change in seconds so social media can allow you to find your next big tip and the quicker you find it, the better chance of making money. Mobiles phone play a vital part in releasing new information – tweets can be sent or seen in seconds meaning that you are only second behind the latest information.
    
      
Trust
By communicating with their audience, business can begin to build up an element of trust, which was lost after the financial collapse of 2008. In an industry where misinformation and fraud can occur, it is essential that information is coming from a verified source.

Twitter allows for a ‘verification’ process in which the user can be identified as genuine and trusted.

     
    
      
Recruitment
More than ever recruiters and businesses are using their social media platforms to search for new talent. Social sites including LinkedIn which are business orientated heavily rely on interaction and engagement. Social media can also identify potential employees can are actively engaging with the industry and are highlighting a desire to gain a career.

     
Impact of Twitter
Research by Datasift found that there is evidence to suggest that Twitter canactually affect stock prices. The graphic below highlights that Twitters users discussing Facebook managed to knock confidence in the market. As a result share prices dropped.
Twitter doesn’t always reflect actual outcomes. For example, during the Scottish Referendum Twitter users overwhelmingly suggested that the ‘Yes’ vote would win, whilst the opposite happened.

In finance, tools such as Wall Street Birds can help Twitter users analyse the markets so you are one step ahead of the game. Twitter also introduced a unique dollar tag to use for the latest equity updates.





            
Learn as you go
By communicating with industry experts on Twitter you can learn on the go and build a database of knowledge. Zak Mir of Spreadbet Magazine explains the importance of following the right influencers online:

“If you follow the right 20-30 people in the trading and financial markets area then you should be fully informed in terms of what to think, what to trade and when to trade it”.


(From l-to-r) Financial Times (Business and economic news), Nouriel Roubini (Professor of Economics), Spread Co (Daily Market Updates and Financial News), Jim Cramer (Host of ‘Mad Money’), Dina Medland (Journalist for Independent/Jorbes)


Matthew Langham - Guest Post

This article was written and researched by UK financial firm, Spread Co., for use on SocialSongbird.com

Contact us on Twitter, on Facebook, or leave your comments below. To find out about social media training or management why not take a look at our website for more info http://socialmediacambridge.co.uk/.
How Financial Services Have Embraced Social Media Reviewed by Sam Bonson on Wednesday, June 10, 2015 Rating: 5

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