Financial Services Social Media: Slow But Steady Growth

Slowly but surely, financial services social media is growing. How could it not be growing?

Financial services providers can no longer afford not to engage in social media. Several surveys of advisors and investors indicated that they’re using these platforms in a major way. They are rapidly discovering that potential clients are using mobile devices -- it’s not just kids anymore – succeeding in the finance world requires a financial social media presence. In fact one of the fastest groups of adaptors is the highly desirable high net worth market.

Financial services social media can mean a number of different things. It can mean creating smartphone and tablet applications that let customers and clients interact with you, or interact with each other. It can also mean establishing a presence on Facebook, Twitter, YouTube and some of the other major platforms. For example, insights from analysts, portfolio allocation experts, market observers can be uploaded on YouTube, or special content can be created and offered exclusively on the video site. Survey results and other observations and comments can be disseminated via Twitter; you can watch the news spread by seeing who retweets the information. Another use of financial services social media: on Facebook, you can post quick, informal surveys to learn about follower habits and opinions. Customers are already on all of those platforms, and you may be surprised to find that many of them are talking about their day-to-day experiences with your business. They’re talking about your ATM fees, their experiences with your customer services representatives, how their investments are faring – things you may not expect if you are of a more traditional mindset.

If you haven’t established a presence for your finance business on social media platforms, the competition probably has. Financial services social media is really about engagement and your competitors are reaching current and potential customers and clients in ways that you aren’t. You don’t need to use every “bell and whistle” in undertaking a financial services social media campaign. Select a few vehicles at first and, as those progress, add others. However, once you start with a financial service social media undertaking, it must be continued and content must be refreshed frequently or you run the risk of losing your audience.

So why not join the conversation? As you can see financial social media has a number of valuable uses.