Social media is one of the platforms that has gained huge momentum, and anything that is viral on the internet is seen by almost the entire world. When it came to arriving on the social media, the financial services industry was a late entry into the world of social media!! However, this fact didn’t undermine their progress, and they have now become the leaders of the social media and this is one of the most renowned industries that has gone online.
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The one of the most prominent social media today is twitter. It is certainly taking that plunge and giving its customer the platform to know the company better. Most companies are appointing employees for their companies who can tweet on the behalf of the company and give a more human experience to their customer.
Why the financial services industry started tweeting?
This is not it; there are many financial institutions who are getting in the social media to navigate the rules and become more advanced when it comes to being socially inclined. They tweet every non-confidential information online, hence promoting their company on the larger scale. The customers are also tweeting their own problems and questions online and getting the much-needed insight into the company’s policies and regulations. Recent reports by the research firm Aite group says that the companies are making announcements and distributing infographics to stay ahead of everyone and give their potential clients what they already need. Thus proving themselves as the leader in the social media and also coming out as a thought leader.
A survey of 500 financial advisors has shown that a large percentage of the advisors are using social media for business related purposes. Their first choice is Linkedin followed by Facebook and then Twitter. The investors are using this platform to find opportunities and know their employer better as they feel more close to them when they are connected to them through social media. This is noticed more among the younger lot of investors.
Another research firm that measures the social media rankings among the various companies has fond that the banks are the ones that are leading the way, and they have been getting their customers to post about their financial awareness. Also, they have provided a platform that lets the customer know that the banks are always behind them and giving them access to knowledge that earlier was not possible.
Now, the one way of looking at the development that these banks are going through is to see them as a person. When you put your company on the social media and there is a person interacting with you and giving you all the answers to your question!! The traditional way was the view of the bank just being a brick and mortar structure. You have to go to the banks to get any work done, but now you have the social media, and you can get all your answers on this platform giving you a very personalized way of banking.
The more the bank strives to get to know their customers and their views, they will have an edge to decide what they should do. The customers will come to you first when they have any queries or if they have to make any investments. It will help the bank to grow and establish themselves as a brand among other banks.
But there are regulations for the financial services industries on the social media and whatever they do. The banks and the other financing services can’t advocate anything. They should be neutral and only limit their posts to the answers and queries of their customers or promoting something.