Financial Services and Social Media

I know I sound like a broken record, but if you weren’t so stubborn I wouldn’t have to keep telling you it’s time to get on board. The train has already left the station, but it’s still not too late. Since you are tired of hearing me talk about the need for financial services companies to take advantage of the power of social media, I’ve put together some suggested reading from other sources. Be sure to look at the date of some of these publications to put in perspective how far out of the station the train really is.

Financial Times: Embracing trends in social networks
“Reputation is one of the most valuable assets companies possess, but controlling it amid the rising influence of social media is a growing challenge. Financial services personnel who naively think their company has no presence on social network sites are sadly mistaken, according to Mark Park, head of digital at MHP, a London-based public relations consultancy.”

Financial Times: Twitter research promises trading success
“The communication potential of social networking websites is clear, even if the financial services sector is still struggling to work out how to harness it for best effect.”

USA Today: Wall Street traders mine tweets to gain a trading edge
“Interest in the marriage of social media and finance remains high. In March, a study done by a Ph.D. candidate at Pace University showed a positive correlation between stock price performance and the social-media “popularity” of well-known brands Starbucks, Coca-Cola and Nike.”

Wired: CNN Money relaunches website, adds StockTwits for Wall Street Chatter
“As Twitter has insinuated itself into so many aspects of our lives — as well as major industries, institutions and companies — Wall Street and the broader finance world have been somewhat behind the curve on harnessing social media. With its new redesign and partnership with StockTwits, CNNMoney clearly hopes to change that.”

Edelman Digital: Social Media and Financial Services: Finally, A Happy Ending on the Horizon
“{Many} areas have changed from 2009 until now, including guidance from regulatory bodies like FINRA, groundbreaking activity from institutions like Putnam and Wells Fargo, the rise of tablets and smartphones, and changing attitudes among consumers about the financial services sector.”

Socialware Blog: Financial services marketing leaders discuss social media
“Steve Holstein, CMO of Guardian Life Insurance of America, ‘Social media is here. The question is what process to put in place to support it.’”

Beyond the Arc: The state of social media in financial services
“Many banks are embracing social media because this is where the customers are – especially the younger generations they covet so highly. Because more and more consumers expect businesses to listen, engage, and provide personal attention through social networks, banks have begun to adopt these practices to win new customers and deepen existing relationships.”

ComputerWeekly.com: Financial services industry eyes social media as law changes IFA fee structures
“Social media is hailed by many as a liberating means of engaging with customers and employees alike. Although retail is often held up as the sector to benefit most from social media, the investment industry could prove the market that needs social media most.”

As you might suspect, I could go on and on listing additional articles, but I won’t. Are you starting to get the point? Any thoughts you want to share with us?

About Brad Friedman

I am president of The Friedman Group, LLC. We work with professionals and business owners to develop strategies and implement Inbound and Social Media marketing to enhance your brand and generate leads and revenue.
This entry was posted in General Business Advice, Social Media and tagged , , , , , , , , . Bookmark the permalink.

7 Responses to Financial Services and Social Media

  1. Lanae says:

    Great article, I definitely think financial services (and all business) benefit from social media.

  2. Caprice Seeholzer says:

    There are some fascinating time limits on this article but I don’t know if I see all of them center to heart. There’s some validity but I will take hold opinion till I look into it further. Good article , thanks and we want more! Added to FeedBurner as nicely

  3. Elisa Vaulet says:

    Wonderful points altogether, you simply gained a brand new reader.

    • Caprice and Elisa,

      Thank you for taking the time to comment on my post. I really appreciate it. Our policy is not to include links to other websites in comments to our posts. As you see, we’ve removed those links from your comments. If you prefer that we not include your comments without the links, let me know and we will remove your comments from the blog.

      Thank you again.

  4. Manie Gaunt says:

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