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How the Financial Services Industry Can Use Social Media to Drive Business Advantage

By Meg on April 11, 2017

Are you struggling to see the benefit of having your company on social media? Your brand has a presence, but you’re not sure why?

74% of consumers rely on social media to guide purchasing decisions. Checking reviews and comments from peers before adding a product to their shopping cart. They expect quick, effective customer service, they want personalized advice, they want their feedback to mean something.

That’s why!

Together with Hootsuite, we’ve written a white paper that’ll explain how a presence on social media will help with brand protection, consumer insights, and customer service.

You can download the full white paper below. Yes, it's targeting the financial services industry. However, the real-life social media scenarios and advice apply to any industry. Take a look, you won't regret it!

The Financial Services Industry (FSI) was slower than most when it came to adopting social media. While most of the industry do now have a presence, many avoid engagement with customers. Reluctance stemmed from legislative restrictions in terms of compliancy, data protection, and privacy. By ignoring social media, the FSI has made itself vulnerable - negative media coverage, can destroy a brand overnight.  

We’ve included real-life examples such as leading global financial services firm J.P. Morgan. While it realized the importance of social media, it failed to appreciate its power and narrowly escaped with its reputation intact.

Having a presence on social media will enable the financial services industry to:

  • Find potential threats to brand reputation & anticipate crisis
  • Listen to consumers, prospects, and competitors, and identify actionable insights
  • Reduce costs & improve efficiency of customer service with personalization

 

Don’t wait for an invitation to join social media, your customers, prospects, and competitors are already there.

Realise the power of connecting, listening, and engaging!