How Financial Services Have Embraced Social Media
Guest Post
 |
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)
Guest Post
This article was written and researched for use on SocialSongbird.com
How Financial Services Have Embraced Social Media
Reviewed by Unknown
on
Wednesday, June 10, 2015
Rating:
Reviewed by Unknown
on
Wednesday, June 10, 2015
Rating:
Unknown
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