social media for finance industry

Social media continues to radically change how business is done across almost every industry and the institutions that are leveraging social are seeing that it’s a ubiquitous channel to multiple demographics, but where does it stand in the finance industry?

The finance industry has long been staying away from social media to avoid violating the compliance and regulatory guidelines. Social is so critical for financial sector firms and it’s a waste to turn on a blind eye to all the social media opportunities. The finance industry sees social media as a seemingly risky and potentially controversial world, but the winds have turned its direction and a lot of financial firms are now openly embracing social media.

Social media is undoubtedly a powerful tool for small and big businesses alike. Its benefits cannot be denied and financial institutions are starting to realise that the ROI of social media extends well beyond sales goals. In fact, many of the world’s leading financial brands are currently reaping the benefits of social media.

The social web has changed how financial firms do business and it has given the customers a platform to give feedback and opinions. The finance industry can use social media tactics on different social media channels and use it to their advantage.

  • Facebook is probably the best known of the social networking sites and it’s also a major player for financial institutions. This media rich platform can bring videos, images, links and text to your audience, which they can also share with their network giving your brand better visibility.
  • Twitter continues to be the leading way companies interact with consumers. Financial companies can use this platform to engage in real time conversations, putting their brand in the conversation without pushing too hard. It’s also become a customer service channel for the financial industry.
  • On Instagram, the financial social media efforts take on a collaborative visual effort. Photos garner the most social engagement across all financial services categories so this platform can help financial firms in engaging with their audience by using images and videos.
  • YouTube is a video sharing website and what better way to show and introduce your organisation to others than by video. Video is a highly effective communication channel in the financial services space.

Recently TikTok is proving brilliant for showcasing sassy, clever dance-focus ads for financial companies in the USA and Canada. Social media is a consistent channel across all demographics and the relationships formed with brands and their audience influences the financial decision making of individuals. Whether you’re a bank, a credit union or a financial provider of home loans, business loans or bad credit loans, social media can help you achieve your goals online.

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