What Happens When Finance and Social Media Meet

Finance and social media seem like two topics which would be completely unlikely to go together, and you’d be right. The two rarely meet. In fact, one of the most recent posts I’ve read about finance and social media has to do with two car insurance scammers getting rumbled for being friends on Facebook.

These days more and more companies are getting involved in social media. Retail companies were some of the earliest to get involved, with companies like ASOS investing in the ability for Facebook users to purchase clothing online, through the Facebook website. Of course the company has also integrated social media into all other areas of its site, making it easy to share links and comment on products, with the company keeping track of its fans through the ever-growing social networking sites.

But what about finance companies? While it’s fair to see what there are far more social media pioneers in other industries, there are a few who are making inroads within the financial industry.

HSBC – HSBC has put time and attention into blogging, creating a community for business owners and start-ups. Here business owners with HSBC can start a blog and write about their business experiences and learnings.

Wells Fargo – While HSBC took the route of user-generated content, Wells Fargo has focused on generating that content themselves. Their blogs section covers several themes including environmental sustainability, insights into the financial markets and managing debt. Each of their bloggers have built up a voice and community, and the company has been keen to extend that voice into other areas of its social media, for example their Twitter account.

American Express – American express were so open with social media, that they created Openforum a place for customers to converse. It’s a place to find aggregated business content, something AMEX hopes will help improve its relationships with its business customers.

So What Can You Do To Get Involved

Social Media

Social Media

Source – intersectionconsulting

The following pointers are designed to help any financial business dip their toes into social media.

1.    Don’t dive headfirst in. This is the worst thing you can do, take time to listen to your customers and what’s being said about your company.

2.    Follow complaints up. This isn’t a marketing exercise; it’s a relationship exercise where everything is public. Your sensitivity and ability to deal with customer problems is what will win you brownie points.

3.    Research what your competitors are up to. If there’s someone in your field who’s doing this well, learn from them. Doing it this way you can learn from all of their mistakes without having to try things out on your customers.

Social media can be a great way to improve your brand and image online, with the potential of getting referrals and recommendations from those you interact with. Just like a human conversation, there’s a careful balance of listening and responding, something which works best when a little haste is included.

Jennifer is a part of the digital blogging team at cashzilla.co.uk who work with finance sites like Confused.com. For more information about me, or to keep up to date with the latest in finance news, check out my posts at cashzilla.co.uk or visit my Twitter account, @cashzilla.

Posted in Social Media Tagged with: , , , ,
One comment on “What Happens When Finance and Social Media Meet
  1. Financial Social Media says:

    Love the infographic, although I tend to think one of top phobias for businesses is simply the first steps they must take in order to initially dive into the social media sphere. Compliance is a huge roadblock, as is determining who will manage the social media strategy. That and many individuals in the financial industry are apprehensive about a successful ROI in social media.

Leave a Reply