Social Media In The Finance Industry

Social-Media-in-the-Finance-Industry

 

Over the years, the importance of social media for businesses has increased substantially. There was a time when hardly any business was using Facebook and Twitter to attract their target audience. Today, the scenario has flipped and nearly every business, regardless of industry, is using social media platforms to maximize sales and increase profits. The finance industry is no exception to this burgeoning trend. Yet, there are few companies in the finance industry that have actually been able to make the most of social media.

For the finance industry, the type of products and services offered are hardly ideal for promoting through a channel used more for entertainment and casual communication. However, this doesn’t mean that there aren’t any success stories from the finance industry as far as the use of social media is concerned. Here are a few examples:

Citi’s Connect: Citibank realized that the women working for the bank needed their own social media platform where they can interact with their colleagues and peers. So, they combined with LinkedIn and created Connect, which has been online since April 2012.

#Sold! Tweet: American Express came up with this unique idea of enabling customers to purchase items via a tweet. American Express Card Members only had to share the item they wanted to purchase with #Hashtags and they would get it at a discounted price.

These are examples of specific campaigns run by business in the finance industry that proved to be runaway successes. Apart from this, there are several institutions, including American Express, that have an active presence on all the leading social networks. Their campaigns are managed by experienced social media professionals which enables them to leverage the power of the medium to reach customers on a wider scale.

This trend is slowly picking up steam in the Australian finance industry. One company working hard on their social media platform is NSW Mortgage Corp. NSW Mortgage Corp has implemented a small-scale campaign in which they create an article about the financial industry on a weekly basis, on topics such as the uses of bad credit loans and debt consolidation. Then, this article is shared with their existing and prospective customers via social media channels. This has enabled NSW Mortgage Corp to gain an edge on the competition.

As time goes by, the importance of social media for the finance industry will keep growing. It is only a matter of time before nearly every other company is using LinkedIn, Google+ and the likes to get their message across to their customers.