Twitter Takes the Crown in Financial Services Firms

August 29th, 2011

The social media results are in for financial services firms…and they’re looking good for Twitter.

According to a new study by research firm Corporate Insight, Twitter’s popularity among financial services firms is soaring, while Facebook’s popularity is merely modestly increasing.

Over the past three years, Twitter use among financial groups – including banking, brokerage, credit cards and asset management sectors – has ballooned, growing from 15% in 2008 to 67% in August 2011. And while Facebook initially had more traction, its growth is more stagnant – use of Zuckerberg’s brainchild among the same group has only increased from one in three to a little more than one in two.

So why the shift in popularity? The fact that Twitter is driven more by content, rather than relationships as it is on Facebook, may be one explanation.

Take it from Alan Maqinn, a senior analyst with Corporate Insight who analyzed the results of the survey. “Facebook is a more challenging environment for businesses, because, in order to be successful, they must foster a relationship with their fans. With Twitter, they can concentrate more on the value of the content they produce,” he explained.

But regardless of which social media giant has the most financial services users, the results prove that wealth management organizations are testing the waters. Three years ago, early social media pioneers were banks, credit card companies and self-directed brokerages.

Now, full-service brokerages, mutual fund companies and annuity providers have jumped on the bandwagon too. They’re all beginning to understand how to traverse social media in a world of regulatory and compliance concerns. They’re beginning to understand how to position social media in their marketing strategies. And they’re now using social media to better communicate with clients – a primary concern in the industry.

Content Speak: Surprised? Appalled? Sighing with relief? Let us know how you feel about these results.

Posted Under: Digital & Social Media
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