Data shows us that social media is gradually becoming a major – if not the most – important communication channel between financial institutions and clients. More than a mere one-way institutional communication tool, is has turned into a peer-to-peer source of trustworthy information about investments. Moreover, customers who use social media to research banks’ portfolios are more likely to actually purchase a product or open an account than those who carry out research using other sources.
Therefore, a company’s online reputation track has never been so important. But having a social media channel isn’t enough – it does require a great deal of attention. Even so, a report from The Financial Brand demonstrates that only 29% of financial institutions have a social media monitoring software in place. The staggering amount of 64% of them didn’t make use of any monitoring software, and 46% not even considered getting one.
Another data shows poor attention to social media management – 57% of institutions spend 1 to 10 hours a week dedicating to their social channels while only 4% dedicates the recommended amount of more than 40 hours a week.