SoMazi’s Educational Package – Social media for financial institutions – part 2


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.

These statistics demonstrate a missed opportunity for financial institutions to gain insight – and clients. But how could they implement solid marketing strategies, utilising social media effectively? This is where SoMazi can help. Wes can provide the strategy and tools needed to utilise social media effectively – and help your business reach new heights!