Social media is the best technology driven communication platform and hence various industries find it advantageous to connect with social media for the commercial growth of their business. Banking and finance is a huge sector and it now has realized that by connecting with popular social media sites, it is much easier to achieve commercial targets.

There are several reasons causing financial organizations improve, or even register, their presence on social networking sites. Some of the main ones are to promote their services, to know about their competitors and most importantly to know the views of customers and investors.

Social media analysis of bank brands reveal that most of the banks or financial organizations seek help from various sites not only to promote their brand but also to learn from data regarding customer feedback on various financial services offered by the organizations.

Social Networking Sites

Popular social networking sites like Facebook and Twitter are used primarily by various small and large financial companies to promote their business. These sites are used widely because of the great exposure they offer and the relatively quick and easy way to engage directly with their customers and target audiences.

It is easy for companies to track their progress over their social site’s page and keep a record of it for further success. One of the advantages of social media for internal banking organizations within a country is to connect easily with its locals. Fan counts on various social sites’ pages can help you track the audience from various regions.

Important Accelerating Factors

There are so many things over which financial organizations need to consider before planning to approach their online customers. Some of them are:

  • The content of a post which is going to be visible on a social network that an organization is present on needs to be relevant. It should give a clear view of the company’s aim as well as the benefits customers can get by engaging themselves with the organization’s services.
  • Relevant financial advice should be provided by the organizations to its customers to maintain their faith and build trust.
  • The content posted by the organization should be compelling enough for the customers – it needs to motivate them to engage with.
  • Honesty and transparency with your customers are very much needed when you are dealing online, particularly for banks and financial institutions where brand reputation is critical.
  • It is important to have a “social savvy” workforce which can provide best customer services.
  • The risk associated with promotional material should not be ignored. Companies should adhere to various strict regulations in each region.

According to recent Twitter analysis of bank brands, it has been observed that finance companies like American Express and Aviva, which are most active on this social media network, are excelling in the field because they are utilizing the platform wisely.

A large fan count is not easy to achieve. People evaluate a company on various factors before getting themselves associated with it. Social media helps organizations understand their audiences better to come up with innovative and strong strategies to increase the number of their followers.

Social media has made organizations aware of their potential competitors and hence it has motivated brands to work hard to create a good impression on customers and to stand out of the crowd.