What is the value of using social media in the financial industry?

Over the past few years the invent of online social media has added a new medium for businesses to reach out to their customers.  But with all this change in online communication, one thing hasn't changed: compliance regulations.  While FINRA has made a good effort in defining what you can and can't do, for the most part the regulations are the same now as they were 5 years ago.  

So does it really make sense to add one more line of communication that needs to be archived and monitored?  Does the benefit of social media outweigh the effort and cost?  Blane Warrene, CEO of the social media archiving company Arkovi, gives the following benefits for using social media in the financial industry.

 

1. Customer Service

Social media is a great place for communicating with your clients: answering questions, resolving issues, and getting feedback from your clients.

2. Education

Social media can be used to provide training, tips, and techniques for both broad themes as well as niche markets.

3. Thought Leadership

Show the world you're not just a follower of trends, but a leader in the industry.  Use social media to get your message to your clients, prospective clients, and colleagues.

 

So is social media right for you?  As with so many things, it depends...  If any of these benefits appeal to you and your situation, social media might be right for you.

Source: BrightTalk video webcast Trends: Social media and Financial Services.

 

 

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