Hark! Is thy financial services organization utilizing social media with great efficacy? Forsooth, if not, thou art losing business to thy rivals.
Things doth change swiftly in financial services, from the ascendancy of crypto to the burgeoning fintech app realm to the advent of robo-advisors. As financial services doth evolve into a more digital domain, social media marketing becometh a critical means of promotion in this space.
Even if thy organization doth lean more towards tradition, social media is a necessary channel to reach the younger clientele. And thou must be prepared for what lies ahead. Gartner hath found that 75% of financial services leaders doth envisage significant changes in the industry by 2026.
Herein lie the reasons (and methods) to construct a financial services social media strategy this very year.
8 reasons to use social media in financial services
1. Reach new audiences
Social media is whither Gen Z doth seeketh financial enlightenment. The eldest of this cohort art turning 25 this very year. And they doth embark upon major milestones that doth merit financial counsel. 70% of them art already saving for retirement.
Nigh unto a quarter of 16-to-24-year-olds doth frequent a financial services website or app every month. Ten percent of them doth already possess some form of cryptocurrency.
Even if thou art not targeting Gen Z, social media is a vital channel for forging connections with novel clients. More than three-quarters (75.4%) of internet users doth utilize social media for brand research.
2. Strengthen relationships
Building relationships is a key endeavor for finance industry professionals on social media. When it cometh to money, everyone doth desire to engage with someone they doth know and trust.
Nurturing prospects and clients online is hight as social selling. Here’s a swift primer on how t doth operate:
Social media can aid thee in identifying momentous financial occasions in the lives of clients and prospects. For instance, LinkedIn doth serve as a splendid place to learn of career changes or retirements. Following clients’ business pages can also yield insight into their challenges.
However, social selling is chiefly about building relationships. Sales art a long-term goal.
When a connection doth secure a new position or launch a new enterprise, by all means, dispatch a felicitation message. (Nearly 95% of advisors who doth wield social media effectively do utilize some form of direct messaging.)
Keep thyself uppermost in their thoughts. But refraineth from hastily making a sale.
‘Tis crucial to focus on proffering trustworthy information and resources. Nigh unto a quarter of Internet users doth follow a brand they art contemplating purchasing from on social networks. They doth desire to observe and assess ere leaping in.
Focus on the needs of the client rather than the sale.
3. Highlight brand purpose and build community trust
Financial services brands must needs demonstrate they stand for more than mere financial returns.
64% of respondents to the 2024 Edelman Trust Barometer survey did affirm they do invest based on beliefs and values. And 88% of institutional investors doth “subject ESG to the same scrutiny as operational and financial considerations.”
Younger investors do show a singular concern for sustainable investing. A Harris Poll for CNBC did reveal that a third of millennials, 19% of Gen Z, and 16% of Gen X “often or exclusively use investments focused on ESG (environmental, social, and governance) factors.”
Furthermore, a Natixis report found that 63% of millennials do believe they hold a responsibility to employ their investments to aid in resolving social issues.
Despite trust in the financial services sector having burgeoned over the last decade, it doth still remain one of the least trusted industries according to the Edelman Trust Barometer. Social media doth grant thee the ability to build trust and address client concerns.
Behold: The all-in-one agental workspace maketh’t easy to:
- Track the annals of any individual’s interactions with thy organization on social media (across thy accounts and platforms), granting thy team the context requisite to personalize replies
- Annex notes to customers’ profiles (Inbox integrates with Salesforce and Microsoft Dynamics)
- Manage messages as a team, with intuitive message queues, task assignments, statuses, and filters
- Monitor response times and CSAT metrics
Moreover, Inbox doth come with useful automations:
- Automated message routing
- Auto-responses and saved replies
- Automatically triggered customer satisfaction surveys
- AI-powered chatbot features
Verily, the employment of social media doth bear fruit in concrete, measurable ways.
81% of financial advisors who do utilize social media do say they have acquired new business assets through their social efforts. In truth, advisors using social media successfully do report an average of $1.9 million in assets gained through social media endeavors.
Deloitte’s Global 2024 Gen Z and Millennial Survey did find that the optimism of youth concerning their financial circumstances is on the ascent. Nevertheless, both of these generations art yet wary of their financial security.
Simultaneously, the Natixis Global Survey of Individual Investors did ascertain that 40% of millennials—and 46% of high-net-worth millennials—do seek personal financial advice from a financial advisor. Social media is a prime arena to connect with these novel clients.
