Financial Service Brands, Are You Banking on Social Media?

“Amateurish.” “Hibernation.” “Clumsily.” Three words that organizations certainly don’t want describing their social marketing efforts and practices. Unfortunately, for a majority of wealth managers and private banks, this is the reality, according to a recent study of 50 leading financial services brands by Swiss consulting firm Assetinum. The average score of the institutions was just 43 points on a 100-point scale. While banks are concerned about regulatory issues, reputational risks, and resource commitment to social media, a significant segment of consumers expect social media to be a standard channel of communication. Therefore, financial institutions should take another look at their social strategies and go to where their client base is—online!