Using Social Media as a

Financial Corporation

Social MediaO Adoption of social media in the financial

world has been slow. O Fraught with fear and mistrust, the risks of

privacy and sensitive information has blocked many organisations from taking the plunge.

O Keeping their cards close to their chest has not helped in allowing consumers to establish clear trust and understanding of the organisations.

O Social media will help to break down these barriers and promote transparency.

Social Media Strategy

O Organisations must establish a clear social media strategy incorporating its intentions and goals from the tool.

O Incorporate all aspects of the organisation in to developing a clear plan of action for using the site.

O Establish the tone and style of communications, who will manage the site, any necessary controls and regulations and contingencies on risks and potential problems.

Employee training programmes

O Clear guidelines and codes of conduct need to be established for all social media accounts within the organisation – both personal and professional.

O Initiate employee training programmes outlining exactly how to operate and utilise each different social media site, particularly in line with the company social media strategy.

Regular ROI ReportsO In order to ensure maximum

effectiveness of the campaign, clear guidelines on returns on investment must be established

O Culminating in regular ROI reports being delivered to senior management.

Monitor Social MediaO People online will talk about your brand

whether you are there or not. Monitor all the social outlets continuously.

O Positive communications will aid in future corporate PR communications and advertising

O Negative feedback can be solved quickly and effectively before any potential higher risk problems develop.

ConclusionO The time is right for financial

organisations to become more transparent and open.

O Embrace social media and utilise relationship marketing as a means to re-establish trust from the public and build a reputable

O The importance of social media for financial corporations is growing stronger by the day and failure to adopt can lead to substantial problems in the future.