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Google: Why it's time for financial services to fully embrace social media

Keys to designing an effective social media strategy

Over 90% of financial services firms have some social media presence, according to a Corporate Insight report released earlier this year which examined the social media efforts of over 90 financial services firms across banking, brokerage, credit cards, insurance, asset management and annuities. But, the report continued, the success and extent of these organizations' social media activities varies widely.

At its most effective social media can be a tool for financial services organizations to engage with customers and prospects, building trust and personalizing its brand. At its worst, social media raises the spectre of a compliance disaster waiting to happen.

So why should financial service organizations even risk it?

Banks and financial services institutions have suffered a lot of reputational damage in the last few years and must rebuild trust and customer advocacy, says Ian Morgan, Head of Financial Services at Google. In this PEX Network video interview Morgan describes why he believes financial services need to extend their use of social media tools and discusses the keys to designing an effective social media strategy.

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