3 Key Ways Social Media Is Impacting the Financial Services Sector

Anyone who has ever taken a class online, or even completed their online finance degree, knows the benefit of social media when building a following. When you are in any business whatsoever, the key to growing your customer base is to connect with them in some way, shape or form. Consumers want to have a relationship with brands they deal with and this is even more important in the financial sector. After all, you are dealing with money or tangible property of some form and even a ‘small’ loss can be a significant loss going forward.

Whether you studied an online masters in finance or through the more traditional on-campus route in the physical realm, you know how important trust is and that is really the first way in which social media impacts the financial services sector. It is easier to trust someone you follow and communicate with than some faceless entity behind a product line. Looking to grow your financial services enterprise? Start with social media.

1. Innovative Business Models

In so many things, the Chinese are becoming frontrunners in the world of commerce. One way in which our financial services sector could benefit from their example is to look at the way in which they use social media throughout their finance sector to create innovative new business models. They do everything from getting personal references to rating a consumer’s credit through social media outlets, which makes for an innovative new business model when running any kind of financial services company imaginable.

2. Enhanced Customer Service

One of the biggest complaints today’s customers have with any type of business whatsoever, including those within the finance sector, is the lack of customer service. When a consumer is investing or banking a significant amount of money, they expect superior customer service and this is how social media can step up to the plate. It doesn’t take much to know that when you are dealing with a person’s money, they want to know who they are dealing with. Again, social media to the rescue!

3. Giving Consumers What They Want – Engagement

This, then, is how you provide that sense of connection consumers are demanding. Social media gives a financial services business the perfect way to engage with their clients. Not only can prospective and new clients pose questions to you and the community of your followers, but they can see that you answer any questions being posed in a timely manner. They want to communicate with you as the need arises and social media is that outlet.  All they need to do is post a comment and within moments they will have all the information they ever wanted, and more besides!

So, to sum it up, how is social media impacting the financial services sector? The answer is quite clear. Social media gives your company a ‘face’ which consumers can identify with. It is the quickest way to get questions answered and the easiest way to engage with your audience. If you haven’t begun using social media to grow your financial services business, now is the time.