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Credit card firms lead the way in social media

23 Jan 2012 3:09 GMT Back
Credit card firms lead the way in social media
DMA News

Also in the news

Credit card companies are leading the way in the UK financial services sector when it comes to social media strategy

The findings appear in a new survey by Glue Reply into attitudes to social media in UK financial services organisations. 

A third of financial services companies see themselves as novices when it comes to social media and a few smaller building societies don’t have a specific social media strategy.

However, even companies without a social media strategy plan to formulate one in the course of the next year. 

The survey reveals that the main hindrance is a lack of appropriate available resources, followed by a lack of knowledge/expertise. 

It also reveals that only 20% of financial services companies have a dedicated social media team or department. 

In most cases, social media forms part of the PR, communications or marketing strategy, with PR departments leading the way followed by marketing departments. 

While 80% of financial services companies monitor what people are saying about them on social media sites only half measure their social media activities. 

Almost all companies prefer Twitter over other platforms, followed by Facebook, LinkedIn, YouTube and Flickr, in that order. 

One respondent went as far as to ask the Financial Services Authority to put together some guidelines for financial institutions on how to best use social media. 

Jason Hill, partner at Glue Reply says in the report: “Heavy regulation coupled with a lack of clarity from the FSA is contributing to late adoption.”

He goes on to say: “Before leaping in, financial services companies must devise a proper strategy before using social media and answer these fundamental questions: what are the goals, who are the audience, how are we going to get to where we want to be, who is accountable for the activity and how are we going to measure it?”

The online survey of financial services communications professionals across the sector was conducted in October 2011.

Posted by

Smarayda Christoforou

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