Social media is the new gold standard for customer-oriented marketing as customers gain more control over how they allow brands to communicate with them. Messaging can be customized and developed for significantly less than for traditional mediums, and with the right tools, companies can monitor conversations and collect information about those on the other side of the conversations.
Both all two articles list the importance of social media in the financial world, and argue the compliance problems or challenges they may encounter when implementing social media campaigns, it is interesting to read both two articles, they have common ground and differ in some aspects.
The first article emphasizes on the media compliance, while the second article put towards some challenges when using social media in the banking. These challenges, however, mainly be concluded as compliance, social scale and customization problems for most financial institutions.
Many banks see Social media as a tool with three goals — helping to recruit new producers, acquiring clients and staying in touch with existing clients. The social campaigns, if done correctly, the media monitoring can indicate any upcoming risks and mitigate the impact when they do occur. In addition, the goal of the campaign should be to interact and convert them from mere listeners to active participators or even brand advocates.
Banks and financial advisors should need to understand what customers want, help shape their opinions, and ultimately win and retain their business by becoming ingrained in their online consciousness through online chat, Twitter, Facebook, and other forums. Establishing an active and highly visible presence on networking sites allows companies to stay abreast of trends, wants, needs, and concerns and to promptly respond to negative remarks and target communities of prime potential customers.
The questions are:
1. What other challenges do you think when using social media tools for financial products and services?
2. The author thinks that “one-size-fits-all approach “is not working when it comes to social, what is your opinion? Do you have any recommendations for big and small financial firms respectively?