With the rise of social media, financial service businesses have started to think less about controlling their brand and more about how they manage their presence on the social web.

Social media and online communities have given consumers the opportunity to discuss what they want easily and quickly, forming their own opinions on products and services, giving financial service organisations invaluable information on consumer needs With the rise of social media, financial service businesses have started to think less about controlling their brand and more about how they manage their presence on the social web.
Social media and online communities have given consumers the opportunity to discuss what they want easily and quickly, forming their own opinions on products and services, giving financial service organisations invaluable information on the consumer needs.  Therefore the consumer is slowly but surely influencing the market place.
Editor and author Karl Flinders who specialises in Retail and FS wrote; 'The financial services industry could prove an ideal home to social media applications as government legislation scheduled for 2012 looks set to transform a sector which has changed little in hundreds of years.  Social media is hailed by many as a liberating means of engaging with customers and employees alike. Although retail is often held up as the sector to benefit most from social media, the investment industry could prove the market that needs social media most'.
Generally financial services brands have been slow on the uptake when it comes to letting their consumers dictate their offering.  However a new industry on the market has taken social media to a different level, social lending.  Social lending sites, are purely consumer focused, members communicate via online marketplaces borrowing and lending money to each other.  Providing each other with very competitive lending rates and essentially getting rid of the middle man.
Social lending is clearly a new and growing marketplace in its infancy.  However social media within the Financial Services sector certainly has longevity, more and more clients are asking recruiters for candidates with social media experience, and it's slowly working its way in to most digital/online job descriptions.  It is here to stay, there is no hiding from Social Media, so if you are a marketer of any level I advise you to jump on board.

KEYWORDS:

Financial Services, marketing, financial marketing, financial recruitment, marketing recruitment, social media, financial social media.

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