SOCIAL MEDIA IN FINANCE
of data continues to mount and brands are under heightened pressure to deal with it. This has certainly been recognized in the financial services sector over the past couple of years with more and more large companies setting up their own interpretations of command centers. 2014’s leading command centers are commonly multi-
screen display systems that tell the story of social data in an engaging way. A vertical such as the financial sector is no stranger to using visualizations of data to function as the pulse of a company, with stock and commodity prices and other macro data often proudly displayed in the lobbies of institutions across the globe to indicate the health of each organization, in real-time. Command Centers also serve to internally broadcast
the success of campaigns or events in real-time and can help ensure more agile security and crisis management. They can even be used to publicly keep track of a brand’s online presence against that of its competitors, for senior executives and junior staff alike to better understand the company’s standing in the digital realm. Establishing a central ‘social hub’ to manage social activities also frequently manifests as a major appeal of such systems.
Conclusion The financial services sector has been slow to adapt to
the changes social and digital media are bringing to large organizations, amid restrictions regarding legislation and other sector-specific challenges. Despite these hurdles, the opportunity for the businesses
Implementing the Right Technology
As a financial services brand, you can take advantage of the opportunities outlined in this report by using Brandwatch to power your listening program.
• Obtain the cleanest, most accurate data from conversations happening across the web, instantly
and with reams of additional, valuable information about the authors, websites and networks behind them.
• Ensure adherence to policies and distribute data seamlessly throughout your organization.
• Use social data in more places, for more purposes, by taking advantage of Brandwatch’s partnerships
and integrations with leading technologies.
• Monitor your brand’s reputation and remain alert to crises with rich, real-time data, automatic
sentiment analysis and a potent suite of email alerting tools.
• Understand your market in unprecedented depth, uncovering not only exactly what is being said
about your brand or field, but by whom, where and why.
• Slice-and-dice your data automatically or manually, in bulk or individually, taking advantage of the
most sophisticated data manipulation features available in any listening software.
• Visualize your data using Brandwatch Vizia, reaping the rewards of installing a best-in-class
command center.
to capitalize upon these advantages is significant, and provides a new avenue for financial brands to connect with customers in a meaningful way. Significant investment in marketing campaigns is often
undertaken by financial organizations, and social data provides a solid resource for measuring the impact each campaign has, granting brands extremely granular insights into the ROI of each marketing dollar spent. Customer expectations for brands’ social support
have grown more demanding, but implementing a cohesive system in which service reps are empowered to communicate directly with customers can drive brand loyalty, customer satisfaction and referrals. In a sector plagued by regular controversy and public distrust,
keeping a handle on brands’ reputation is integral. Establishing a robust strategy, process and listening program will ensure any potential crisis is mitigated before it escalates. Researching a
Brandwatch is one of the world’s leading social media
monitoring and analytics platforms. Its technology gathers millions of online conversations every day and provides clients
with the tools to analyze them, enabling brands and agencies to make smarter, data-driven business decisions.
Brandwatch Report: Financial Services/ 2014
You can read our more detailed guide for financial firms with regard to the most recent legislation at:
www.brandwatch.com/finservregs
brand’s customers, its market and its competitors grants it the power to better optimize product offerings and understand the genuine perception of its services and communications, to an unprecedented level of granularity.
Finding the right balance between
character and responsibility is a major challenge for financial brands
Most financial services
organisations now acknowledge that the opportunities available to them significantly outweigh the threats. Implementing the Right Technology: Building your approach plan to social media in a strategic manner is vital, but the success of its implementation will depend upon the quality of the technology behind it. It is clear then that selecting a suitable listening platform to power your program is integral to making the most of social. •
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