2020 Foresight Report: Social Media in Wealth Management - New Market Report
New Financial Services research report from Timetric is now available from Fast Market Research
[UKPRwire, Fri May 10 2013] The advent of social media presents a valuable opportunity for wealth management companies. As internet access and smartphone adoption increase, a growing number of internet users are becoming involved with social networking. Companies are developing their processes to be able to respond to web-oriented consumers. Banks and other wealth management institutions are engaging customers with social media, which is shaping up as a strong channel for promoting new schemes, identifying customer needs and receiving feedback online. Companies have started to use social media sites as a marketing tool to communicate with external customers and to promote their products and services. These companies use YouTube and Flickr to post videos relating to products and services, key developments, events and conferences. Online video is an important part of the modern internet landscape, reaching a large number of people in an engaging context that is attractive to marketers and advertisers. Companies are marketing their services by posting presentations and brochures on open sharing platforms such as Facebook and Slideshare. Many have launched their own social networking forums and blogs to connect with customers. The cost-effectiveness and large reach make social media one of most preferred advertisement channels among wealth management companies.
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* Social media marketing (social marketing) is gaining in popularity as companies are using it to inform consumers about their product campaigns and other product launches. Social media interactions provide companies with a platform to reach out to customers and deal with issues in real time, increasing both the quality of their service and levels of consumer trust.
* The increasing prevalence of the internet and widespread adoption of smartphones have fuelled social media expansion, with more than half of the internet population now engaged in social networking. Companies have started to use social media sites as a marketing tool to communicate with external customers and to promote their products and services.
* While Facebook, Twitter and LinkedIn have established themselves across the globe, local social networks continue to play a huge role when it comes to brand awareness and customer reach.
* Wealth management firms have still not fully exploited the benefits pertaining to their presence on social networks and need to find more innovative ways to gain followers. Wealth managers, financial advisors and family offices have still not made significant progress in social media due to limited awareness, concern for data security, as well as the legal and reputational risks associated with the media.
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