If you Google “finance and social media”, there is a high chance you will get depressed. It looks like an impossible relationship, one of those forced marriages we see in history, or the unlikely couple – the punk and the City boy – stuck in an elevator that goes nowhere.
An article on FT’s blog paints a grim picture: ‘The sorry state of financial companies’ social media.
Some British banks have a long way to go with social media. At a conference on Wednesday morning, one institution admitted its tweets were vetted by no fewer than eight different departments before they were sent.’
Still, as MarketWatch points out, ‘The way you make choices has changed.
Want to find the restaurant serving the best steak, the clothing shop with the best-fitting jeans, or the dentist with the happiest patients? The information is all online, enabling you to see ratings, reviews, and to engage with like-minded consumers. That isn’t the case just yet in the financial industry.’
Moreover, as this post on Hootsuite’s blog claims, ‘The financial services industry isn’t in a position to take big risks.
For starters, the global economic crisis has made significant dents upon both corporate wealth and consumer faith in the banking system. Meanwhile, the industry in general is almost unparalleled in the amount of regulation it must comply to. Finally, mistakes in the finance sector are incredibly costly, both monetarily and to reputations, with analysts and news outlets assessing every move each company makes.’
Last but not least, NEVER FORGET one of the biggest social media fails EVER, when J.P. Morgan’s Twitter chat using the hashtag #AskJPM turned into a right nightmare. Read more here, and have a look at the following tweets to get an idea of what happened.
So, what can be done, in order to avoid serious risks and still be able to have a decent presence, when it comes to finance and social media? Use lots of imagery.
Don’t use Google Images, though, because this is what it looks like if you search for “finance”.
Inform, using Pinterest.
Create a board on Pinterest about money saving tips and life hacks – just skip the CANNABIS GROW BIBLE if you are a bank – just like this lady did.
Good investments, in pictures (Tumblr).
Bricks and mortar – and other property-related situations – are always a solid investments. Talk about it, without talking about it, using images.
Art is another great way to invest your money. Create a beautiful selection on works that are likely to increase in value in the next few years. Win.
Entertain, using Instagram.
What is the best trip / holiday / experience money can buy? Create a stunning Instagram account featuring the most impressive places on Earth. Below, a great example – theplanetd.
What do you think?
Appnova is a digital agency specializing in web design, UX, eCommerce, branding, digital marketing and social media.
(Cover image: Tumblr)