Banking on Social Media: The Financial Services Brands That Get Social

The vast majority of wealth managers and private banks are dealing quite “clumsily” with social media according to a recent study of 50 leading private banks and wealth management firms by Swiss consulting firm assetinum.com.

“Amateurish” social media strategies, “hibernation” on Facebook and “tokenism attitudes” towards Twitter and YouTube are abundant.

Of the institutions assessed on a 100-point scale, the average score was 43 points. Twenty-seven of the firms did not reach half the maximum points in the Facebook category; 25 fell short in the website and mobile category; 25 scored less than half in the Twitter assessment, and for YouTube and LinkedIn the scores were 29 and 21.

While 42 out of 50 banks have Twitter accounts, just 26 are active in response to posts and only 13 posted content about wealth management. Nineteen banks have blogs with only six of those interacting proactively with consumers.Continue reading...