Social media communication for financial institutions

Social media has fundamentally changed communication in the financial services sector. More than 5 billion people worldwide use social media platforms as a source of information, to form opinions and to make purchasing decisions. Financial institutions should also utilise the enormous potential and make social media communication a central pillar of their strategic brand management.

In our study "Utilising the potential of influencers for the financial sector", we investigated which cornerstones are relevant for such a strategy by asking 201 employees from the financial sector how companies and their employees already use social media. 65 per cent of those surveyed stated that employees already represent their company on social media. Managers are particularly active: 53 per cent of them post work-related content on a weekly basis, compared to just 9 per cent of employees without personnel responsibility.

Financial service providers are not only competing with each other for attention on social media channels. External players are increasingly shaping public perception - above all financial influencers, also known as finfluencers. They make financial topics easily accessible through a mixture of infotainment, authenticity and practical tips, thus lowering the inhibition threshold when dealing with money. Their influence is considerable - but not all of them have in-depth expertise or an understanding of regulatory requirements.

The right answer to the growing importance of external finfluencers lies within your own organisation: as corporate influencers, employees can communicate complex and often highly regulated content in a comprehensible, transparent and credible manner. These internal voices combine technical expertise with regulatory certainty and thus offer a credible alternative to external opinion leaders. With a personal presence on social media, they build trust, impart knowledge and position their employer as a competent player in the financial market.

In order to utilise the potential of corporate influencers, financial institutions should develop a well thought-out corporate influencer strategy in addition to a general communication and social media strategy. In our study, you can find out what you need to bear in mind, how you can incentivise your employees' commitment to social media, which governance structures you need for communication on social media channels and how you can integrate social media data into your business decisions in a targeted manner.