Social media and financial services have always been a challenge. With compliance at the heart of the issue, Financial Advisors are now adapting and using Social Media like never before. They are happy to communicate with potential customers via social media platforms and create more business. Finance and social media create infinite possibilities when it comes to financial services. Take a look at our slide to see what you might be missing out on. Head over to our Hothouse for tips on how to connect with GEN Y. ow.ly/uXdVf

1. Our customers don’t trust us!
Why financial
service companies
should use
social media
to regain the
trust of their
customers
Part 1
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2. Financial Services have a problem…
… people don’t trust them
How much do you trust the industry?
Technology
77%
Automotive
69%
Food and beverage
66%
Consumer packaged goods
65%
Telecommunications
62%
Brewing and spirits
62%
Energy
59%
Pharmaceuticals
58%
Media
53%
Banks
50%
Financial services
50%
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Financial services
are trusted the
least of all
industries
surveyed
Source: Edelmen 2013

3. In five years the number of customers who trust companies
in financial services has fallen considerably
70%
60%
50%
63%
56%
56%
53%
45%
51%
47%
47%
44%
42%
38%
40%
35%
32%
30%
45%
35%
31%
31%
26%
23%
22%
20%
19%
11%
10%
0%
Global
Poland
France
2008
Netherlands
UK
Ireland
2013
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Source: Edelmen 2013

4. More than 60% of financial services customers need to hear
company information 3-5x before they will believe it
12%
6%
29%
4%
14%
35%
Once
Twice
Three times
Four or five times
Six to nine times
Ten or more times
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Source: Edelmen 2013

5. And yet, engagement and integrity are not incorporated
into most financial service firms social media messages
Customers rank the most important trust building attributes
for financial services companies
Listens to customer needs and feedback
67%
Takes responsible actions to address issue/
65%
Places customers ahead of profits
64%
Has transparent and open business practices
64%
Offers high quality products or services
63%
Has ethical business practices
63%
Communicates frequently & honestly on
62%
Treat employees well
59%
55%
ENGAGEMENT
INTEGRITY
60%
65%
70%
PRODUCTS/SERVICES
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Source: Edelmen 2013

6. More than 80% of consumers said
it would be important to read user
generated content before making a
decision about banking or other
financial services….
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Source: Bazaar Voice 2011

7. …Whereas 56% of consumers who post about
personal finance online will use social media to find
finance products for purchase
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Source: Global Web Index 2013

8. 44% of millennial’s say they would not purchase
insurance without referencing others' opinions
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Source: Bazaar Voice 2011

9. 77% of long-term customers would
recommend their financial firms to others –
they are the second largest promoter for
these types of firms
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Source: Bazaar Voice 2012

10. 45% of online US adults who have a Twitter account
are interested in interacting with financial services
firms via Twitter
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Source: Forrester 2012

11. Last year, more than 25% of online audiences
globally wanted to be contactable at all times
over matters relating to their private affairs
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Source: Global Web Index2012
Source: Forrester 2013

12. 3 ways you can build trust through social media now
Listen to your
customers
• Incorporating customer feedback is
effective marketing. Customers reviews will
strengthen claims your firm makes
Direct customer
contact
• Social media lets you connect with
customers directly. Use it to build stronger
relationships and trust online
Promote your
online advocates
• Customers consult peers before making a
purchase. Promote your online advocate
reviews can help to positively impact sales
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Source: BLOOM Worldwide 2014

13. Go to
www.bloomworldwide.com/finance
to find more social media resources
tips and advice tailored for financial
service companies
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