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Social Media Analytics in the Financial Services Sector

For companies offering financial services, social media analysis is a vital way to ensure their business is competitive and customer-focused. There are currently over 3 billion active internet users worldwide and this means that the role of digital media is growing significantly year on year.

As part of this, social media is also growing and evolving at lightning speed, with multiple platforms and networks being developed continuously which are generating more and more data about users and their consumption habits.

Social media and the rise of ‘big data’ provides a constant challenge for businesses in every sector. They must ensure that they have a presence on the networks that their customers are using, and understand the benefits that social media monitoring and data analysis can hold in terms of driving business value.

In particular, social media analysis can deliver significant business benefits for companies in the financial services sector.

How Financial Services Can Benefit from Social Media Analysis

Financial firms have been slower to utilise social media than businesses in other sectors, often due to heavy regulations and the wariness of financial professionals to share their opinions on financial-related matters online. However, many now realise that social media data is a rich source of information on financial services market trends and they have started working with media intelligence firms to gain robust and insightful analysis.

The financial services sector is very complex, so social media evaluation is a great way to simplify huge amounts of data and identify the most relevant and important information. Consumer trust is also much harder to gain in this sector and so understanding exactly what customers want is essential to being customer-centric and maintaining a positive reputation.

Specific services that a media monitoring agency can offer financial firms include:

  • National and global insight – to compare the success of campaigns in different regions/countries
  • Monitoring competitors – to benchmark performance and steer business and marketing strategies
  • Sentiment analysis – to identify any issues flagged up by customers and promote good customer service
  • Identifying industry influencers – to maintain reputation and increase reach
  • Spotting market trends – to stay one step ahead of the competition

Social media analytics are a fantastic financial services market research tool. They can be used to turn data into actionable intelligence and help firms to overcome challenges in a financial environment, which is always changing. As new data is emerging, financial professionals must develop successful social media strategies and harness the data provided to really reap the benefits.

For more information about the financial services social media analysis services we offer at Cloud Media Insight, please contact us.