Financial Services Social Media Market Analysis

Cloud Media Insight is a specialist media intelligence company, providing businesses in a number of industry sectors with the traditional and social media analysis that enables them to understand customer behaviour and effectively manage their reputation.

Cloud Media Insight is particularly established in the field of carrying out expert financial services social media analysis and has worked with a number of leading financial providers such as Direct Line and the Royal Bank of Scotland. In addition to clients operating in the insurance and banking sectors, Cloud Media Insight also monitors financial services market trends for Innovate Finance, an independent organisation serving the global FinTech community.

Companies in the financial services industry have been some of the slowest to actively use social media to engage with consumers, often due to hurdles such as heavy regulations and fear of security risks. However, in response to people increasingly using social networks to seek out new information and interact with financial service providers, many of these companies are now reaping the benefits of listening to what is being said about them online.

Using social media has allowed many businesses operating in the financial sector to demonstrate a more personal approach and social media analysis has proven to be particularly valuable for helping many financial services firms to rebuild their reputation following the 2008 banking crash.

Financial Services Social Media Market Analysis

The financial services industry is one of the largest markets in the UK and an essential part of the economy. It accounts for approximately 12% of the UK economy and employs over 2 million people. Companies in the financial services sector include accountancy firms, banks, building societies, financial advisers, pensions companies and insurers.

The sector is fast-paced, complex and extremely competitive, shown by the recent big drive from challenger banks such as Metro Bank encouraging people to switch bank accounts and also competition in many other areas of financial markets. For instance, the changes to pensions regulations mean that many people are now looking into investing their pension pots in different ways. Also, people are now more likely than ever to switch insurance to different companies after a growth of online comparison sites such as Money Saving Expert and Money Supermarket encouraging people to do this.

In order to compete effectively in such a competitive environment, any companies involved in financial services need to be aware of developments in the industry, what their customers are saying about them and what their competitors are doing. Keeping track of commentary in both social/digital media and traditional media outlets is all part of this.

Financial Services Market Trends – Monitored by Cloud Media Insight

Cloud Media Insight analyses both social/digital and traditional media to track the reputation of its financial services clients and alert them to how perceptions are changing on a monthly, weekly or even daily basis. Social media and online monitoring can help financial services companies to gather information about customers' reactions, see how their reputation compares with others and even identify trading opportunities in real-time.

It’s extremely important that financial services providers maintain an authoritative and trustworthy image so monitoring what is being received well by customers on social media, and what isn’t, is vital.

In addition to monitoring perceptions, Cloud Media Insight also works with a number of language specialists to monitor and evaluate the sentiment of social and traditional media coverage in various regions across the world. This insight helps financial services providers to monitor the success of national and global campaigns and make sure they are tailored for the right audience.

Traditional media monitoring also still holds a lot of importance for financial services companies, with financial results being widely reported via newspapers/broadcasting outlets every day. Recent studies have shown that newspaper articles from well-regarded financial journalists are still seen as more influential than digital outlets which often fail to set the agenda in the same way.  Keeping track of brand mentions in print media and analysing them is an important part of financial services market research.

Cloud Media Insight doesn't produce standard reports, but works with each client to create a service geared to their individual requirements and the particular marketplace they are operating in. The tailored evaluation reports incorporate an added-value commentary, providing companies with instant insights which are easy to interpret, rather than simply delivering generic pie charts and graphs.

To find out more about the financial services social media analysis we provide, please contact us.