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Financial Services Social Media Drum News

Credit Card firms lead the financial services pack when it comes to social media

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By The Drum Team | Editorial

January 24, 2012 | 2 min read

Credit Card companies are most proactive in the financial services sector when it comes to implementing a social media strategy, new research has discovered.

The online survey of financial services communications professions, implemented by Glue Reply, questioned UK companies about their attitudes towards social media, credit card companies came out as best, while a third of financial services companies admitted that they were still learning how to effectively use social media.

20% of financial services companies also admitted that they still did not have a social media team or department, while companies without a social media strategy said that they planned to develop one this year.

It was also found that social media usually formed part of a company’s PR, communications or marketing strategy, more often found to be headed up by the PR team.

Twitter was also discovered to be the most popular social media platform used by companies, following by Facebook, LinkedIn, YouTube and Flickr.

Jason Hill, partner at Glue Reply says in the report: “Heavy regulation coupled with a lack of clarity from the FSA is contributing to late adoption.”

Hill added: “Before leaping in, financial services companies must devise a proper strategy before using social media and answer these fundamental questions: what are the goals, who are the audience, how are we going to get to where we want to be, who is accountable for the activity and how are we going to measure it?”

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