MyPrivateBanking Blog
Daily Comments on the World of Wealth Management

Posts Tagged ‘twitter’

Instagram: Even banks can save 1000 words by posting a pic

Thursday, December 18th, 2014

Social media’s disruption of communication is overwhelming financial institutions and creating confusion about which social networks they should focus on. Instagram, a mobile app based photo and video sharing platform, has skyrocketed to 300 million active users thus surpassing Twitter and making Instagram an important global media platform. But the pace of change and the mind boggling competitive dynamic in the social media industry is confusing to more conservative institutions like banks and wealth managers.

As our recent report Social Media for Banks and Wealth Managers: 2014 shows, it’s especially difficult to get banks to understand the significance of social media and the relevance of different social media platforms. 95% of the banks under evaluation have launched Facebook and Twitter presences but only 45% of them have an Instagram official photo stream.

Visual social media has become crucial in developing a good social media strategy. Unlike their more text-based siblings Facebook and Twitter, these channels give access to individual images and images are known to appeal to emotions and tell a story that is easier for consumers to connect with than informational texts. It is this emotional connection that distinguishes a brand, a service, a product, or a company from its competitors. Citi or Crédit Agricole are good examples of banking players that have well-structured Instagram presences with strong corporate images and entertaining posts.

As for those who have not yet joined the bandwagon: photo-stream us! Make us stare, meditate, laugh, frown, and get interested in your brand!


Social Media and Banking - What is the Best Strategy?

Thursday, March 22nd, 2012

For the last months our analyst team has been working on a new landmark report “Social Media and Banking” - this report will get published in mid April. It will be an in-depth analysis of the social media strategies of the 50 globally most important bank. We are looking  at social media strategies targeted at private customers, retail customers or general users. The banks will be rated and ranked according to a very detailed set of evaluation criteria.

It has become increasingly clear to us that banks approach social media with very different overall strategie - and many have no strategy at all. I think there are right now 3 main social media strategies of banks:

1. Customer support via social media
2. Product and service information via social media
3. Strengthening the brand via charity & community initiatives, sponsoring etc. which is communicated via social media

In many cases, more than one of the strategies are blended together. Rarely, we find an integrated but differentiated offering which brings together all these strategies but doesn’t mix them up or confuses them. In addition, we find typically communication offerings with investors or recruits.

Most banks keep their social media teams separate from their general marketing or communication department. Right now I guess this ist the right strategic step as otherwise the development of social media will develop way too slow. .

We are finding that banks struggle immensely with the issue of how to integrate social media in their regular online strategies and Internet marketing. I am not sure if there is “one best way” to do it. I guess at this stage various experiments are in order to see which approach works best. But this means a good bank will do lots of different things on their website to try out the new media.

So, stay put for our new report - there is lots more to come.  By the way, here is our  older report on Wealth Management and Social Media.


Find the Bubble

Monday, June 13th, 2011

People are wondering whether the social media hype we are witnessing is a new bubble in the making. Facebook, LinkedIn, Twitter, Groupon, Skype - you name it. Valuations seem like pie in the sky again and i-bankers are cashing in handsomely. But are there some truely objective measures to spot the bubble?  Here is a 10-point-checklist to find out about the bubble-grade of the latest stock market fad…whatever it may be.


Why wealth managers don’t care about social media…

Friday, November 5th, 2010

…the majority probably thinks Facebook is for their sons and daughters to chat with their highschool buddies. WRONG! Read all about it.