Top 5 social media tips for the finance industry

Even before COVID-19 hit last year social media was becoming increasingly vital for the finance industry. In the months since the pandemic began social media has become even more important for organisations keen to sustain positive ongoing relationships with clients and customers. Investing in social media for your finance business can generate insights and data so that you can better understand your customers and provide an opportunity to humanise your brand. It’s a great way to deliver customer service and generate credibility and trust for your business. These are our tips on how to approach it in such a regulated industry.

1. 1. Start with a social media audit. This is the process of getting perspective over the social media channels that you’re currently using. Go through each one and document when and how it’s being used, as well as key information about followers and usernames. Look for old abandoned accounts and any profiles no longer in use – the purpose of this is to streamline your approach to social media and ensure that it is cohesive across the business. Which channels are the most successful and where might an alternative be a better choice?

1. 1. Make sure compliance provides the foundation for your use of social media. From the GDPR to the FCA there are many different sources of rules and regulations to consider when it comes to compliance and it’s essential for any business in finance to ensure that everything applicable is being covered off. Bring your compliance team in at the start to make sure that compliance process and tools guide the way that your business and employees use social media.

1. 1. Keep records. In the social media context that means that you’ll need to archive all your social media “communications” (everything that goes out online). Make sure that you’re archiving everything securely for the recommended period of time.

1. 1. Create a social media policy for your business. This is the blueprint that will ensure a consistent and compliant approach to social media. Your social media policy should define the roles of all those involved, including when it comes to approvals. The more information you provide about social media workflow the less likely people are to get frustrated that this might be a slower process in finance than in other sectors. Get input from across the business for your policy, from the marketing team to IT, legal and compliance, and HR.

1. 1. Provide training. Even if the majority of your team are used to using social media for their own purposes they may still need to be trained on how to do this in the specific context of finance business. Training can ensure that any accounts that represent your brand are being consistently presented and supporting values and messaging. It will also give staff the tools to respond to challenging situations and to avoid basic mistakes that could damage brand perception. Training can also help to increase security where social media is concerned and ensure that your team remains alert.

Social media is a powerful tool for the finance industry and one that is increasingly important in supporting the ever more digital methods of client and customer relationship development. To find out how Iconic Digital can help you improve your business’ digital marketing, get in touch today and call us on 020 7100 0726. Find out more about our Social Media Agency in London.