Social media platforms play increasingly crucial role for FIs reaching out to the mass affluent
Out of five million US HNWIs who utilise social media to help their financial decisions, 73% use LinkedIn – more than Facebook, Google+, and Twitter combined. July 10, 2013 | Magessan RajIf recent developments on LinkedIn are of any indication, the networking site’s attempted image overhaul – to a more content-driven platform – underlines the rapid changes brought about by the digitisation of communication channels, with significant impact for the financial services industry. In the finance world, where knowledge is king, financial professionals are scrambling to tap into their social networks to stay in the loop of the industry’s latest developments. That said, LinkedIn has proven to be a hit in financial circles. According to a survey conducted on individual finance professionals in the US by American Century Investments, LinkedIn has proven immensely popular, with 33% of participants using LinkedIn for business purposes, compared with just 2% and 3% for Facebook and Twitter respectively. Originally viewed as a way to establish professional connections and inspect resumes, LinkedIn’s popularity amongst users has seen the site evolve from a mere job-hunting and networking site to a content-based site for work purposes, with blog posts, articles and other information posted to the site becoming six times more predominant than job-related activity as of May 1st 2013, according to Jennifer Grazel, head of category development for financial services at LinkedIn. In a May 2012 collaboration with LinkedIn, Cogent Research surveyed US high net-worth investors (HNWIs) to discover their social media habits, perceptions and needs when it came to financial research, networking and information consumption. Some of the more interesting finds from the survey are as follows:
LinkedIn, Jennifer Grazel, HNWIs, BlackRock, Eileen Loustau, Peter Sands, Standard Chartered Bank, Twitter, Facebook, Social Media
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