Is Social Media Becoming More Common in Financial Services PR and Marketing?
Financial services clients have been trained to be cautious in what they say, which has made many wary of adopting social media, according to Adam Bickelman, director of SA’s corporate and nonprofit group, in a recent article in O’Dwyer’s magazine. While social media is a key component of brand outreach for consumer products, it hasn’t quite entered the world of financial communications. Bickelman noted the resistance may be based in demographics more than culture. “I think companies are more willing to dip their toe into digital waters once they recognize it’s something that’s not going away. There’s a willingness to experiment and see what’s out there, and have well-versed counsel who understands the benefits of telling a story.”
Can financial services companies benefit from social media? “I think there’s a great opportunity there, but any step forward needs to be done with a level of scrutiny in compliance,” said Bickelman. “The storytelling ultimately needs to be guided by marketing, but the compliance officer and the company’s operations folks need to be at the table.”
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