Social Media for Banking and Wealth Management - The Gap is Widening
While overall the use of social media by banks and wealth managers made some progress compared to the findings of last year’s edition, this new report reveals a shocking disparity between the offerings for retail clients and what banks provide for their wealthiest clientele. While the retail offerings are of satisfactory quality, high-net-worth clients are in many cases put off by social media that is not interesting, not up-to-date and not interactive. Banks and wealth managers have to act now and our report provides the required data, analysis and recommendations!
This detailed, 171-page report tells you all you need to know for developing, optimizing and implementing a winning social media strategy across ALL banking divisions: wealth management, retail banking and for corporate & investor relations. Our research team of technology and industry experts has made a detailed analysis of the strengths and weaknesses of each of the respective social media presences of the 20 largest banks and wealth managers worldwide. In total, almost 300 social media presences were evaluated. The report provides an assessment and recommendations for each of the banks, each of their divisions and the wealth management industry as a whole.
Using 77 criteria in total for each bank, with up to 27 criteria for each division (wealth management, retail banking, corporate & investor relations), the social media activities of each bank and division are ranked on the basis of an individual evaluation for their presence on Facebook, Twitter, LinkedIn, YouTube, Google+, Pinterest, Instagram and Flickr. In addition, the report covers vital overarching requirements of comprehensive social media provision, including levels of responsiveness, social media signposting/linking and the social media strategy underlying each bank’s portfolio of online presences.
Based on this data-driven analysis, the report derives best practices and gives in-depth strategic, specific and practical recommendations for engaging and winning over clients through the use of social media.
Our report answers the following questions for retail bankers, wealth managers, investor relations officers, IT vendors and consultants:
Which banks and wealth managers are at the forefront of social media activities in banking and wealth management, and which ones are the laggards?
What are the positive and negative characteristics of the world’s top 20 banks’ social media presences in retail banking, wealth management and at the corporate/investor relations level?
What content and functionality should the social media presences of banks and wealth managers have on each of the eight main platforms and on their own websites in order to catch the attention and satisfy the needs of their clients?
What can be learned from the best practices identified from among the social media presences that were analyzed?
What are the right strategies for the optimal use of social networks such as Facebook, Twitter and LinkedIn, as well as emerging social media platforms such as Pinterest and Instagram and others in banking and wealth management?
How should the individual branded social media presences of wealth managers’ staff look?
How is the social media world developing and what future needs and expectations will banking and wealth management clients have?
Benchmarking and ranking of the retail banking, wealth management and corporate/investor relations social media presences of the world’s top 20 banks based on 77 criteria in total, with up to 27 criteria for each division
20 comprehensive profiles of the world’s leading banks’ social media presences for retail banking, wealth management and at the corporate/investor relations level, with an in-depth analysis and recommendations for each bank and division
14 Best Practices of social media in retail banking, wealth management and corporate/investor relations with respect to functionality, content and strategy on all the important social platforms
Recommendations on how a winning bank’s social media presence should look for the organization as a whole and for the retail banking and wealth management divisions
20-page comprehensive data appendix with detailed evaluations by bank according to 77 criteria (spreadsheet)