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Social Media -The New Bank Manager Conversation

By James Hickman

27 July 2011

More evidence of the power of social media power was revealed in a recent study by Hotwire. The statistics revealed that an incredible four in ten (43%) of people bought financial services as a result of a recommendation via social networking compared to on 26% (clothing) and 26% (air flights).

So why are consumers increasingly looking to trusted friends on Twitter and Facebook for advice on financial products? Perhaps they trust their peers over the professionals, yet when buying clothing they are relatively happy to go with their own fashion judgement.

The research also revealed that 52% of men, compared to 20% of women, said they had purchased a financial product as a result of advice they had received online.

Food for thought for Financial service brands.  The provider that successfully leads the field and engages in trusted, relevant and honest conversation to both male, and accordingly to this research a more sceptical female, audience will win the online pay day.