Why Social Media is Complex for Financial Services
Here’s an interesting question, with apologies if you’re not familiar with the red/blue pill reference: strategically, is it better to take the red pill and accept risk, sometimes in large amounts, to be relevant and available to customers in the spaces where they’re spending time, or take the blue pill and remain safe and risk-free and miss the opportunity to strengthen customer connections?
It’s a tough choice, to be honest, and one that many brands in regulated spaces face. If one chooses not to accept the risk, another brand may jump in. There isn’t a clear answer, but there are variables that shape why it’s hard for some industries – we’ll look at financial services in this post – to overcome the regulatory, privacy and legal challenges and say yes to the opportunity. These are insights we’ve compiled from years of working with top brands in the financial services industry, specifically in personal banking, retirement and equity compensation plans.