Twitter has maintained its position as the most popular social networking site for U.S. financial institutions, says a new study.

In its Social Media Leaders report, Corporate Insight discovered that at the end of 2011, some 92 percent of the financial companies tracked had a presence on Twitter, up from 51 percent in 2010.

By comparison, 88 percent of the financial organisations monitored had a presence on Facebook in 2011, rising from 57 percent the year before.

The study covered a range of financial companies, including banks, brokerages, credit card issuers and insurance companies.

In their analysis, Corporate Insight observed that many of these firms are now using Twitter as a customer service tool.

“Over the past few years, the use of social media by financial services firms has increased exponentially,” said Alan Maginn, senior analyst at Corporate Insight. “Social media is a critical way for companies to communicate with their clients, prospects and other targeted audiences on a personal level.”

Corporate Insight singled out American Express for high praise.

“Amex manages to use more social media channels more effectively than any other firm,” said Mr Maginn.

The reported also noted that the fascination with Twitter continues – between January and March 2012, 19 financial institutions launched their social media presence, 17 of which included Twitter.

(Source: Corporate Insight. Human models image via Shutterstock.)