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Twitter Is #1 Social Network For Financial Groups

Twitter beats even Facebook when it comes to the social network of choice for financial services companies.

As the Financial Times reports, a new survey by market research firm Corporate Insight shows that Twitter’s popularity is surging among financial groups.

By the beginning of august just over 66 percent of the 85 companies surveyed by Corporate Insight – which cover banking, brokerage, credit cards and asset management sectors – had a Twitter account. That’s up from 57 percent ten months earlier.

Facebook saw a more modest increase in the number of financial group users, going from 56 percent ten months ago to 59 percent this August.

This survey comes coincidentally on the heels of a previous survey, which looked at the social media habits of potential high-end customers of these financial groups: millionaires. That study showed that millionaires are actually leaving Twitter for Facebook, with only three percent on Twitter and 46 percent on Facebook.

Alan Maginn, senior analyst at Corporate Insight, believes Twitter is more popular for financial businesses because of its focus on content:

“In our opinion, Facebook is more of a relationship-driven community, whereas Twitter is more content-driven. Facebook is a more challenging environment for businesses because, in order to be successful, they must foster a relationship with their fans. With Twitter, they can concentrate more on the value of the content they produce.”

Do you follow your bank, credit card company or investment group on Twitter? Let us know in the comments below!

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