Social Media Shifts into Social Business

As financial services companies enter the new year, their use of social media is rapidly shifting into social business. Once considered a novelty platform likely to generate compliance headaches, the financial services industry has embraced social media as a practical communication tool at both the advisor and company level.

Three years ago, LIMRA initiated the Silver Bowl Awards to recognize excellence in financial services social media. In the beginning, categories acknowledged the best use of Facebook, Twitter, etc. In 2015, because social media use was quickly moving into key business areas, LIMRA re-positioned the awards to reflect accomplishments such as, best use of social media for customer service, consumer education, and effective use by agents and advisors.

LIMRA interviewed a number of 2015 Silver Bowl Award winners for their thoughts on the evolution of social media use in financial services. They predict an increase in social media integration across marketing initiatives and as an effective business tool in other areas such as recruiting and customer service.

Winners also noted that social media fits the demands of today’s “omnichannel” consumer who wants a seamless experience whether they contact a company by phone, online or in-person. As a primary way for people to connect, share ideas and build relationships, social media has become a critical way for companies and advisors to “join the conversation” where it’s taking place.