According to a recent survey from the European Financial Management Association and the Fair Issac Corporation, being able to use and make decisions based on consumer data from social media is a key 2013 priority for Europe’s bankers.
This shows how important social data is becoming for the world of financial services. An industry that by the way is already very rich in data.
The respondents saw social media as an important tool to analyze data from their markets in order to understand the needs as well as to be able to predict the products and services that will see the most demand. Furthermore, they said that they would also be able to better target markets in various regions.
Financial services brands that can use their existing data together with social data sources may have a competitive advantage – who would not want to be able to predict and develop services and products that the markets wants? Using social data will involve hard work, specifically in understanding the data that is in front of you and analyzing what it means for your business. But the benefits of doing so may be incredibly valuable.
The most interesting thing about the survey for me personally is that financial firms are seeing the benefits that can be derived from social media – not just from a communication and marketing perspective but also from a business strategy one.