New study from Hootsuite and Telsyte reveals that 65% of leaders in SEA believe that restrictions on social media in their organizations are resulting in missed business opportunities
Hootsuite, the most widely used social media management platform, today releases a new report in partnership with market research firm Telsyte, examining the attitudes towards social media across the financial services industry in Southeast Asia.
The study, which surveyed 109 financial services leaders across Asia Pacific, found that 82% of leaders believe brand perception and trust is positively impacted by social media. However, corporate policies, legacy attitudes, and legislation issues are impacting the adoption of social media and resulting in missed business opportunities.
The findings by Hootsuite come at a time when trust in the industry is in the spotlight, and provides an opportunity for social media to help shape perception, build trust and improve employee engagement.
Key Highlights from the Report
– 75% of leaders surveyed see themselves as advocates for their organization
– 73% of leaders surveyed think employee engagement is a key focus for their organization
– 77% of leaders surveyed would participate in their organization’s employee advocacy program but only 21% have access to a solution which lets them share approved content on their social media channels
According to the report, nearly half the leaders in the global finance industry find corporate policies and legislative requirements as the biggest ‘perceived barriers’ in the innovative implementation of social media.
Foad Fadaghi, Managing Director and Principal Analyst at Telsyte, said, “73% of leaders believe that enabling employees to be advocates on social media will improve the perception of their organization. With less than one-third of financial organizations having a formal advocacy program in place, there is a huge opportunity for the financial services industry to improve its culture and benefit from more widespread social media advocacy amongst employees.”
Socially-active Leaders Seen as Catalyst in Talent Pipeline
With growing social network in the B2B industry, CEOs and CMOs are increasingly relying on innovations in marketing to engage with customers and employees. Positive social media leadership positively influences corporate branding and employee retention.
Taking a Swing at The “Frozen Middle”?
The report clearly identifies the visible gap between the top and the middle management in implementing innovative social media campaigns. What Hootsuite calls as the “frozen middle”, is the major challenge for financial institutions to grow beyond the barrier. It clearly proves the importance of focusing on cultural transformation as part of holistic digital transformation initiatives.
Recommended Read: Interview with Penny Wilson, Chief Marketing Officer at Hootsuite
Technology like Hootsuite Amplify have now become easily available and help scale compliant employee advocacy programs across organizations. This can provide the financial service industry the opportunity to gain trust and build their brand through an organization-wide adoption of social media.