There’s no avoiding social media these days. When your grandmother starts tagging you in photos, you know Facebook has permeated the culture. But despite networking sites like LinkedIn and the ubiquity of consumer brands promoting themselves on Facebook and Twitter, not every industry utilizes social media for business purposes. And perhaps not an industry that moves as fast, and deals with information as highly sensitive, as finance.
In order to get an idea of the buy side’s level of interaction with, and general perception of, social media use from a business perspective, Ipreo recently asked select buy-side analysts how the different social sites factor into their daily workflow. Buy siders face common challenges that professionals face at many firms: not only too busy to regularly check news feeds and timelines, but information security precautions can also hinder involvement during the workday, which is something we encountered in our polling.
The general consensus amongst analysts is that they do not use twitter or social media because it’s either blocked at their work station or they do not give it enough merit. However, one analyst said, “I don’t have a Twitter account, but I was thinking about it. It’s becoming a bigger platform in this business, so maybe I will get one eventually.”
There’s no denying that these platforms are here to stay, and understanding the best ways to utilize them, whether it’s for information-sharing, real-time news, informal polling, or good old-fashioned relationship-building, is only going to become more important as time goes on. The financial industry may be slightly reluctant to embrace that future, but we are certainly not exempt from it.
Read their full responses here.
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