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Europeans with significant investable assets expect to engage with finance brands through social media – both to improve their customer experience and to guide future decisions on products and investments.
The Mass Affluent, those with investable assets of between €75,000 and €750,000, are amongst the most active and engaged social media users – and see social platforms as an essential element in their relationships with financial institutions. In a groundbreaking study by LinkedIn and Cogent covering France, The Netherlands and the UK, more than 84% of the mass affluent audience in each country were active on social platforms; at least 40% engaged with financial companies, and at least 30% read content shared by those companies.
In each country, mass affluent audiences opted for LinkedIn as their most trusted social media source for financial information, and the platform they are most likely to turn to for the content that matters to them. Information on new products and services, market commentary, service updates and general company information figured prominently amongst the most sought-after content from banks, credit card companies, insurance brands and brokers. When asked what they hoped to gain from engaging with such companies through social media, Mass Affluents pointed to improved customer service, greater transparency and timely, relevant content.
Across all three countries, and all types of financial sectors, the information discovered and considered through social media is a key driver of immediate action amongst the mass affluent audience. Of those using social media for both discovery and consideration, 63% were driven to take action such as purchasing a product or opening an account. And the comments that Mass Affluents share have a vital role to play in amplifying awareness and engagement amongst their peers. Almost a quarter of those in the UK and over a third of those in France and The Netherlands read others comments on the content shared by financial companies.