Are UK financial services companies adapting quickly enough to the new world and taking advantage of digital technology for customer and commercial gain?
Financial journalists who took part in Broadgate Mainland’s inaugural Digital Trends Survey in March 2009 think financial services companies are missing out on coverage because they are not embracing digital techniques.
I’m sure I’m not alone in thinking that the industry has been a relatively slow adopter of new technology – but if companies need proof of the urgent need to embrace and understand digital technology then the fact that more than 40 per cent of journalists writing financial services news stories use blogs and online forums for research may convince them.
In an era when news is immediate the industry needs to embrace new communication channels
Companies may be alarmed to know that some journalists use these sources without verification, but you cannot ignore the fact that in the online world everyone has a voice and journalists are willing listeners.
Blurred boundaries
There are many powerful ways to get comment and messages across in a converged digital and traditional media world, particularly, as companies have the opportunity to communicate directly with customers. Some companies may be alarmed at the transparency and scrutiny this brings – but at the very least they need a digital and social media strategy in place.
We know from our own use of Twitter that increasing numbers of journalists are using this as a resource. Sixteen per cent of respondents said they were open to receiving company news through relevant social media sites such as Twitter, Linkedin or Facebook, with half of those preferring Linkedin as a delivery method. This is more than double the number who wanted to receive press releases via commercial newswires.
24/7 news
Why is it that companies spend a huge amount of time and money developing a website only to leave it to wither on the vine? A significant bug bear among journalists is that many financial services company newsrooms are so underdeveloped. Even locating the press room can prove a challenge!
It’s amazing to find so many companies failing to maintain simple information on their website:
• More than 50% of journalists complained they find it difficult to locate information they need.
• More than 60% said press release sections were not being updated frequently enough.
In an era when news is immediate the industry needs to embrace new communication channels and ensure that they are equipped for the faster news cycle, not just to communicate with journalists but to supply information for their customers as well.
For a full copy of the Broadgate Mainland Digital Trends Survey, including a sample of respondents’ comments, please get in touch with us at digitaltrends@bgate.co.uk
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