Financial firms favour Twitter over Facebook, report shows

9 September 2011

Twitter is more popular with financial firms than Facebook, a new report on social networking platforms has revealed.

A study by analysts Corporate Insight revealed that 45 per cent of respondents had two or more profiles on Twitter compared with 38 per cent with a similar presence on Facebook.

The research found that financial firms use one account to distribute news and information on the company’s activity.

Firms use a second account to focus more specifically on certain areas of a business such as products, charity initiatives, recruitment or other career opportunities.

Alan Maginn, senior analyst at Corporate Insight, said: "By using multiple Facebook pages and Twitter profiles, firms can offer content to their fans and followers that is better suited to their needs or interests.

“This can increase the impact of a firm's communication and improve relationships with core constituencies.”

Further findings from the report showed that Bank of America and Wells Fargo were among the first firms to use their Twitter accounts as customer service channels.

Capital One and American Express have the most Facebook pages with five each.

By Jim Ottewill

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