So Goldman Sachs has been slow to embrace social media, is that surprising? Like every decision it’s a matter of weighing up the cost of mitigating the risk versus the benefit. And that’s what I think is interesting about this advertisement.
Whilst the financial sector is quick to use technology that provides an immediate benefit, its instinct is to be inherently cautious. The list of worldwide compliance regulations that any global financial institute has to adhere to would be enough to make
a sane man run to the hills. Not to mention the evidence of social media campaigns gone wrong in industry sectors that were quick to exploit it such as food and drink.
Technology has been able to mitigate the risk from data leakage, employee abuse and compliance threats for some time now, which only leaves the question mark around benefit. To maximise its potential in the enterprise, social media needs a far wider deployment
than a couple of people on the marketing team. Dealing with enabling traders or advisors to use social media takes more than technology to moderate and archive to achieve compliance. It takes a lot of education too, particularly if people aren’t “social” already.
It’s this part that requires strategy and thought. From training staff how to engage with others on social media, to analysing the results. When personalised interactions are essential or when using library content created by someone such as Goldman Sachs
is planning to employ works best. Then there’s the question over what networks achieves the greatest results or when content is best received. Incidentally it’s Friday – apparently it doesn’t matter where you are in the world, particularly between 4-5pm local
time, Friday is still the best day for social engagement.
Evidence maybe anecdotal and told behind closed doors at the moment, but those firms that have embraced social media beyond the marketing department are seeing some impressive results. I’m certain that this advertisement from Goldman Sachs will be the beginning
of many financial firms placing similar ones as the realisation that the benefits now heavily outweigh the cost of mitigating the risk.
Will it be the toughest job in finance? I seriously doubt it.