Social media financial services. Bloomberg terminals will soon include twitter data and a social media monitoring service for the Wall Street traders.
Big Wall Street banks still ban the use of social media sites at work, but some more progressive finance firms started to provide some of their employees with social media access, under strict guidelines and control.
Nowadays, banks and investment firms employees are becoming more organized and demand more intuitive and responsive communication tools and services. Most of them are using their mobile phones to monitor the markets.
According to Brian Rooney, core products manager for Bloomberg news, Bloomberg does not let users follow Ashton Kutcher or The Onion. It presents tweets from chief executives, companies, economists, financial bloggers, and other newsmakers This news information from Twitter is monitored by the Securities and Exchange Commission to make sure that newsmakers follow the rules in propagating corporate information via social media.
Brian Rooney, core products manager for news at Bloomberg: “Compliance officers from Wall Street banks had expressed an interest in allowing employees to see tweets. We were getting requests from customers who were seeing news they wanted to be aware of on Twitter.”
Ted Merz, news content business manager at Bloomberg: “It just seems like there’s been a tipping point where more companies are using Twitter and other social media to put out announcements.”
Covered by my Visible Banking Team
This announcement from Bloomberg is anything but an innovative move in the finance industry. Nevertheless, it is another validation of the potential of twitter for investors and social media in financial services. But with over 500 million registered users, and growing, the challenge with twitter is more than ever the sheer amount of background noise and futile conversations shared on daily basis.
So should Bloomberg’s next move, and Reuters’ for that respect, be to provide a highly curated social media monitoring service including a set of trusted, ‘verified’, sources on twitter, google+, facebook and any other popular social media channels?
We invite you to share your thoughts about the role of social media in banking, here, via twitter or on our Facebook page.