Financial Services Firms Prefer Twitter Over Facebook

Finance companies prefer Twitter over Facebook when it comes to marketing their services and interacting with clients and customers.

According to a survey released this week by Corporate Insight, 67 percent of the 85 respondent financial services firms reported hosting a Twitter account. In comparison, 59 percent run a Facebook account. Both networks noted gains over 10 months ago, but Twitter's was stronger.

"In our opinion, Facebook is more of a relationship-driven community, whereas Twitter is more content-driven," said Alan Maginn, a senior analyst at Corporate Insight. "Facebook is a more challenging environment for businesses because, in order to be successful, they must foster a relationship with their fans."

With Twitter, Maginn added, marketers can focus more on the value of their content.

Social media has established itself as the marketing channel of the new age. Last week, The New York Times cited two separate Pew studies, which found half of all U.S. adults use a social networking site, compared to only 5 percent in 2005. The rapid pace of growth has marked an opportunity for financial services firms to interact with current or prospective customers.