Reshaping The Financial Industry Through Social Media

Social media has gone beyond just a platform to interact. It has slowly become the center of many people’s daily activities. In this thought, many companies are now considering social media platforms to communicate with their clients in real time. Social media is changing banking relationships and financial services in many ways, from bettering customer service to permitting users to send funds to recipients via web-based platforms. Fintech companies are employing social media data to help their clients get credit for all sorts of applications, including home repairs and window replacements, or just opening a savings account.

The Role of Social Media in Financial Services Marketing

With this superior adoption, use, and participation, finance institutions have started to acknowledge the possibilities that social media can provide their businesses and the entire finance industry as a whole. Businesses in the finance industry are looking to achieve a viable advantage above others while likewise aiming to reduce the risks presented by social media, including protection of extremely sensitive details openly.

The complexity of standards and traditional cultural thinking also means that the financial services sector has lagged far behind other sectors in the use of social media technology until recently.

Things Are Moving Quickly

FinTech has become its own industry, including companies that use technology to improve the efficiency of their financial systems. According to a report by Accenture and the Partners Fund, world investment in financial technology companies has increased from about $1 billion in the year 2008 to almost $3 billion in the year 2013. Finance News also reports that several of these businesses are applying social media to innovate their customary business structure which the financial industry has depended on for many years.

You will find five major subjects where social media is reforming finance all over the world as follows – Customer Service, Marketing, New Product/Service Development, Reducing Costs and Improving Efficiencies, and New Business Models.

The Financial Industry Is Continuously Innovating New Ideas For Social Media Reach

  • In general, adoption is slow, and the majority of traditional banks at this time solely implement few programs that generally work individually distinct from an integrated resolution. The opportunities offered by social media involve not only marketing and customer service but also involves the products and services more directly.
  • Various new business models were designed and introduced that evolving the entire finance industry. Large, sophisticated and extremely controlled organizations are compelled to understand the right way to improve and bring in new concepts in a speedy fashion for instant screening and iteration.
  • Many new customers in the financial services arena are still struggling to locate time-tested, long-term rewarding business models. As they expand over time they have to be ready for more legislation. For financial technology companies, trust building is also important and banks are not always good at it. As regulators strive to balance consumer protection and control money laundering, the need for compliance, security, and privacy will be more visible while reaching considerably more financial inclusion on a global basis.
  • Imagine that all future deposits, repayments, remittances, and investments could be managed in a social network using a simple and user-friendly approach. These days, cash is much less crucial, and online friends can help support their financial goals. Today there will be a significant reduction in friction throughout the industry.

Social media and networking are improving how the financial services sector work. There is a bright future for financial inclusion, cost reduction, and improved customer service. In the end, we have to look at who will be the leading force in the financing arena, traditionally founded companies or financial technology contenders.

How Christian Gospel Helped Justin Bieber Overcome Depression

Fame and fortune came to Justin Bieber at the young age of 12. Back then he was already happy making and posting homemade videos of himself at YouTube because he was attracting thousands of viewers. Yet everything changed when Scottie Braun, an American talent manager, had the young Canadian YouTube sensation brought to Atlanta to meet with Usher.

The rest is history, after Usher agreed to mentor and help launch the musical career of the eager 12-year old Justin. Usher’s undertaking resulted to one of the most sensational pop stardoms in the history of music recording.

Fandom brought the young Bieber to the peak of success, which also came with stories of drugs, mischief, and women; plus a good dose of public opinion and ridicule that conveyed Justin Bieber does not deserve to be where he was. Until at the age of 21, the young man hit rock bottom, no longer feeling the natural euphoria he felt in the early years of “Bieber Fever”.

Bouts with Depression Led to Justin Bieber’s Rebirth as Christian

Not getting any younger, with most of his teenage fans also maturing, the older Bieber went into fits of depression; finally realizing that stardom had not brought him true happiness. To help him get over long nights of feeling despondent, Justin’s mother put him to sleep by making him listen to cassette tapes of the preachings of a Seattle hipster preacher named Judah Smith. The depressed Bieber finally sought the help and friendship of Smith, who in turn brought him to Carl Lentz, pastor of Hillsong Church, New York.

Pastor Lentz saw the 21 year old Bieber struggling with the effects of the toxic world he lived and moved in for years. In an interview with Complex, a pop culture digital magazine, Lentz said Justin was trying to do his best in figuring a way out of the rut he carved for himself. Justin came to realize that his Christian faith was his only salvation, to which he sought to be reborn by way of baptism.

Justin Decides to Step Away from Pop Culture Limelight by Singing Gospel Songs

During his initial period of Christian rebirth, Justin found purpose and meaning by focusing himself and his talent to spreading gospel messages by way of music. No longer the egotistical, self-centered brat, the Canadian pop star had matured into a young adult who finally had a purpose and a broader understanding of his influence to the worldwide fans that brought him fame and fortune. The change was most evident in his 2017 album “Purpose”, particularly in the lyrics of “Life is Worth Living.”

Recently in March of 2019, Justin Bieber made an instagram post, explaining why he had to take a break. He mentioned his need for treatment to overcome his depression but made a promise that he will soon be coming back,

“I will come with a kick ass album ASAP, my swag is undeniable and my drive is indescribable.”