Financials are missing the golden ticket

Unsurprisingly, a new report suggests that financial firms are not on the top of people's friend lists when it comes to social media - friends that financial firms need to desperately make.

The study by Fiserv found that 53% of Americans have no interest in connecting with a financial firm on a social level. Why should they? We are all living through tough economic times thanks to financial firms. They are faceless, unapologetic and frankly about as popular as a fart in a spacesuit.

But it is not the job of people to connect with the financial firms - right now it should be the financial firms who are trying to connect with people. They should be getting online and talking to their clients, helping them out and giving them advice FOR FREE.

But that's not the general tact of financial firms. Having worked as a financial journalist for the last few years I know for first hand experience how user unfriendly banks, wealth managers, pension providers and insurers are. There is very much a one-way street of communication with them and for the media and the population that is massively frustrating. They don't care about what people think of them because their business isn't reliant on being liked.

But social media should be being embraced by the financial firms. They should be getting out there, saying sorry and explaining how they can help people going forward. It means local stores, advisers, brokers, salesmen and PR people talking to their community, giving back. It's not difficult and people would be open to a financial firm being honest and forthright. It would help their industry win politically and would help their businesses become a social good rather than a social ill.

Also, any financial professional will tell you that the number one problem in engaging clients and successfully selling product is consumer education - if you could engage consumer you can teach them why they need certain financial products.

Financial firms need to change their attitude towards their customers. The world is changing and their omnipotent power is being questioned. They should be getting down off their pedestals now before it's too late.