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Business Standard

More customers now rely on social media platforms for financial decisions

Consumers are increasingly turning to social media platforms to make big money decisions. One out of two financial services customers view personal finance and investment content across digital platforms owned by US tech giant Meta. A key driver of this trend is the rising appetite for financial content in short form videos and reels. At least 53 per cent of users on Facebook and 57 per cent on Instagram say that such media formats influence financial decision making, according to a joint survey by Meta and Ipsos, a global market research company. This comes at a time when about eight out of ten users utilise Meta-owned platforms to discover, evaluate and eventually buy a financial services product such as loans, insurance, savings or investments. Digital touchpoints continue to dominate the landscape. Eight digital touchpoints are bifurcated into six digital and two offline. Out of the six digital ones, three belong to users on their financial services purchase leads to better engagement with the products, the survey found. One of two watched related videos for additional information, nearly two of three engaged with the content via comments or discussions, and one of two clicked on ads to know more about the purchase.