Financial Social Media in Spain – A Grassroots EffortJuly 16, 2012
The relationship between social media and the financial community in Spain is still one of a slowly disappearing mistrust. Just a few leading IR departments have fully embraced these tools and are reaping the benefits of being there first. Banco Santander, BBVA, Iberdrola or Indra are just some of them.
LinkedIn and Slideshare are the all-time favorite social media tools in the country. To the extent some companies have enacted a policy requiring all of their employees to fill a profile in LinkedIn. Twitter is still regarded with caution and there is still not much spontaneity in those communications carried through it. Facebook is still relegated to PR or maybe CSR.
There is however an interesting phenomenon of small-investor financial communities with a great potential. From the early 2000s, retail investors have been gathering in different forums to discuss stocks or use stock simulators. Over time Rankia has achieved more than 70,000 members. Other recent initiatives include Unience and ActiBva, respectively a small investors community and an aggregator of financial information. It is striking to realize most of these networks are the result of small entrepreneurs or stock traders seeing and seizing the chance to provide spaces for discussing the markets.
There is a general feeling of caution as the stock markets are a generally a conservative sector and the general economical climate has paralyzed initiative. It is paradoxically this last element what might end up pushing companies towards innovative ways of becoming available to new investors. The global reach of the social media and the opportunities it provides for exposure to new investors cannot be overlooked much longer.