Loan Market Home Finance

Australia’s home finance sector is increasingly using social media to better connect with consumers, says leading mortgage broker Loan Market.

A survey of 152 of the company’s brokers found almost one in three are actively using social media tools such as Facebook, Twitter or the business site LinkedIn to promote their businesses.

Of those who had yet to utilise social media, 70 per cent said they were planning to in the near future.

Twelve per cent of those already twittering said it had boosted customer enquiries while the remaining 88 per cent said they expected social media to become highly influential in the financial services sector.

Loan Market Chief Operating Officer Dean Rushton said the emergence of social media was a fact of life for those working in the home finance industry.

“Many people in the financial services sector have been slow to catch on to the benefits of social media,” Mr Rushton said.

“But clearly it is the communications tool of the future with so much of the population spending time online, particularly on social networking sites such as Facebook.

“Those in the financial services sector who embrace this revolution will ensure they don’t get left behind.”

Mr Rushton said Loan Market as a company was now regularly utilising Twitter and Facebook to connect with clients, staff and the wider mortgage broking industry.

But he said while Loan Market recognised the enormous potential benefits of social media, it also warned its staff about some of the pitfalls as well.

“Electronic social mediums can provide many positive marketing and communications opportunities, but, as with all other media, there are attendant risks that warrant a disciplined corporate approach,” Mr Rushton said.

“It’s still early days but we’re constantly working with our team to train them on how to use social media responsibly and to be aware of the potential pitfalls of inappropriate messages or blogs.”