Financial institutions wary of social media

It’s undeniable that the world has reshaped its culture around social media. We see it everywhere…except in financial institutions.

William Alden of The New York Times’s DealBook reports that Wall Street firms are “tiptoeing into the fast-paced world of social media.” Firms either tightly monitor communications in regards to security regulations or flat out block employees from using social media sits while at work.

In addition, Michael R. Bloomberg, that mayor of New York, says technology can just add pitfalls to financial endeavors.

“Social media is going to make it even more difficult to make long-term investments,” Bloomberg said

My suspicion is that the financial institutions don’t want any chance of data sharing to put their clients’ money and their own money in jeopardy. Well Facebook and Twitter, you win some, you lose some.