Social media is playing a large role when it comes to choosing financial services, according to According to research carried out by Hotwire, more than 40% of people buy financial services as a result of a recommendation via social networking friends. In addition, more than one in five consumers said they pass on advice they receive about financial services via their social media tools, relying on friends rather than experts for advice on mortgages, investments and bank accounts.

‘Social networks help people to share honest feedback and information that, in the current environment, consumers feel is lacking from banks themselves’ said Richard James, director of Hotwire’s banking and finance practice.

This is yet another example of the power of social media to transform consumer opinion. What business can afford to miss out?