In its Social Media Leaders report, Corporate Insight discovered that at the end of 2011, some 92 percent of the financial companies tracked had a presence on Twitter, up from 51 percent in 2010.
By comparison, 88 percent of the financial organisations monitored had a presence on Facebook in 2011, rising from 57 percent the year before.
The study covered a range of financial companies, including banks, brokerages, credit card issuers and insurance companies.
In their analysis, Corporate Insight observed that many of these firms are now using Twitter as a customer service tool.
“Over the past few years, the use of social media by financial services firms has increased exponentially,” said Alan Maginn, senior analyst at Corporate Insight. “Social media is a critical way for companies to communicate with their clients, prospects and other targeted audiences on a personal level.”