A while ago, I wrote about my stepping back from Twitter (now X). I haven’t deleted my account, but I haven’t posted or liked or retweeted anything on that platform since. The experience has been a strange mix of “am I missing out?” to “where should I post my bon mots now?”
For example, recently I have noticed a distinct move towards “business casual” for meetings and conference attendees and speakers. Where a few years ago, having lunch with a global head of a major international bank would have meant meeting someone in a suit and tie (if it is a man), now more often than not that tie is missing.
At a recent European banking event I noticed quite a few delegates wearing trainers. Way back in 2014 I once wore pink Converse low tops on the last day of a banking event, which was so far removed from the conference aesthetic that several people Tweeted pictures of my feet. I found it funny that this gathering in 2024 had quite a few sneaker-clad attendees and no one was batting an eye (or tweeting — more on that later).
I reached for my phone to make this post-Covid, hybrid working environment observation on social media and I stopped. Where would I post this seemingly meaningless comment that had nothing to do with central bank digital currencies or ISO 20022?
My old high school friends on Facebook wouldn’t care, I’m not really an Instagram girl, and it didn’t seem like a good fit for LinkedIn. Since I’m not on Instagram, I’m not really on Threads. I’ve been playing around with the BlueSky network but posting on that platform is like blowing bubbles in the wind. The old Twitter was where a comment like “Old bankers must be turning in their graves, comfy shoes are fashion du jour now” would live. But that outlet doesn’t exist for me and for an increasing number of people in the industry anymore.
Why does this matter?
It is true that there are wider conversations to be had on the impact social media has had on society, from distributing misleading information, to contributing to the poor mental health of teenagers, to lighting fires beneath culture wars.
However, outside of hashtags that spearhead public protests, these channels have created communities and provided avenues for collaboration for people with niche interests — whether those interests involve gathering at beaches with metal detectors or discussing the ramifications of the second iteration of the Payments Services Directive.
Communities on social media haven’t always had the best press in financial services. However, in order to understand why the stock price of failing video game retailer Gamestop rose from $17.25 to over $500 per share in 2021, influenced by a Reddit user calling himself Roaring Kitty, you need to understand how communities work on social media. The same is true with coming to terms with the fact that a rumour circulating on Twitter caused a run on Silicon Valley Bank in 2023.
But outside of bad consequences, the old Twitter was — and what I believe it was best at — a platform to create communities where people had conversations, met new friends and exchanged ideas. For me that community included people interested in global payments regulations, IT projects at banks and fintech enthusiasts (we are much more fun off-paper).
Andrew Carrier, chief marketing officer at Quant, sent me a direct message on BlueSky the other week asking why I wasn’t chatting away on the platform during an event. (Please see my above point on the Twitter clone — if you make a lame comment about sneakers to your 21 followers does it make any noise?). We had a brief back and forth about how much we missed the old Twitter conversations that pinged between our smartphones just a few years ago.
Writing in his InMarketing LinkedIn blog, Carrier commented on the exchange:
“I was at EBAday in Lisbon this week and saw another side to this transformation. Whereas a few years ago conference hashtags were a wonderful ‘back room’ of chat and commentary — often more interesting and insightful than the dialogue taking place on stage — there was nothing of the sort this time. … most EBAday exhibitors posted a perfunctory ‘come and see us at stand #’ post and called it a day. Even the event organisers didn’t bother. X has been all but abandoned by serious people.”
I agree with Carrier that social media usage “by serious people” has changed. Stepping back from Twitter eight months ago has not stopped me being recognised at industry events and gatherings. Despite my brief longing for a social media platform from the past in order to post my thoughts, on the whole I don’t really miss Twitter.
Like a long-shuttered bar that we used to frequent as students, the communication platforms of our youth are no longer available. The industry will survive not hearing about my views on comfy shoes at events (some may even be relieved). However, I miss a platform where inclusion in conversations shaping our sector was determined simply by the community and the dexterity of fingers on a keyboard.
