Social Media in Retail Banking

Synopsis

• Social media interactions provide banks with a platform to reach out to their customers and deal with issues in real time, which increases both the quality of their service and the levels of consumer trust. With banks now able to track each customer relationship through social media analytics, social media data can be integrated into a broader customer intelligence strategy to help banks gain a customer centric understanding of their products, services and brand as a whole.
• This report covers the usage of social media in retail banking in various countries across the globe.
• It provides information on social media penetration globally, as well as social media usage by various banks in different countries.
• It also covers the technological advancements which enhance social media in the retail banking system.
• The report also features key developments in social media in developing markets such as China and India.

Executive summary

Social media is a potential channel for managing effective customer relationship management for retail banks. The adoption and use of digital channels, such as mobile phones and social media, has grown rapidly over the last decade. To reduce their cost of operations, they are adopting social media to market their products and services. This trend is accelerating the adoption rate of social media marketing by retail banks across the globe.

Scope

This report will allow you:

• To understand the future potential of social media in retail banking.
• To understand the usage of social media by retail banks in developed countries and developing countries.
• Gain insight into the key technology developments for social media management for managing effective customer relationship management.
• To analyze social media trends globally.

Key highlights

• Social media marketing is replacing traditional marketing in global markets and this is an emerging trend.
• Social media tools are supporting social media adoption by various senior management members in various retail banks.
• Web-enabled smart phone penetration is expected to be a key driver in social media adoption by banks across the globe.
• Use of smart phones has grown faster than the rate of new broadband connections.

Reasons to buy

• Provides detailed analysis on social media in retail banking globally.
• There is a special emphasis on the opportunities available in emerging markets.
• The report also focuses on various social media management tools to automate social media usage in various organizations in the global market.
• Provides in-depth analysis of challenges faced by the retail banking system in the adoption of social media.

Table of Contents

1 Executive Summary

2 Introduction

3 Social Media Role in Retail Banking
3.1 What is the Value of a Fan?
3.2 Banks Look to Geospatial Marketing Campaigns to Drive Customer Behaviour
3.3 The Top 150 Banks on Facebook
3.3.1 Strengthening social media engagement through sponsorships
3.4 The Need for Stronger Customer Relationships
3.5 What Kind Of Relationship Do You Want With Your Customers?
3.6 Service

4 Global Consumer Trends in Social Media
4.1 Consumers Want More Digital Engagement
4.2 Marketing Snapshot

5 Commonly Used Social Media Tools and Their Penetration
5.1 Common Social Media Platforms
5.2 Social Media Management Tools (SMM)
5.3 The Mobile Channel
5.4 Interview with Barrie Neill, Retail Banking Consultant SAS UK & Ireland

6 Social Media Usage by Retail Banks in North America
6.1 Social Media in the US
6.1.1 Top social networking sites in the US
6.1.2 Trends in US social media
6.1.3 Case studies
6.1.4 The future of social media in the US

7 Social Media Use by Retail Banks in Europe
7.1 Introduction to Social Media in Europe
7.2 Social Media in Germany
7.2.1 Top social networking sites in Germany
7.2.2 Trends in German social media
7.2.3 Case studies
7.2.4 Future of social media in Germany
7.3 Social Media in France
7.3.1 Top social networking sites in France
7.3.2 Case study
7.3.3 The future of social media in France
7.4 Social Media in Russia
7.4.1 Top social networking sites in Russia
7.4.2 Trends in Russian social media marketing
7.4.3 Case study
7.4.4 The future of social media in Russia

8 Social Media Usage By Retail Banks in Emerging Markets
8.1 Introduction to Social Media in Emerging Markets
8.2 Social Media in China
8.2.1 Top social networking sites in China
8.2.2 Trends in Chinese social media
8.2.3 Case study
8.2.4 The future of social media marketing in China
8.3 Social Media in India
8.3.1 Top social networking sites in India
8.3.2 Trends in Indian social media
8.3.3 Case study
8.3.4 The future of social media in India
8.4 Social Media in South Korea
8.4.1 Top social networking sites in South Korea
8.4.2 Trends in South Korean social media
8.4.3 Case Studies
8.4.4 The future of social media in South Korea
8.5 Social Media in the UAE and Other Arab Countries
8.5.1 Top social networking sites in the UAE
8.5.2 Trends in UAE social media
8.5.3 Case studies
8.5.4 The future of social media in the UAE

9 Retail Banks’ Challenges in Effective Social Media Adoption
9.1 Customer Dimension
9.2 Competition Dimension
9.3 Environment Dimension

10 Conclusion

11 Appendix
11.1 Methodology
11.2 Contact Us
11.3 About Timetric
11.4 Disclaimer

List of Tables

Table 1: Top Banks on Facebook
Table 2: Top Five Display Categories by Share of Spend (%), 2011 vs 2010
Table 3: Social Media Usage Statistics, 2012
Table 4: Market Environment for Social Media Marketing in the US – Key Facts, 2011
Table 5: Market Environment for Social Media Marketing in the US – Key Facts (2011)
Table 6: Social Media Marketing in Germany – Key Facts, 2011
Table 7: Demographic Profile of the Top Five Social Networking Sites in Germany, 2011
Table 8: Online Video Platforms Sorted by Unique Viewers in Germany (in Thousands)
Table 9: Environment for Social Media Marketing in France – Key Facts (2011)
Table 10: Social Media Penetration in France – Key Facts (2011)
Table 11: Market Environment for Social Media Marketing in Russia – Key Facts, 2011
Table 12: Market Environment for Social Media Marketing in China (Key Facts – 2011)
Table 13: Market Environment for Social Media Marketing in India (Key Facts – 2011)
Table 14: Demographic Profile of Social Media Users in South Korea (%)
Table 15: Market Environment for Social Media Marketing in Korea – Key Facts (2011)
Table 16: Market Environment for Social Media Marketing in the UAE – Key Facts (2011)

List of Figures

Figure 1: T-Mobile Viral Video on YouTube, 2009
Figure 2: Consumer Willingness to Pay for Digital Services
Figure 3: Consumer Willingness to Pay for Good Service
Figure 4: Consumers Access Online Content Via Apps or Mobile Internet in the UK (%), 2011
Figure 5: Indicators to Measure the Performance of Online Marketing Campaigns
Figure 6: Use of Social Media Sites (%), 2011
Figure 7: Current Status of SMM Tools and Services, 2012
Figure 8: Social Media in North America and Retail Banks Active on It, 2011
Figure 9: Top 10 Social Networks and Blogs – Unique Audience (Thousands)
Figure 10: JPMorgan Chase Corporate Challenge Page on Facebook
Figure 11: CitiBank Company Page on Twitter
Figure 12: Snapshot of European Social Media and Retail Banks on It – 2011
Figure 13: Ranking of the Top 10 Online Media in Germany Based on Unique Visitors, 2011
Figure 14: Share of Social Media by Various German Banks (%), 2010
Figure 15: Demographic Reach of the Top Five Social Networking Sites in Germany (%), 2011
Figure 16: Top 10 Key Usage Areas of Social Media in Germany and Its Share of Social Media
Figure 17: Snapshot of Deutsche Bank’s Company Page on Facebook
Figure 18: Share of Social Networking and Facebook Markets by Reach (%), 2011
Figure 19: Demographic Profile of Social Network Users in France
Figure 20: Snapshot of Promsvyazbank’s Facebook Social Media Initiative
Figure 21: Sberbank’s Online Savings and Social Media App
Figure 22: Snapshot of Social Media and Active Banks in Asia, 2011
Figure 23: Social Networking Users in Emerging Markets
Figure 24: Social Network Users and Penetration in China (2011–2014)
Figure 25: Age Distribution of Internet users in China
Figure 26: Social Network Users of Various Sites in India, 2012
Figure 27: Snapshot of ‘Living Your Passion’, a Social Initiative Launched by ICICI Bank
Figure 28: Adoption of ‘Living Your Passion’, a Social Initiative Launched by ICICI Bank
Figure 29: Standard Chartered Bank’s IFE Facebook Page
Figure 30: Social Media Use by Companies in South Korea (%)
Figure 31: Handset Type Amongst Mobile Users Aged 16−64 Years (Primary Phone)
Figure 32: Incidence of Application Usage and Median Number of Applications Used
Figure 33: Areas of Social Media Requiring Improved Approaches
Figure 34: Number of Facebook Users % of Users in Arab Region (June 2012)
Figure 35: Penetration of Social Media Users in the Arab Countries (June 2012)
Figure 36: Snapshot of Mashreq Bank’s Presence on Facebook
Figure 37: Challenge Dimensions in Social Media Adoption