Social Media in Retail Banking

Published: October 2012
No. of Pages: 74
    ReportsandReports

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.

Published By: Timetric
Product Code: Timetric396


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