Synopsis
* The report provides in-depth
market analysis, information and insights on social media marketing in retail
banking industry:
* It provides a global snapshot of
trends in the use of social media as a marketing tool by retail banks across
the world.
* It details leading social media
sites across key emerging and developed markets, and strategies adopted by
retail banks to engage customers on these sites.
* It analyzes social media marketing
issues and challenges for retail banks.
* It analyzes industry best
practices to streamline operations and improve business opportunities.
* It provides detailed case studies
to illustrate best practices in action.
Summary
Social media presents a valuable
opportunity for retail banks. As internet access and smartphone adoption
increase, a growing number of internet users are becoming involved with social
networking. Companies are changing their business models and product offerings
to be able to cater to the ballooning market of social media users. Banks and
other financial institutions are engaging customers with social media, which is
shaping up as a strong channel to promote new schemes, identify customer needs
and receive feedback. Although the use of social media remains risky territory
for many banks, some have started to explore opportunities in this channel and
have set out many best practices examples that can act as guiding principles
for other banks and financial institutions.
A primary question plaguing the
banking industry on the use of social media concerns return on investment
(ROI). There are doubts over the credibility of social media as a key component
of business models due to a lack of tools to measure quantifiable results. The
potential benefits are more of qualitative in nature. Despite initial
skepticism by retail banks, social media is expected to emerge as a
complimentary channel, rather than replacing existing channels such as
television and newspapers. Financial services companies use various channels to
market products and services, and consumer opinion is now measured as an
aggregation of experiences across these channels. Over the next five years,
banks are expected to focus more on synergies that can be generated by social
media and other key channels, rather than calculating ROI in the social
landscape.
Scope
* This report provides a
comprehensive analysis of social media marketing strategies adopted by the retail
banks across key emerging and developed markets.
* It covers key trends and provides
analysis of various stages in the use of social media by retail banks, with
each stages potential to influence customers.
* It details various operational,
technological and regulatory issues and challenges faced by retail banks while
adopting social media marketing strategies.
* It covers industry best practices
and an effective framework for the adoption of social media as a marketing
tool.
* It provides case studies on social
media marketing strategies implemented by various retail banks.
Reasons to Buy
* Understand the dynamics of the
social media landscape across key markets worldwide.
* Assess the current and future
opportunities of social media marketing in retail banking industry.
* Gain insights into the social
media marketing strategies adopted by retail banks in key developed and
emerging markets.
* Gain insights into key issues and
challenges to devise strategies and gain a marketing advantage.
* Understand the implementation of
industry best practices through detailed case studies.
Key Highlights
Social media marketing has gained
increased focus, and retail banks are changing their business models and
product offerings to cater to the ballooning market of social media users.
Social media interactions provide companies with a platform to reach out to
customers and deal with issues in real time, increasing both the quality of their
service and levels of consumer trust.
The increasing prevalence of the
internet and widespread adoption of smartphones have fuelled social media
expansion, with more than half the internet population now engaged in social
networking. While Facebook, Twitter and LinkedIn have established themselves
across the world, local social networks such as Vkontakte and Sina Weibo are
more widely used in Russia and China.
Although the use of social media
remains risky territory for many banks, some have started to explore
opportunities in this channel and have set out many best-practice examples that
can act as guiding principles for other banks and financial institutions. There
is increased focus on the use of analytical tools, capitalizing on expertise of
third-party professionals, and use of social platforms to engage customers in
real time to improve brand image.
Retail banks are yet to fully
exploit the benefits pertaining to their presence on social networks. A number
of banks have still not made significant progress in social marketing, and
others have also kept their investment to a low level due to limited awareness,
concern for data security, as well as the legal and reputational risks
associated with the media. However, despite initial skepticism by retail banks,
social media is expected to emerge as a key complimentary channel for business
development and banks are expected to focus more on synergies that can be
generated by social media and other key channels over the next five years.
To order this report:
Email: customerservice@researchonglobalmarkets.com
US:
+1 800 986 6819
UK: +44 203 514 2363
India: +91 22 4098 7600
SOURCE: Researchonglobalmarkets.com
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