Comprehensive Analysis for Retail Banking and Social Media by 2020

1
2020 Foresight Retail Banking and Social Media
Do the Ends Justify the Expense?
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2020 Foresight Retail Banking and Social Media
Do the Ends Justify the Expense?

• 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.
• Banks are also investing in dedicated teams to
  handle user-generated content over social
  platforms. Although the sizes of these teams have
  so far been limited, they have proven to be
  effective brand-building tools an active
  real-time response from a bank generates a
  positive sense among users that complaints and
  issues are being worked on. The teams have also
  helped banks to avoid fraudulent activity.
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2020 Foresight Retail Banking and Social Media
Do the Ends Justify the Expense?

• Leading Social Networking Sites in India,June 2012

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2020 Foresight Retail Banking and Social Media
Do the Ends Justify the Expense?

• 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. Surveys such as those
  conducted by cmosurvey.org also suggest that the
  potential benefits are more of qualitative
  nature, limiting the potential for short-term
  gain. Banks are therefore sceptical about
  investing in an unproven and non-established
  area. Moreover, with limited budget allocations
  for social media activities, many banks do not
  have frameworks to handle exposure to
  reputational risk from user-generated content.
•  Banks have started to use various parameters
  such as unique visitor numbers, likes and
  followers to quantify the success of social media
  campaigns. Although these parameters do not
  necessarily reflect changes in profitability,
  negative and positive feedback, repeated visits
  and site conversion rates can indicate if, and
  how, a banks investment in social media is
  influencing customers.
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2020 Foresight Retail Banking and Social Media
Do the Ends Justify the Expense?

• 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 stage's 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.

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2020 Foresight Retail Banking and Social Media
Do the Ends Justify the Expense?

• 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.

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2020 Foresight Retail Banking and Social Media
Do the Ends Justify the Expense?

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