Banks & Social Media

Nowadays, banks can communicate with their customers in so many ways; for example, through ATMs, social media channels, traditional advertising, mobile call centers, SMS, Account statements, face-to-face communication through bank branches, e-mail, Web banners, etc. Earlier, it was either through face-to-face or postal mail. But now, due to heavy mobile penetration and Net access, banks can communicate with their respective customers using short messaging service (SMS), e-mail, etc. Even video messaging has become common now [once up on a time considered as luxury due to heavy use of bandwidth].

With 2.206 billion active social media users on this planet—a global penetration of 30%–if you are asking yourself why my bank is not social media savvy, then this eBook is for you.

The recent vogue is to communicate via social media channels like Facebook, Twitter, etc. Social media channels facilitate 2-way communication. This channel is facilitating the banks in so many ways [ex: instant messaging]. It provides the convenience to talk, convey, meet, advertise, and brainstorm ideas with their respective customers at any point of time. On top of all these channels, the banks can now track and identify their customer need beforehand; using sentiment analysis applications.

Gone are those days, where people approach banks, convey the authorities their respective problems, and request them for loans and other facilities to cater their needs. These days, banks are taking proactive role and are not leaving any stone unturned to identify and cater the needs of their customers. After identifying the needs of their customers using sentiment analysis applications, they are proactively creating custom tailor-made packages, beforehand, which exactly suit their needs.   

This blog thinks that every bank should answer the following questions for itself:

• Do we need social media?
• Do we can use social media to further their own interests, know their customer requirements, create tailor-made schemes, etc.?
• How can we further penetrate and build their brand building activities using social media?
• How can we control and manage social media?
• How can we turn social media as a selling medium for our products?

@socialmediasz