Social media in banking

social media in banking

contents

• • Definition• Social media statements• Examples of social media• Challenges• Usage of social media in banks• How social media help banking industry

• Practice tips• conclusion

Social media

•

Social media is the collective of online communications channels dedicated to community-based input, interaction,

content-sharing and collaboration

Social media

• Time spent on social networks is growing

at3X the overall internet rate, accounting

~10% of all time

93% of social media users believe a company should have a presence in

social media

Which banks are doing well on face book?

•

Social media presence

•

Examples of social media

•

New challenges for banks

•

e

• Enhance communications towards employees, market and shareholders

• Listens(from communications to conversations)

• Monitor conversations(which are out of their control)

Bank’s communications cannot afford to ignore

social media

Customer service

•

Conversations with customers

•

Alternative media

•

Mash up

•

How social media help banking industry

• •Monitor their brand identity•Test and get feedbacks on new products

•Develop conversations and build trust•Launch innovative services• Increase web visits and conversions•Product/service alerts via “tweets”/messages

Social Media ‘Traffic Cops’ Can Keep Banks’ Compliance People Happy

•

7 Things Banks & Credit Unions Don’t Do In Social Channels (But Should)

According to the 2013 Efma Marketing Survey, 84% of banks actively use Face book as part of their marketing strategy, and most everyone else plans to do the same in the near future

7 best practice tips:

1.Go all-in

2. Get the strategy ironed out

3. Don’t just inform..Entertain

INFORMATIONENTERTAINMENT

4. BUILD YOUR COMMUNITY THROUGH PERSONAL INTERACTIONS

5. RESOLVE CUSTOMER ISSUES PUBLICLY

6. GET CREATIVE

7. MONITOR & MEASURE

CONCLUSION

“If approached with a clear-cut plan, commitment, and creativity, social media can be a great tool for banks”

REFERENCES

=http://www.americanbanker.com/bankthink/avoiding-social-media-will-cost-banks-customers-1059853-1.html=http://thefinancialbrand.com/32224/7-tips-for-social-media-in-banking/=http://thefinancialbrand.com/32334/temenos-banking-social-media-compliance-tool/