Market Research Report
Social Media in Retail Banking
|Published by||Timetric||Product code||253967|
|Published||Content info||74 Pages
|Social Media in Retail Banking|
|Published: October 31, 2012||Content info: 74 Pages||
This publication has been discontinued on February 2, 2017.
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.
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.