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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.
To alleviate security concerns, banks have started to offer highly encrypted and secure apps on social networks that allow users to enjoy bank-grade security while transacting directly through social platforms such as Facebook. Organizations are obtaining industry certifications and using dynamic passwords for apps to instill consumer confidence. With the rising threat of malware, viruses and other malicious applications, a surge in partnerships with organizations dealing in digital security such as Gemalto, McAfee and Symantec has been noted.
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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?
1 Executive Summary
2 Global Snapshot of Retail Banking in Social Media
2.1 Stages of Retail Banking in Social Media
2.2 Trends of Retail Banking through Social Media
2.2.1 Value perceptions across key segments
2.2.2 Key trends
3 Regional Analysis of Social Media in Retail Banking
4 Issues and Challenges
5 Best Practice and Case Examples
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