Views
3 years ago

How-Banks-Can-Use-Social-Media-Analytics-To-Drive-Business-Advantage

How-Banks-Can-Use-Social-Media-Analytics-To-Drive-Business-Advantage

• Cognizant 20-20 Insights How Banks Can Use Social Media Analytics To Drive Business Advantage Strategic use of social media can dramatically impact not only how banks market their products and services, but also how they conduct risk management, product and service design, business forecasting, competitive analysis and customer education. Executive Summary With approximately two billion people using social media around the world, 1 banks must seriously consider how to engage with customers on social channels (see Figure 1, next page). Customers today expect the companies they do business with to listen, respond and offer services through social media; consider that inbound consumer engagement with brands in social channels is growing nearly nine times faster than social networks themselves. 2 And simply establishing a presence on social media is not enough — consumers will increasingly expect banks to use social channels to deliver faster and more effective customer service and customized financial advice; share financial offers and upcoming events; offer knowledge about regulations; and provide a feedback mechanism about banking products and services. Most banks are not delivering such services today. The average response time to customer inquiries on social media from banks and financial services providers is 10 hours, and more than two out of every three customer inquiries go unanswered. 3 To sharpen their competitive advantage, banks must continuously improve their customer service capabilities by offering better response times and response rates through social media, as well as personalized services to customers by interpreting the data that is continuously generated on social media. By analyzing the large volumes of data available on social media, banks can extract key insights that will enable them to improve product and service development, customer service, marketing, risk management and business performance. Since social media is all about the customer experience, banks need to build their social media strategies around the customer to drive loyalty, revenue and profitability. The Power of Social Media Social media is dramatically impacting the banking industry, as most banks have established a presence on various social sites. Barclays Bank, Citigroup, Inc., HSBC, NatWest and others all engage on social media through Twitter, Facebook, Google+, LinkedIn, etc. J. P. Morgan’s customer service account alone has more than 26,000 followers on Twitter, and the company has sent more than 90,000 tweets since its inception. 4 cognizant 20-20 insights | june 2014

Social Media: Why and how to take advantage of it - HEAnet
How Airlines can drive Loyalty on Social Media - Travel Focus
The digital bank tech innovations driving change at US banks
Don't Get SMACked: How Social, Mobile, Analytics and ... - Cognizant
Using Social Media to Drive Travel - Travel & Tourism Research ...
Bridging the Gap : How can banks reach the ... - SWIFT Institute
[+][PDF] TOP TREND Defeating an Internet Boogeyman: Simple Secrets of Reputation Crisis Management Using Social Media Web Marketing Strategy: Volume 2 (How to Make Using Social Media Web Marketing Strategy) [FULL]
[+][PDF] TOP TREND Attract, Capture Convert: 89 Simple Ways Entrepreneurs Make Money Online ( Offline) Using Web Marketing Social Media Strategy: Volume 1 (How to Using Social Media Web Marketing Strategy) [NEWS]
[+]The best book of the month The Social Media Bible: Tactics, Tools, and Strategies for Business Success [FREE]
[+]The best book of the month The New Rules of Marketing and PR: How to Use Social Media, Online Video, Mobile Applications, Blogs, News Releases, and Viral Marketing to Reach Buyers Directly [FREE]
YouTube Marketing: Grow your Youtube Channel to 100,000 Subscribers in the first 6 Months (Social Media, Social Media Marketing, Online Marketing, Youtube Videos) (Volume 1) (Pamela Russell)
• How Manufacturers Can Unlock Business Value via IoT Analytics
Social Media Analytics - MISRC
HOW CAN SOCIAL MEDIA IMPACT MY BUSINESS
Using Social Media Data to Drive Business Decisions - Fathom
Using Attitudinal Analytics to Drive Editorial Insights and Advertising ...
Exactly how Can a Small business Maximize Social media website Advertising and marketing.pdf
Social Media & How to Use it for Marketing Your Business
LEARN HOW TO USE SOCIAL MEDIA - Comcast Business
How Medical Banking Can Boost Transactional ... - Cognizant
How consumer health-care companies can leverage social media ...
Success by social media: how to engage your business - Hyphen
Social Media Analytics Market Overview, Size, Share, Trends, Analysis and Forecast to 2025 |The Insight Partners
How Social Media Marketing Can Help To Grow Your Business
What Social Media Tells Us About U.S. Bank - Beyond the Arc
Europe Social Media Analytics Market Share, Opportunities & Competitive Analysis 2022 Radiant Insights, Inc
3 REASONS WHY SOCIAL MEDIA CAN GROW MY BUSINESS REVENUE
Strategic Analysis on Global Social Media Analytics Industry Forecast to 2025 |The Insight Partners
How to use Social media when selling to schools - Hamilton House ...