Retail Banking and Social Media industry 2020 Foresight by Market Research Store

MARKET RESEARCH STORE
Retail Banking and Social Media industry
2020 Foresight by Market Research Store
Market Research Store included latest deep and professional market research
report on Retail Banking and Social Media industry 2020 Foresight by Market
Research Store.

Retail Banking and Social Media industry 2020
Foresight by Market Research Store
The report provides in-depth market analysis, information and insights
on social media marketing in retail banking industry:
It provides a global snapshot of trends in the use of social media as a
marketing tool by retail banks across the world.
It details leading social media sites across key emerging and developed
markets, and strategies adopted by retail banks to engage customers on
these sites.
It analyzes social media marketing issues and challenges for retail
banks.
It analyzes industry best practices to streamline operations and improve
business opportunities.

It provides detailed case studies to illustrate best practices in action.
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Executive summary
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

isky 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.
A primary question plaguing the banking industry on the use of social
media concerns return on investment (ROI). There are doubts over the
credibility of social media as a key component of business models due to
a lack of tools to measure quantifiable results. The potential benefits are
more of qualitative in nature. Despite initial skepticism by retail banks,
social media is expected to emerge as a complimentary channel, rather
than replacing existing channels such as television and newspapers.
Financial services companies use various channels to market products
and services, and consumer opinion is now measured as an aggregation
of experiences across these channels. Over the next five years, banks
are expected to focus more on synergies that can be generated by social

media and other key channels, rather than calculating ROI in the social
landscape.
Scope
This report provides a comprehensive analysis of social media marketing
strategies adopted by the retail banks across key emerging and
developed markets.
It covers key trends and provides analysis of various stages in the use of
social media by retail banks, with each stage’s potential to influence
customers.
It details various operational, technological and regulatory issues and
challenges faced by retail banks while adopting social media marketing
strategies.
It covers industry best practices and an effective framework for the
adoption of social media as a marketing tool.

It provides case studies on social media marketing strategies
implemented by various retail banks.
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Reasons to buy
Understand the dynamics of the social media landscape across key
markets worldwide.
Assess the current and future opportunities of social media marketing in
retail banking industry.
Gain insights into the social media marketing strategies adopted by retail
banks in key developed and emerging markets.

Gain insights into key issues and challenges to devise strategies and
gain a marketing advantage.
Understand the implementation of industry best practices through
detailed case studies.
Key highlights
Social media marketing has gained increased focus, and retail banks are
changing their business models and product offerings to cater to the
ballooning market of social media users. Social media interactions
provide companies with a platform to reach out to customers and deal
with issues in real time, increasing both the quality of their service and
levels of consumer trust.
The increasing prevalence of the internet and widespread adoption of
Smartphone have fuelled social media expansion, with more than half

the internet population now engaged in social networking. While
Facebook, Twitter and LinkedIn have established themselves across the
world, local social networks such as Vkontakte and Sina Weibo are more
widely used in Russia and China.
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-practice examples that can act as guiding principles for
other banks and financial institutions. There is increased focus on the
use of analytical tools, capitalizing on expertise of third-party
professionals, and use of social platforms to engage customers in real
time to improve brand image.
Retail banks are yet to fully exploit the benefits pertaining to their
presence on social networks. A number of banks have still not made
significant progress in social marketing, and others have also kept their

investment to a low level due to limited awareness, concern for data
security, as well as the legal and reputational risks associated with the
media. However, despite initial skepticism by retail banks, social media
is expected to emerge as a key complimentary channel for business
development and banks are expected to focus more on synergies that
can be generated by social media and other key channels over the next
five years.
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