Retail Banking and Social Media industry 2020 Foresight by Market Research Store
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the internet population now engaged in social networking. While<br />
Facebook, Twitter <strong>and</strong> LinkedIn have established themselves across the<br />
world, local social networks such as Vkontakte <strong>and</strong> Sina Weibo are more<br />
widely used in Russia <strong>and</strong> China.<br />
Although the use of social media remains risky territory for many banks,<br />
some have started to explore opportunities in this channel <strong>and</strong> have set<br />
out many best-practice examples that can act as guiding principles for<br />
other banks <strong>and</strong> financial institutions. There is increased focus on the<br />
use of analytical tools, capitalizing on expertise of third-party<br />
professionals, <strong>and</strong> use of social platforms to engage customers in real<br />
time to improve br<strong>and</strong> image.<br />
<strong>Retail</strong> banks are yet to fully exploit the benefits pertaining to their<br />
presence on social networks. A number of banks have still not made<br />
significant progress in social marketing, <strong>and</strong> others have also kept their
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