In the era of social media, the banking and financial institute could not ignore the importance of leveraging social media. Even though the banking industry is late adopter of social media, it has understand the value and power of the social media. The past few years have been very important for social media in the banking industry. The social media could be used as one of effective tool to reach and influence the people.
Most of the banks have been using the social media as an engagement tool, a few of them have start using social media as a channel for marketing products and services. Banks and financial institutes are starting to leverage the data and tools that social networking sites provide and use targeted advertisements. In future, the companies will continue the customer engagement side of social media effort, while finding ways to creatively use data gathered through social media for marketing insights.
There are plethora of the social networking site and it will be very difficult for any organization to work with all of them. The banks will centralize their focus on one of the social networking sites which they find as most effective for marketing as well as customer engagement.
The bank will also start to train the small business clients on leveraging the social media to promote and sell their product and services. This will help banks to build loyalty and better relationship with the clients. When these business grow, the banks could increase the probability that they buy more of bank’s product and services.
The banks will have system in place to handle customer service request through Facebook and twitter. Eventually, the banks will have the team to review the trends in the social media and they would use that to build a structured strategy.