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2020 Foresight: Retail Banking and Social Media Industry: Trends and Forecast

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Albany, NY -- (SBWIRE) -- 06/10/2014 -- 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.

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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 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.

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.

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.

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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 smartphones 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.

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