Technology is a great leveler. It has blurred the lines between physical and digital transactions. Banks have moved several banking transactions online. Customers can now carry-out banking transactions via net-banking or banks' mobile app. Taking this a step ahead, several banks have introduced social banking which enables customers to carry several banking transactions such as balance enquiry, fund transfer, etc. using their personal social media account. Learn more in this presentation.
5. Banks and Financial Services organisations, like firms in
other sectors, have realized the potential transactional
opportunities offered by social media.
Banks have identified several use-cases for
social media…
6. Customer service has moved from in-house to call-centre and
chat based. As a next step, banks are building customer
service presence on Social Media to address grievances.
7. Platforms such as Facebook and Twitter are being used to
address customer concerns without customers having to
visit a branch
8. In an effort to understand customers’ brand
sentiment, social media users’ news feed is crawled
9. Banks record customer interactions and store them
centrally as part of their Customer Relationship
Management (CRM) software.
Customer comments traced on social media too can be
mapped to individual customers and used to provide
personalized solutions to customers.
10. While Online payments using net-banking, mobile wallets,
etc. have already gained currency, banks have rolled out
social banking…
…to make banking even more convenient for customers.
11. In particular, platforms such as Facebook and Twitter are
used to make requests, place orders, etc.
Also known as hashtag banking, banks have provided
customers the ability to initiate fund transfers, book tickets,
request account balance, among other banking functions.
12. From the standpoint of banks, social banking allows banks to hyper-
personalize services, reduce transactional costs (i.e. call centre
operations, back-office costs, etc.)
13. While social banking is currently nascent, its success
hinges on banks’ ability to deliver superior banking
experience..
.. while minimizing cyber-security threats that
could potentially make the concept impractical.
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the working-class in choosing the schedules
