Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Social Media for Central Banking / Reserve Bank of India

631 views

Published on

Social media can be effectively used for Central Banking.
Customer service, Spreading information, Brand building, Generating sales
Listening to what users (in this case it could be banks) are saying.
Reputation management, Curbing rumors, Festive seasons, Core activity of banking (help in realigning)

Published in: Engineering
  • Be the first to comment

  • Be the first to like this

Social Media for Central Banking / Reserve Bank of India

  1. 1. Social Media for Central Banking / Reserve Bank of India REBIT, Mumbai March 28, 2019 Ponnurangam Kumaraguru (“PK”) IIIT {D, H} TEDx & ACM Distinguished Speaker Linkedin.com/in/ponguru/ fb/ponnurangam.kumaraguru @ponguru
  2. 2. 2
  3. 3. 3
  4. 4. 4
  5. 5. Role of RBI – Financial Supervision – Regulator and supervisor of the financial system – Regulator and Supervisor of the Payment and Settlement Systems – Banker and Debt Manager to Government – Managing foreign exchange – Issue of currency – Banker's bank – Regulator of the Banking System – Detection of fake currency – Developmental role – Custodian to foreign exchange 5https://en.wikipedia.org/wiki/Reserve_Bank_of_India
  6. 6. Role of RBI – Repo Rate – Reverse Repo Rate (RRR) – Statutory liquidity ratio (SLR) – Bank Rate – Liquidity Adjustment Facility (LAF) – Cash Reserve Ratio (CRR) – Open Market Operation (OMO) – Marginal Standing Facility (MSF) 6https://en.wikipedia.org/wiki/Reserve_Bank_of_India
  7. 7. Functions of RBI – "The primary objective of RBI is to undertake consolidated supervision of the financial sector comprising commercial banks, financial institutions and non-banking finance companies." – "Their objective is to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India." – "Reserve bank of India is the sole body who is authorized to issue currency in India. RBI maintains the economic structure of the country so that it can achieve the objective of price stability as well as economic development because both objectives are diverse in themselves." 7
  8. 8. Functions of RBI – Detection of fake currency – Developmental role. The central bank has to perform a wide range of promotional functions to support national objectives and industries. Key tools in this effort include Priority Sector Lending such as agriculture, micro and small enterprises (MSE), housing and education. 8
  9. 9. Using Social Media – Customer service – Spreading information – Brand building – Generating sales – Listening to what users (in this case it could be banks) are saying – Reputation management – Curbing rumors – Festive seasons – Core activity of banking (help in realigning) 9
  10. 10. HDFC, Digital Command Centre 10
  11. 11. Banking customers use Social Media 11
  12. 12. Social Media + RBI – Monitor what other banks say, especially keep a tab on verified accounts – Fact checking – Fake currency – Being active on social media -Advisories -Press releases (@CPBlr experiences) – Develop reports on government policies / schemes – Use social media effectively for both Push & Pull – Long shot - Prediction of of GDP / inflation / macro economic indicators 12
  13. 13. 13
  14. 14. Analysis: Network Analysis 14 http://bit.ly/elections19
  15. 15. Analysis: Network Analysis 15 – In-degree centrality – Out-degree centrality – Betweenness centrality – Closeness centrality – Cliques – Clusters – ….
  16. 16. Bank’s advertising strategies 16
  17. 17. Customer complaints against banks 17
  18. 18. Customer complaints against banks 18
  19. 19. Topic of interest / relevance: #200RupeeNote 19
  20. 20. User profiling to grant loans 20
  21. 21. 10 rupee coin, 350 rupee note 21
  22. 22. HODL = Hold On for Dear Life 22
  23. 23. Stock market prediction 23
  24. 24. Stock market prediction 24
  25. 25. Stock market prediction 25
  26. 26. 26
  27. 27. 27
  28. 28. #s that banks use – #SafeBanking – #iPledgeSafeBanking – #MakeTheWinningMove – #SafetyOnYourFingertips – #ThisTaxSeason – #TAXerciseThursday – #HappyWomensDay – #UnstoppableYou – #InternationalWomensDay 28
  29. 29. 29
  30. 30. 30
  31. 31. 31
  32. 32. 32
  33. 33. 33
  34. 34. 34
  35. 35. Comparing banks…. 35
  36. 36. Adoption strategies – Focus both on Push & Pull – Understand what the customers (in your case it can be RBI or banks) wants from you – Social media objectives and organization objectives must be aligned – Technologies should be used / integrated with existing platforms you may already have – Collect data and use it for prediction -Long term planning 36
  37. 37. Social Media Interaction strategies – Have verified accounts – Have a social media interaction with other banks – Be ACTIVE and INTERACTIVE – Do not delete negative comments – Decide who to respond and who to ignore – Respond as a reply in public – Move more complicated customers into a different channel – Deal people delicately – For complaints, get them onto a different channel 37
  38. 38. Some challenges – Banks are generally using social media as a communication tool and not as a collaborative tool – Given the newness of the medium regulations are not clear – New ways of interaction, may cause difficulty within the organization – Deal with negativity 38
  39. 39. Takeaways… – Social media is not going away… – Interesting times to use these platforms for the benefit of RBI…. – Will be happy to discuss anything further… 39
  40. 40. 40 https://fb.com/ponnurangam.kumaraguru https://www.instagram.com/pkatiiitd/ @ponguru Linkedin.com/in/ponguru/ http://precog.iiitd.edu.in/

×