Retail banks need to extend their customer service to every important channel, including social media. This paper describes a model through which banks can plan their social care strategy from concept to launch and elevate their customer engagement to new levels.
I wrote this article for Banker Middle East magazine's June issue.
It highlights the need and benefits of digital marketing for banks sighting a few case studies, references and ideas.
Long term solution for digital marketing in VietnamHai Dongkixot
According to eBrand’s research, Vietnam’s Internet market has been marked an
appearance of many online marketing campaigns (Digital Marketing) recently and stand
out from a crowd is Social Media Marketing. However, “building Online Community can
create a solid foundation for Digital Marketing, not social media marketing which is
using for short-term objectives” some experts say. This article helps us to see a better
portrait of Online Community and problems in implementing this method in Digital
Marketing strategy.
Retail banks need to extend their customer service to every important channel, including social media. This paper describes a model through which banks can plan their social care strategy from concept to launch and elevate their customer engagement to new levels.
I wrote this article for Banker Middle East magazine's June issue.
It highlights the need and benefits of digital marketing for banks sighting a few case studies, references and ideas.
Long term solution for digital marketing in VietnamHai Dongkixot
According to eBrand’s research, Vietnam’s Internet market has been marked an
appearance of many online marketing campaigns (Digital Marketing) recently and stand
out from a crowd is Social Media Marketing. However, “building Online Community can
create a solid foundation for Digital Marketing, not social media marketing which is
using for short-term objectives” some experts say. This article helps us to see a better
portrait of Online Community and problems in implementing this method in Digital
Marketing strategy.
Not very long ago, social media was a diversion that most business leaders considered a time-waster. But today it's obvious that word-of-mouth has a momentous impact on brands and that social media can be a goldmine of customer insight.
This paper provides perspective on the growth of social interactions in business, Voice of Customer pitfalls, and the role of sentiment analysis to mine customer insight.
You'll learn:
How to capitalize on unstructured and unsolicited feedback
To translate insight into action by integrating social channels into your existing processes
The top business applications for social media
The age of Social Customer is here. Are you ready to engage?
Technology management in the age of the customerLithium
Don’t look now, but your company is losing control. Customers are now in the driver’s seat. Learn more by reading this Forrester Report on "Technology Management
In The Age Of The Customer."
Creating Customer Value Through Social MediaPaul McAdam
As the most-popular online activity, social media represents a fundamental shift in the way people communicate with each other and with businesses. The gateway into social media conversations via corporate social responsibility (CSR) initiatives represents a relatively low-risk usage of social media by financial institutions. However, financial institutions are now borrowing from the pages of companies in other industries, as well as leveraging their core competencies, to accomplish objectives beyond gaining attention and brand-building that CSR initiatives address.
This report from IDC describes the ways that social buyers use sources like LinkedIn and when they tend to rely on LinkedIn the most. It also describes a social buyer heightened influence within an organization: they are more likely to make company-wide decisions and they have almost 84% more budget than non-social buyers.
Report produced for GFT by IESE Business School. November 2012. This paper analyze how the financial services sector can use technologies to improve their client engagement and business processes.
Lithium whitepaper: Hey, Tech! Get Serious About Social Customer EnlistmentLithium
Learn about the current state social for tech and why social customer enlistment is a game-changer. Learn how to get social customers to co-create value with you with
gamification—done right. Get sustainable social strategies from Lithium.
The effect of social media on consumer's decision making process among ibep s...Niswatun Chaira
Social media is a virtual place which can be Blogs and different websites are used by individuals or
companies to share about them and their products trough internet. Kaplan and Haenlein (2010)
conceptualized social media as an internet-based program that provides a platform for consumers to
express their own opinions, share information and past experiences using different social networks, blogs
and other content areas.
The efficiency of social media has empowered the marketers and customers with fast interaction and
communication processes to enhance customer service, increase brand awareness and build strong
customer–brand relationships. Using social media tools, consumers will have the chance to express their
opinions to a larger number of individuals and also find the desired information quickly without incurring
much cost (Severi et al., 2014).
This study aimed to determine how the influence of social media for purchase making process. According
to result that got from survey or questionnaire, consumer’s decision making influenced by the Informative
and the alternative of social media.
Social Media Imperatives for Retail BanksCognizant
Social networking tools can help banks boost their retail operations and rebuild customer trust, but only if the strategy addresses risks, is aligned with business objectives and is backed by top leadership.
Yes, once again! Get ready to rock your Social Media and get paid for it! Another free eBook and more free training here https ://tinyurl.c om/y3kdtfy7
Social media is also popularly referred to as web 2.0 and is a new and innovative way of getting one’s views and information across to others in an interactive platform that has proven to be quite effective and popular. Get all the info you need here.
Not very long ago, social media was a diversion that most business leaders considered a time-waster. But today it's obvious that word-of-mouth has a momentous impact on brands and that social media can be a goldmine of customer insight.
This paper provides perspective on the growth of social interactions in business, Voice of Customer pitfalls, and the role of sentiment analysis to mine customer insight.
You'll learn:
How to capitalize on unstructured and unsolicited feedback
To translate insight into action by integrating social channels into your existing processes
The top business applications for social media
The age of Social Customer is here. Are you ready to engage?
Technology management in the age of the customerLithium
Don’t look now, but your company is losing control. Customers are now in the driver’s seat. Learn more by reading this Forrester Report on "Technology Management
In The Age Of The Customer."
Creating Customer Value Through Social MediaPaul McAdam
As the most-popular online activity, social media represents a fundamental shift in the way people communicate with each other and with businesses. The gateway into social media conversations via corporate social responsibility (CSR) initiatives represents a relatively low-risk usage of social media by financial institutions. However, financial institutions are now borrowing from the pages of companies in other industries, as well as leveraging their core competencies, to accomplish objectives beyond gaining attention and brand-building that CSR initiatives address.
This report from IDC describes the ways that social buyers use sources like LinkedIn and when they tend to rely on LinkedIn the most. It also describes a social buyer heightened influence within an organization: they are more likely to make company-wide decisions and they have almost 84% more budget than non-social buyers.
Report produced for GFT by IESE Business School. November 2012. This paper analyze how the financial services sector can use technologies to improve their client engagement and business processes.
Lithium whitepaper: Hey, Tech! Get Serious About Social Customer EnlistmentLithium
Learn about the current state social for tech and why social customer enlistment is a game-changer. Learn how to get social customers to co-create value with you with
gamification—done right. Get sustainable social strategies from Lithium.
The effect of social media on consumer's decision making process among ibep s...Niswatun Chaira
Social media is a virtual place which can be Blogs and different websites are used by individuals or
companies to share about them and their products trough internet. Kaplan and Haenlein (2010)
conceptualized social media as an internet-based program that provides a platform for consumers to
express their own opinions, share information and past experiences using different social networks, blogs
and other content areas.
The efficiency of social media has empowered the marketers and customers with fast interaction and
communication processes to enhance customer service, increase brand awareness and build strong
customer–brand relationships. Using social media tools, consumers will have the chance to express their
opinions to a larger number of individuals and also find the desired information quickly without incurring
much cost (Severi et al., 2014).
This study aimed to determine how the influence of social media for purchase making process. According
to result that got from survey or questionnaire, consumer’s decision making influenced by the Informative
and the alternative of social media.
Social Media Imperatives for Retail BanksCognizant
Social networking tools can help banks boost their retail operations and rebuild customer trust, but only if the strategy addresses risks, is aligned with business objectives and is backed by top leadership.
Yes, once again! Get ready to rock your Social Media and get paid for it! Another free eBook and more free training here https ://tinyurl.c om/y3kdtfy7
Social media is also popularly referred to as web 2.0 and is a new and innovative way of getting one’s views and information across to others in an interactive platform that has proven to be quite effective and popular. Get all the info you need here.
The progress in science and medicine in the recent years have helped to significantly increase life expectancy. ICT technologies - and the Wireless Body Sensor Networks (BSNs) in particular – play a central role at improving the quality of the current health-care systems and services, by integrating them in future "smart cities" eco-system. BSNs consist of wearable sensors applied to the human body for real-time continuous monitoring of physical activities and vital signs. Relevant BSNs application domains include prevention, early detection and monitoring of diseases, elderly assistance at home, fitness, gesture recognition, motor rehabilitation, cognitive and emotion recognition. Some research prototypes of BSN have been developed, but very few hit the market and no one has gained wide success. One of the reasons is that current prototypes are tightly coupled to specific applications and are not interoperable. So, to fully exploit their potential, the AD-PERSONAS project aims to develop an open platform for continuous and heterogeneous monitoring of assisted livings. Specifically, the project objectives include i) a Software distributed multi-layer architecture for efficient management of BSN-based smart-Health services, ii) energy-aware algorithms for the posture/movements recognition and vital signs monitoring, iii) a Biomedical distributed system based on Cloud computing technologies for remote 24/7 monitoring of critical patients. AD-PERSONAS can offer huge benefits to health-care providers and to the patients themselves, which could be monitored remotely through wearable non-invasive technologies so to save financial and human resources. The outcome, then, will be not only scientific but with economical and social impacts.
CRM evolution, multi-channel integration and customer response managementrahuls30
From knowing and connecting with the customer to reaching them via multiple channels, we've come a long way. There are views, opinions, feedback and all kinds of data streaming simultaneously from a large number of channels. And with new channels opening up, we are forced to ask "What next?" Presenting an exclusive whitepaper that features the growing challenges of dealing with a multi-channel response interface, streamlining data from various sources and efficiently engaging with your customers…
Realizing the Potential of Social Media: A Strategy and Approach for InsurersCognizant
Social media strategy for insurers is crucial for insurance success in our age. We look at social media behavior by insurers and by consumers, identifying shortfalls, paths to implementation and opportunities, based on our research of 15 U.S. auto insurers.
A project report on Social Media MarketingSafder Mak
Introduction: Social media has gained importance and acceptance at a very past pace. It has become an avenue to share one’s personal and professional life. The usage of social media as a marketing tool is already implemented by many businesses. This reports analysed how effectively social media be used as a marketing tool. The comparison of social media versus traditional media for marketing was studied and advantages and disadvantages of both are compiled. This report also analysed how small business start-ups can benefit from the ever growing social media industry.
Method: This report used journals, magazine articles, newspaper articles, business reviews, online survey and so on from the library of Amity University. Further official social media pages of various companies on Facebook, Twitter and LinkedIn were analysed to generate statistics.
Result: Social media presence is definitely an advantage for all kinds of businesses. Social media marketing has wider market appeal and is relatively cheaper than traditional advertisements. With a huge number of audiences and high customisability of social media for required content, social media marketing emerges as an exciting and effective tool for marketing.
Social Media Trends 2023 guide : Social media is in a constant state of flux. Social channels’ features are continually evolving and adapting based on user appeal and prospective growth.
Role of Social Media Marketing On Organisational Performance in Kenyaiosrjce
The purpose of this research is to identify and analyze the role and impact of social media marketing
and to analyze to what extent it has an impact on business performance. Social media have become a major
factor in influencing different aspects of consumer behavior including awareness, information acquisition,
opinions, attitudes, purchase behavior, and post-purchase communication and evaluation
Social media is no longer just a fad, it is a fundamental tool for doing business with customers and clients in a digital world.
Nowadays, customer engagement and connection is crucial for business success and sustainability.
Social media has transformed the way you can connect with customers and with new prospects online. It is empowering people, customers, businesses, and brands everywhere.
5 Strategies to Fill the Digital Gap with Social Media.pdfExclsior
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1. customer centria
The Customer Engagement & Experience Company
Customer Experience Banking on Social Media
A Strategic approach towards Indian Banks'
presence on Social Media
Author Rahul Singh
Designation Marketing Manager
Date Mar. 31st 2011
www.customercentria.com
2. India – an economy that has one of the highest youth population in the world and will add 241 million people
in the working-age population by 2030 (Source: UN).
India's current online population is an estimated 81 million connections and 54 million users and a majority
of Internet users are in the age group of 19-35 in the SEC A. B and C categories. This population is growing by a
third each year and is the key target group for marketers to engage in a meaningful and long-term
relationship especially in urban India where household penetration is estimated at nearly 45%.
The Indian Youth are discovering the potential of the online medium to stay connected with each other and
with the rest of the world in general. This, coupled with a booming economy, has empowered the younger
generation to express themselves, share information, explore and familiarize with the virtual space.
Internet – A virtual platform with real-life people
The days of people having concealed usernames like ‘Iamyoung22’ are gone. Today users flaunt their real
names, recent activities, relationship status and almost all other aspects of their daily lives over the Internet.
This is because internet is no longer an unknown and unexplored space but a very real and integral part of
their everyday lives. And the natural progression is thus the impetus that the social media websites across the
country have seen.
The following bar chart depicts the Social Media scenario in India
Source: Comscore
3. The point of confluence: Social media meets Banking
As social media continues to grow, and makes its presence felt more and more, the industry that
should be sitting up and taking note is Banking – a service that touches our lives ubiquitously.
The confluence is inevitable; how to exploit to create a competitive advantage is what should be on every
marketer's mind.
With the growing purchasing power parity of the Indian middle class and growth opportunities across
sectors, banking in India is on a flourishing note. The banking index has grown at a compounded annual rate
of over 51 per cent since April 2001 as against a 27 per cent growth rate in the market index for the same
period. Foreign banks are also trying to leverage on this growth run and increasing their footprint in the
Indian market.
The opportunity to leverage the social media consumers’ online behavior in the context of the banking
industry, has a high potential and an extremely potent upside.
Till today, Indian banks have been through their “aggressive acquisition” phase. However, the key to long
term profitability is retention and increasing profitability of existing customer base. Essentially in this
“forming” phase, social media plays a key role in customer engagement by enabling banks to obtain
exponential financial value, build strong bonds and cultivate long term profitable customers. This is the
line of sight that every marketer needs to have and this whitepaper helps you do exactly that.
How the Big Boys play the game : The global scenario
“As an industry, if you really think about it, banking is about being personal… The fact is their basic aspect
is a very personal relationship and social media is a way to enhance that and bring that back, so I think it's a
perfect fit.” - Frank Eliason, Senior Vice President of Social Media For Citibank
Leveraging the social network of its consumers and prospects has become a globally recognized practice of
banks. The major players include Wells Fargo, Citi Group, ING and BBVA among others.
Bank of America is one of the pioneers in this domain. They launched a dedicated Twitter feed to address
customer queries and grievances. Given their strong orientation towards Online Reputation Management,
they actively browse the 'Twitterverse' for any negative sentiments to address. It may be helpful to note that
in doing so they don't utilize their bankers' hours. In fact, BoA has a team of five people working full-time to
keep the online conversations going 24 x 7. If you take a look at its tweet history there are plenty of promising
signs.
Wells Fargo has taken things to the next level by creating a Virtual Engagement Platform for socially
connecting their prospects and engaging customers.
4. Bank of America on Twitter Wells Fargo's Stage Coach Island
Citi on Facebook
The Indian Scenario
Indian marketers are slowly waking up to this reality, but the adoption of social media as an integral
part of building customer relationships and providing superior customer experience is still lagging.
The unstructured nature of the medium and the surprises that it is likely to throw creates uncertainties and
sometimes not-so-pleasant surprises, which the marketers are not yet ready to face.
If you can't beat them, join them. Social Media is here to stay.
Social media is a platform that defines the way we communicate in the era of Web 2.0
Social Media is currently just a listening tool.
Banks in India certainly have a presence on social media. The scope however, is limited and social media is
still considered only as an alternative media channel. Currently social media serves as a listening platform
only with minimal or no consumer engagement.
How banks are executing it…
• One of the largest banks in India has quite an active presence on Twitter. But if a prospect/customer asks
for help or gives a suggestion, users are provided an automated response to contact the call center or walk
in to the nearest branch. Not a great experience for even the most benevolent customers.
• On the other hand, one of its major competitors is using Twitter as a medium to make its customers, both
present and future, aware about its new and existing product benefits. Case in point: a revolutionary
platform that is being used in a “push” way just like traditional media has always being used. The essence
of the platform – the ability to listen and then “react” appropriately, in an innovative, even immersive
manner, is an opportunity lost in this case.
5. Decoding challenges, the way most marketers see it
The Ostrich Syndrome : Owing to the very essence of social media being a two-way channel, most
1
Indian banks shy away from a robust social media engagement, because the negative feedback is
daunting. Fact is, even if marketers choose not to listen, the customers do not stop talking.
Using the 'hard-sell' strategy is completely inappropriate, and is almost a breach of a consumers'
2
privacy. It is also counterproductive to the very strength of the medium. Traditional marketing
strategies in social media are bound to be a failure, which results in a chicken and egg situation.
Social media marketing might not require huge capital investment as compared to other
3
marketing channels. However, it requires commitment and active participation thus making it
'time-intensive', an aspect that most marketers are currently missing on!
For most marketers social media is like groping in the dark. Integrating it effectively with other
4
elements of the marketing strategy, and using strong consumer behavior insights such as
understanding the pattern of their transactions, noting their various touch-points with the bank
hence becomes the key, which currently marketers are missing on!
Using S0cial Media as a tool for customer engagement and experiences
Banking as an industry, thrives on 'trust' among its customers. The recent financial crisis was a major
testimony of that. The obvious fact arises that since there is an end-user's money involved in the business,
he/she is bound to ask questions and raise queries in an open forum like Social Media, courtesy the open-
ended nature of social media.
It is not advisable for a bank to remain inactive on the social media due to the fear of negative customer
feedback.
“Social Media is a channel which exposes a marketer's dedication to customer experience. You either
do it or you don't. There are no mid-paths!” - Kim Saldanha, VP, Customer Centria
6. Social media unplugged - Converting challenges into opportunities
Marketers get a ring side view : It allows a bank to get a first-hand
a According to a report by ROI
view about consumer’s thought process, likes & dislikes,
Research for Performance, June
competitor conversations, market trends, etc. By using 2010 - 53% of people on Twitter
advanced tools like ‘Buzz Metrics’ to monitor and moderate recommend companies and/or
buzz, and then using this to analyze one’s efforts and products in their Tweets, with 48%
of them delivering on their
channelizing resources retrospectively helps provide enhanced intention to buy the product.
customer engagement.
You heard it first! Continuous engagement, first out approach
b via recent policy updates, new features, add-ons on service front,
An Average consumer mentions
supporting relevant social causes, providing help on query specific brands over 90 times per
resolution, etc. is the ideal strategy that flanks a plethora of week in conversations with friends,
offerings without hard-selling. As a marketer you put it out family, and co-workers. (Keller Fay,
WOMMA, 2010)
there; the consumer has the choice to embrace or ignore and is
hence not intrusive.
Create social media as a credible, alternate channel of
c Two or more channels are used by
communication with the bank. Social Media Interaction implies 78% of consumers to browse,
that Indian banks get a chance to engage with prospects beyond research and make purchases.
(ATG, March 2010)
branch timings and geographies.
Social media is guaranteed to provide effective customer
d dialogue. However once committed, every marketer needs to be
tuned in to the dialogue and dedicated to building a long term The highest performing businesses
emotional relationship with the consumer. Implicit in the term use consumer insights in 80% of
Social Media Interaction is the fact that marketers are sales and merchandising (GOOD
Magazine, March 2010)
guaranteed a chance to engage with their prospects beyond
the limitations of branch timings and geographies; the onus
is thus on the marketers.
Truly exploiting Social Media also provides an opportunity to
e
create experiential profiles for each one of their customers, In a study conducted by social
enabling better targeting. This stems from a deep understanding networking site myYearbook, 81%
of respondents said they'd receive
based on extremely personal details, like areas of interests
advice from friends and followers
captured through various apps/games/events, etc. Hence, relating to a product purchase.
consumer behavior can be better understood and used to provide (Click Z report)
the best value proposition to the end-user.
f Social media gives marketers the opportunity to convert Consumer reviews are significantly
prospects into consumers and later into brand evangelists. more trusted - nearly 12 times more
than descriptions that come from
A key ingredient to long tail engagement is User Generated
manufacturers. (eMarketer,
Content. February 2010)
7. As marketers, we communicate a plethora of messages to the universe; however the traditional concepts of
B2B and B2C are passé. Marketers today must adapt to the role of a catalyst and hence encourage and
facilitate user generated content.
= Brand Ambassadors
User content is your key asset when it comes to social media and facilitating this user content is your core
liability. You definitely run the risk of perhaps falling into an uncontrollable negative conversation, however
the pay-offs are worth the risk:
Making Social Media work for you
Community Building
This involves forming boundariless communities which are based on experiential profiles. Ambitious
entrepreneurs, creative thought leaders, the young and the restless - banks can create communities which
mirror emotional payoffs for each of their products / verticals or service offerings. This not only aids accurate
segmentation of prospects, but enables bonding beyond the product. Also, the key point to remember is the
consumers' need to react to consumers, not a corporate.
Product research
Getting a first-hand customer view of his needs and suggestions and that too in a structured manner can
become the most important tool in your arsenal for product research. Real time research, facilitates a
marketer to become more nimble and responsive to a customer's needs.
Customer Service
With social media you are directly interacting with a customer or a prospect and answering their queries.
This reduces traffic at branches and call-centers. Lead generation and customer query resolution can be
achieved at much lower costs. This also ensures that a prospect/customer is provided the right knowledge
about product benefits, building a bond of trust.
Increasing Profitability
Social media is one of the most effective platforms to accurately segment users and communicate the right
message to the right user at the right time and thus boost sales. Creating a positive brand wave among the
target group is a lot simpler and effective. Innovation is what will make you stand out, and make your
consumers want to “spread the gospel”.
Transparency
The current financial crisis has led many customers to distrust banks, which is one reason why a bank must
now turn to social media. Social Media provides a perfect platform to communicate product benefits,
updates and hence build trust.
8. “Social Media facilitates 'shared awareness', a phenomenon that has lately proved its power to even
change the fortune of a nation. Imagine the power with which it can work positively to protect your
brand from malicious rumors.” - Rahul Singh, Marketing Manager, Customer Centria
The bottom-line is that Customer Engagement via social media is less about technology and more
about communicating the right message in an interactive and creative manner.
Social interaction is not monolithic; there are many channels that can integrate social media strategy to
provide a comprehensive customer experience. Every username is an individual representing that username
and he/she must be having a bank account, depositing money, investing money, and so on. Hence, flanking
ones social interaction strategy via mobile apps, real world offers, gaining insights on the created database,
predictive modeling, direct mailers, creating online virtual worlds, etc. is the right way to extend customer
engagement possibilities.
Banks could potentially miss opportunities to mitigate risk by choosing not to participate in social media. As
a result, we recognize the value of a controlled and closely managed approach to social media as one of the
many ways that banks can engage with its customers and prospects online.
The crux of the matter is that – today's consumer is becoming more-and-more tech savvy however, the
marketers aren't being able to catch up. Social media when clubbed with enhanced event-based marketing,
insights and creative digital communication, can create the perfect value chain to engage the end-user.
Customer Centria provides social media solutions ranging across channels and creates a customer
experience and engagement platform via Internet presence, mobile apps, virtual worlds and technology
services.
Customer Centria's thoughtful and balanced strategy can most definitely enhance Customer experience
through interactive channels like Facebook, Twitter, LinkedIn, mobile apps, games and perhaps a virtual
online bank branch. These channels help companies to provide a superior and customized experience to their
customers with lower costs. Customer Centria's dedicated marketing and technology services help you strike
the right chord with your customers, both present and future.
If we want to succeed in the Market place of Conversations, we have to enter the world of our fellow
consumers and customers and breathe the same air they're breathing. We have to Listen, Engage,
Energize, Motivate, Share, Laugh, Empathise and Serve. We have to trust as much as be trusted. We
have to Love as much as be loved. We have to relate as much as we seek a relationship. There in lies the
truth.
We have no choice but to adopt the C2C idiom or be left out…forever.
- C R Vinay, MD, Customer Centria