Social media allows for interaction and information sharing through virtual communities and networks. It facilitates the creation and sharing of information, ideas, and expressions via these communities and networks. Social media in banking is a communication channel between financial institutions and customers that is transforming banking relationships through improved customer service and new services like sending money online. Banks use various social media tools and technologies to engage customers, provide services, develop products, reduce costs, and build their brand and business models.

1. GUIDED BY:
DR.V. HARILEELA
PRESENTATION BY:
P.SAIPRASAD
160116672049

2. Social media
• Social media is interaction among people in which,
they create, share, and exchange information and
ideas in virtual communities and networks.
• Social media are computer mediated technologies that
facilitate the creation and sharing of information,
ideas, career interests and other forms of expression
via virtual communities and networks.

3. 1. Simple user interface.
2. Prominent search functionality.
3. Personalized User Profile and Experience.
4. Notifications and Real time updates.
5. Interactivity.

4. • Social media in banking is a communication channel
between financial institutions and customers.
• Social media is transforming banking relationships in
very significant ways, from improving customer
service to allowing users to send money to others via
online platforms.

5. Banks uses social media using web 2.0 technologies
that includes:
Financial social networks (FSN’s)
General social networking
Blogging and micro blogging tools
Podcasts
Wiki’s
Mash ups
Widgets

6. Areas where social media is changing banking
services:
Customer Service
Marketing
New Product/Service Development
Reducing Costs and Improving Efficiencies
New Business Models

7. Reasons for adopting social media:
Targeting the audience more effectively
Expands your target audience and brings in new ones
Allows instantaneous feedback from customers
Increases website traffic, search ranking, generating leads
Cost effective
Develops customer service relations and loyalty

8. Major benefits of banks using social media:
Understanding the market
Finding out potential customers
Identifying social media influencers
Continues eye on customer feedback
Analysing your competition
Relationship development

9. Brand development
Product development
Developing connections
Value defining
Money Saving
Time saving
cont..

10. Social media marketing strategies for banks:
Creating Connections
Promoting Products
Insight
Tactical Targeting
Apt Advertising
Connected Channels