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Customer Experience: Banking on Social Media

Customer Experience: Banking on Social Media

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Published by Customer Centria
The financial meltdown of 2008 led to millions of customers losing faith in the banking system. The article gives a deep insight into how Indian banks can harness social media - use it to rebuild this lost trust, while creating an interactive and enriching customer experience.
The financial meltdown of 2008 led to millions of customers losing faith in the banking system. The article gives a deep insight into how Indian banks can harness social media - use it to rebuild this lost trust, while creating an interactive and enriching customer experience.

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Categories:Types, Research
Published by: Customer Centria on May 03, 2011
Copyright:Traditional Copyright: All rights reserved

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07/05/2012

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www.customercentria.com
 AuthorRahul SinghDateMar. 31st 2011
customer centria
The Customer Engagement & Experience Company
Customer Experience Banking on Social Media
 A Strategic approach towards Indian Banks'  presence on Social Media
DesignationMarketing Manager
 
India – an economy that has one of the highest youth population in the world and will add 241 million peoplein 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 athird each year and is the key target group for marketers to engage in a meaningful and long-termrelationship especially in urban India where household penetration is estimated at nearly 45%.
 Internet – A virtual platform with real-life people
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 youngergeneration to express themselves, share information, explore and familiarize with the virtual space.The days of people having concealed usernames like ‘Iamyoung22’ are gone. Today users flaunt their realnames, 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 thecountry have seen.
The following bar chart depicts the Social Media scenario in India
Source: Comscore
 
The point of confluence: Social media meets Banking
 As social media continues to grow, and makes its presence felt more and more, the industry thatshould 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 acrosssectors, banking in India is on a flourishing note. The banking index has grown at a compounded annual rateof over 51 per cent since April 2001 as against a 27 per cent growth rate in the market index for the sameperiod. Foreign banks are also trying to leverage on this growth run and increasing their footprint in theIndian market.The opportunity to leverage the social media consumers’ online behavior in the context of the bankingindustry, has a high potential and an extremely potent upside.Till today, Indian banks have been through their “aggressive acquisition” phase. However, the key to longterm 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 obtainexponential financial value, build strong bonds and cultivate long term profitable customers. This is theline 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 addresscustomer 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 thatin doing so they don't utilize their bankers' hours. In fact, BoA has a team of five people working full-time tokeep the online conversations going 24 x 7. If you take a look at its tweet history there are plenty of promisingsigns. Wells Fargo has taken things to the next level by creating a Virtual Engagement Platform for socially connecting their prospects and engaging customers.

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