Contact Us | Home
Toll Free No. for USA/Canada:   1-866-279-8368
| Advance Search
 
Currency:  $ £
Discounted Reports
MARKET RESEARCH SECTOR IN FOCUS
Energy & Resources
FMCG & Retailing
Pharmaceuticals and Healthcare
Textiles
MARKET REPORT DETAIL

Banks and Social Media

Enquire | Email | Print

Published Date: Oct, 2012
Format: PDF
No of Pages: 36
 
 
Select pricing :
Change Currency: EURO | $ USD | £ GBP
Buy through us and save. We do not add any Tax / Duty including VAT,GST
  • Abstract
  • Table of Contents
Executive Summary

The number of people making use of social network sites such as Twitter, Facebook, linkedIn, and various forums/blogs is estimated at over 2 billion globally.  The development of these sites has enabled people to set-up online communities and engage with like-minded people all over the world as well as giving them an outlet to share their views on any issues that they wishe to comment upon.

People have turned to Twitter and Facebook as well as specialised financial forums and blogs in large numbers to comment about their financial institutions. Often to complaints about poor services or shoddy practices. These posts are there for anyone with access to the Internet to read and comment upon should they wish to do so.

This report examines the uptake of social media by financial institutions. Sites are reviewed in terms of their popularity with financial institutions; the measures taken to manage and derive benefits through the monitoring of social media network sites are also discussed. In addition, the use of social media sites for marketing purposes is reviewed.  Drivers, barriers, and challenges facing banks are presented and risk analysis on the pros and cons of going through the social media route debated.

The report also looks at the usage habits and attitude of members of the public with respect to social media sites. Their views with regards to online marketing and the reasons why they would or wouldn’t make a purchase through online ads are also discussed.

Strategies and recommendations are put forward showing how financial institutions can benefit from monitoring social network sites. It is argued that, as the use of social network sites continue to increase, they will impact on the profitability of banks, and that the information gathered through those sites will shape banks’ future strategies.

The report concludes that social media sites are here to stay and that financial institutions that want to engage their customers through such sites need to put in place stringent measures so as to ensure compliance with regulators as well as deploy the necessary tools and resources so as to fully benefit from the vast amount of data that can be harvested through careful monitoring of such sites.

Table of Contents

Chapter 1 Introduction 9
1.1 Overview 9
1.2 Market Drivers 9
1.2.1 Banks see benefits in social media 9
1.2.2 Learning curves 9
1.2.3 Thriving ecosystem 9
1.2.4 New legislations 9
1.3 Market Restraints 10
1.3.1 In or Out 10
1.3.2 The beast of compliance 10
1.3.3 Language barrier 10
1.3.4 Where is the ownership? 10
1.4 Challenges 10
1.4.1 To boldly engage 10
1.4.2 Thinking out of the box 10
Chapter 2 Banking presence on social media sites 12
2.1 Introduction 12
2.2 Banks and social media 12
2.2.1 Preferred social media sites 12
2.3 How to manage social media conversations 13
2.3.1 Tools to track conversations 13
2.3.2 Management options 14
2.3.3 Questions to ask 14
2.3.3.1 Content 14
2.3.3.2  Data 14
2.3.3.3 Search 14
2.3.3.4  Metrics 15
2.4 Engagement 15
2.5 Costs 15
2.6 Social media activities within banks 15
2.6.1 Overviews 15
2.7 Management of social sites 15
2.7.1 Introduction 15
2.7.2 People behind social media 16
2.7.3 Staff Level 17
2.7.4 Decision makers 17
2.8 Attitudes towards social media 18
2.8.1 Future Plan 18
2.8.2 Usage 19
2.8.3 Outsourcing 19
2.8.4 Benefits derived from social media 19
2.8.5 Ranking their success within social media 20
2.9 The alternative 20
2.10 Social media strategy 21
2.11 Social media tools 21
2.12 Use of outside agencies 22
2.13 Social media policy 23
2.14 Time spend on Social media sites used by banks 24
2.14.1 Overview 24
2.14.2 Sites used by banks 24
2.14.3 Time spent managing social media site 24
2.14.4 Responding to posts 25
Chapter 3 Use of social media by members of the public 26
3.1 Overview 26
3.2 Most used media 26
3.3 Hours spent on social media sites 27
3.5 Public posting segments 27
3.6 The public and businesses 28
3.6.1 Overview 28
3.6.1 The respondents 28
3.6.2 Importance of social media 28
3.6.3 Perceive benefits 28
3.7 Clicking habits 29
3.7.1 Overview 29
3.7.1 Social media and advertising 29
3.7.2 Social media and links 30
3.7.3 Purchasing through social media sites 31
3.8 Reasons to buy goods and services 32
Chapter 4 Global Concerns 33
4.1 Overview 33
4.2 Security 33
4.2.1 Compliance pulls the reign in 33
4.3 Mashed Up Ecosystem 33
4.3.1 Stepping over the line 34
Chapter 5 Strategies and Recommendations 35
5.1 Overview 35
5.2 Strategies 35
5.2.1 Strategies based on Technological Advances 35
5.2.2 Strategies based on Promotion 35
5.3 Recommendation 35
5.3.1 Market Monitoring 35
5.3.2 Segmentation Analysis 36
5.3.3 End-User Demand Analysis 36
5.3.4 End-User Demographic Analysis 36
5.3.5 Competitive End-User Analysis 36
5.3.6 Marketing Audit 36

List of Tables and Figures
Figure 2.1: US banks with a social media presence by sites 12
Table 2.1 Social media sites preferred by banks 13
Table 2.2 social dashboard providers 13
Table 2.3 Professional platform service providers 14
Figure 2.2 Management of social media by location within a bank 16
Figure 2.3 Management of social media sites by staff within a bank 16
Figure 2.3 Position of responsibility of staff managing social media sites 17
Figure 2.4 Daily decision makers 18
Figure 2.5 Importance of social media (5) 18
Table 2.4 Services/functions outsourced by financial institutions (%) 19
Figure 2.6 Benefits to be derived from participation in social media 20
Table 2.4 Ranking the success of social media activities (%) 20
Table 2.5 Alternative marketing tools  - ranking in % 21
Figure 2.7 Banks with social media strategies 21
Figure 2.8: Time spent researching listening platform 22
Figure 2.9: Use of social media platform by banks 23
Figure 2.10: Banks with social media policy 23
Figure 2.11: type of social media policy within banks 24
Table 2.5 time average time spent per week on social media sites 24
Figure2.12: Response to posts (%) 25
Table 3.1 Frequency of post by users per given media 26
Table 3.2 Time spent on Social Media sites  per week (hour and minutes) 27
Table 3.3 Segments most posted 28
Table 3.4 Benefits of using social media for businesses 29
Figure 3.1 Attitudes of respondents towards ads on social media sites 30
Figure 3.2 Attitudes of respondents towards links on social media sites 31
Figure 3.3 Purchasing attitudes of respondents when visiting social media sites 32



Related Reports:  

 

Custom Research
If above report doesn't have the business information suitable for your business, we can provide custom research that would be lucrative for your business or enhance your profession. We leverage most comprehensive, affordable, high-quality custom research which will match exact topic & specifications of your choice. Please visit Custom Research page to make an enquiry.

 

Top Go to top of the page

product id: 342422, price: INR 55652, Aubertin Publishing

International Travel Grant for Members of
MANLIBNET (Management Libraries Network)
We accept
Phone: +91.22.27810772, 27810773
E-mail: info@bharatbook.com
Hours: Mon to Sat 8:00 AM to 8:00 PM IST
Call USA/Canada 1-866-279-8368
 
GPlus
About Trust Online