2020 Foresight: Retail Banking And Social Media - Do The Ends Justify The Expense

The report provides in-depth market analysis, information and insights on social media marketing in retail banking industry:

• It provides a global snapshot of trends in the use of social media as a marketing tool by retail banks across the world.
  
• It details leading social media sites across key emerging and developed markets, and strategies adopted by retail banks to engage customers on these sites.
  
• It analyzes social media marketing issues and challenges for retail banks.
  
• It analyzes industry best practices to streamline operations and improve business opportunities.
  
• It provides detailed case studies to illustrate best practices in action.
  

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Executive summary

Social media presents a valuable opportunity for retail banks. As internet access and smartphone adoption increase, a growing number of internet users are becoming involved with social networking. Companies are changing their business models and product offerings to be able to cater to the ballooning market of social media users. Banks and other financial institutions are engaging customers with social media, which is shaping up as a strong channel to promote new schemes, identify customer needs and receive feedback. Although the use of social media remains risky territory for many banks, some have started to explore opportunities in this channel and have set out many best practices examples that can act as guiding principles for other banks and financial institutions.
A primary question plaguing the banking industry on the use of social media concerns return on investment (ROI). There are doubts over the credibility of social media as a key component of business models due to a lack of tools to measure quantifiable results. The potential benefits are more of qualitative in nature. Despite initial skepticism by retail banks, social media is expected to emerge as a complimentary channel, rather than replacing existing channels such as television and newspapers. Financial services companies use various channels to market products and services, and consumer opinion is now measured as an aggregation of experiences across these channels. Over the next five years, banks are expected to focus more on synergies that can be generated by social media and other key channels, rather than calculating ROI in the social landscape.

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Scope

• This report provides a comprehensive analysis of social media marketing strategies adopted by the retail banks across key emerging and developed markets.
  
• It covers key trends and provides analysis of various stages in the use of social media by retail banks, with each stage’s potential to influence customers.
  
• It details various operational, technological and regulatory issues and challenges faced by retail banks while adopting social media marketing strategies.
  
• It covers industry best practices and an effective framework for the adoption of social media as a marketing tool.
  
• It provides case studies on social media marketing strategies implemented by various retail banks.
  

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