Social Banking in action...
Interest in Social Banking has been gaining momemtum momentum with Financial Services firms for past couple of years. Social Banking refers to suite of Web 2.0 technologies from Financial social networks (FSNs) to general social networking including blogs, wikis, podcasts, and mashups. These technologies provide opportunities for the banks to interact with their customers in a more personalized manner.
Needless to say that there is huge need to KEEP the customers you have and to rebuild the trust which was lost in the recent past. The non-bank competitors are moving into banking and investment services . In such an unprecedented environment, traditional banks will need to move quickly to leverage the Social Media strategy to adapt their current business models to suit consumer passion towards social banking.
A very comprehensive list of such intiatives listed by a social media agency shows that there is huge push by various banks accross globe already in place. This just proves the response from the banks to this trend.
What banks could look at is as follows:
- A Clear Social Media Strategy; A core team focused on the same;
- Senior Managment sponsorship and enthusiasm
- Investment on customer segmentation analysis and create targeted social media investments based on usage patterns and demographics data
- Invest in enterprise relationship management (ERM) systems which can link corporate network, public network, and internal systems like email so that internal networks can better leveraged in a 'LinkedIn' type model and to rebuild trust with customers.
- Evaluate patnership opportunities with Financial social networks (FSNs)
What else are you hearing on this area? Look forward to hearing from readers on the same.
