Banking In Social Media Essay Examples

In the 21st century, retail banks have started using social media in reaching their customers. The social media include you tube, facebook, as well as other advanced platforms brought up by technology. Undoubtedly, the web 2.0 technologies have converted the world into an avenue for people to engage and connect online. In fact, technology has improved various banking systems.
Social media have improved the marketing strategies of retail banking. Furthermore, it has enabled the retail banks to establish new attractive products, with an aim of winning the youth and the connected generation. Competitions in the banking system are tremendously high; hence, banking has to utilize the social media to attract customers, distribution, sales, marketing, as well as increasing sales. Banks benefit by utilizing information from social network. This is because, the information is unfiltered, and directly from the customer; it generally, improves and develops their services.
Globally, social network and media help in building a user-friendly, trustworthy, interactivity, as well as transparent banking systems. Those banks that have decided to take a leap into banking on social media have the advantage of reaching a wide range of markets, reducing costs, and restoring confidence. In every developed markets, youth use and have access to the internet. At least 12 percent of them have an interest in investing blogs and finance. The banks will probably meet the 12 percent though the internet. Standard transactions and information are passed to the customers online.
Banking on social media cuts costs through elimination of communication expenses. Additionally, most inventive and innovative banks will use the social media to enhance the customer’s loyalty, as well as developing up-selling and cross-selling opportunities. Furthermore, social media in the banking industry restore the customer’s confidence through various campaigns. Banking is extraordinarily complex to the customers, but with the presence of social media, transaction processes and finding information has been simplified. New technologies are exceptionally attractive to customers; hence, banking on social media offers long-term worth to the bank.