Retail Banking and Consumer Generated Media
Social media presents a valuable opportunity for retail
banks. As internet access and smart phone adoption increase, a growing number
of internet users are becoming involved with social networking. Banks 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, internationally
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 institution.
A great analytical tool is Nielsen Buzzmetrics. It offers the following :
- How consumers feel about your brands?
- How online discussions and postings can power or deflate your brand?
- Specific issues being discussed around your brand or organization.
- Events, trends, issues and people influencing the buzz around your brand.
- How online and offl ine marketing campaigns resonate with consumers?
Insights from Nielsen
Buzzmetrics services help clients develop solid practices and take action for:
- Driving brand advocacy
- Protecting brand reputation and credibility
- Developing new products and monitoring product launches
- Evaluating customer services and satisfaction
- Positioning manufacturing changes and product recalls
- Developing online content strategies that connect with consumers
Banks can use this tool to gain insights into customer
sentiment by analyzing the mass of data generated on social platforms to
improve their customer engagement strategies. It also provides a facility to
keep a tab on fraudulent practices.
Banks have started to use various parameters such as unique
visitor numbers, likes and followers to quantify the success of social media
campaigns. Although these parameters do not necessarily reflect changes in
profitability, negative and positive feedback, repeated visits and site
conversion rates can indicate if, and how, a bank’s investment in social media
is influencing customers. The advancement of analytical tools and the
increasing maturity of banks on social platforms will open up more quantifiable
measures to assess the impact of social media strategies adopted by banks over
the next five years.
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