Connected Car Revolution through Cloud
Transformative Retail Banking
A Report from the Front: Transforming IT to Enable Business Strategy
Universal Digital Identity-How to Get it Right?
Innovation & Governance Through Business Alliances
Larissa Tosch, CIO, Glatfelter Insurance Group
Enhancing Banking Performance through Technology Updation
Gary Kern, CIO, MutualBank
Pushing the Needle of Innovation in Banking
Jojo Seva, CIO, NEFCU
Strategic Call Center Solution
Eddie Ho, CIO, Los Alamos National Bank
Thank you for Subscribing to CIO Applications Weekly Brief
Social Media: Trailblazing the path for the Millennial Bankers
While banks are already using social media proactively, the platform fosters more capabilities making way for immense growth.
FREMONT, CA: As social media is the fast-growing area, the power of this medium to connect the customer is undeniable. In the modern era, financial institutions and banking sectors are using social media to market the products and engage customers; further, social media makes it possible to shape the digital future for the whole banking institute. Features like money transaction on the social media account are still fresh for many banks to accept.
• Growth in Customer Base
One of the essential benefits is the growth of the customer base and a broader audience coverage through social media marketing. Social media can provide useful connections with the customers regardless of the geographical location, which creates a stronger financial service and builds a trust factor. As the younger generation is more inclined to use and connect through the social media platforms, the banks can leverage the cross-selling products through it and also will deepen their relationship with the banking institution.
• Personalized Experience
The teamwork of the bank and the social media can deliver better financial services in terms of personalizing the features for every individual account. Strategies built on customer’s spending patterns, preferences, life events, a persona can help the banks to increase their sales of different products and offers according to the choice likely to add value and enhance the customers’ lives.
• Customer Support
In case of any customer support, social media proves to be the fastest and easiest way to contact any authority. Not only banks but many organizations irrespective of the size keep regular monitoring to respond in the platform. The lesser response time builds a sharp image of the bank and also empowers the bank for better support service. The trends of sharing and reposting the activity can encourage the satisfied customer too, which can add brand value and attract new leads.
Marketing complex challenges like understanding a customer’s behavior can be solved by focusing on social media. Today, a company with no social media strategy is at risk and in higher possibilities of losing the position in the competitive market. It is a high time to tailor traditional marketing strategies with technological advancements to create a useful business model.