Research and Markets: Banks and Social Media: How Financial Institutions Can Benefit from Monitoring Social Network Sites
Research and Markets (http://www.researchandmarkets.com/research/gx282s/banks_and_social) has announced the addition of the "Banks and Social Media" report to their offering.
The number of people making use of social network sites such as Twitter, Facebook, linkedIn, and various forums/blogs is estimated at over 2 billion globally. The development of these sites has enabled people to set-up online communities and engage with like-minded people all over the world as well as giving them an outlet to share their views on any issues that they wish to comment upon.
People have turned to Twitter and Facebook as well as specialised financial forums and blogs in large numbers to comment about their financial institutions. Often to complain about poor services or shoddy practices. These posts are there for anyone with access to the Internet to read and comment upon should they wish to do so.
This report examines the uptake of social media by financial institutions. Sites are reviewed in terms of their popularity with financial institutions; the measures taken to manage and derive benefits through the monitoring of social media network sites are also discussed. In addition, the use of social media sites for marketing purposes is reviewed. Drivers, barriers, and challenges facing banks are presented and risk analysis on the pros and cons of going through the social media route debated.
The report also looks at the usage habits and attitude of members of the public with respect to social media sites. Their views with regards to online marketing and the reasons why they would or wouldn't make a purchase through online ads are also discussed.
Strategies and recommendations are put forward showing how financial institutions can benefit from monitoring social network sites. It is argued that, as the use of social network sites continue to increase, they will impact on the profitability of banks, and that the information gathered through those sites will shape banks' future strategies.
The report concludes that social media sites are here to stay and that financial institutions that want to engage their customers through such sites need to put in place stringent measures so as to ensure compliance with regulators as well as deploy the necessary tools and resources so as to fully benefit from the vast amount of data that can be harvested through careful monitoring of such sites.
Topics of coverage include:
- Use of social networks by banks
- Management of social media presence by banks
- Market drivers, restraints, and challenges
- Consumers use of social media networks
- The disruptive forces that social network users will have on banks
- Recommendations on strategy for the use of Social Media Research
Answers and opinions are provided with respect to the following essential questions:
- What are social networks?
- Which ones are the main ones that matter to your bank?
- How do banks manage their social media presence?
- What tools are available to extract metrics from social networks?
- How are consumers using social networks?
- What are their attitudes to online marketing?
- Where are the opportunities for banks?
- How do you grow your business through social networks?
For more information visit http://www.researchandmarkets.com/research/gx282s/banks_and_social