NEW YORK, Feb. 10, 2014 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
The report provides in-depth market analysis, information and insights on social media marketing in retail banking industry:
• It provides a global snapshot of trends in the use of social media as a marketing tool by retail banks across the world.
• It details leading social media sites across key emerging and developed markets, and strategies adopted by retail banks to engage customers on these sites.
• It analyzes social media marketing issues and challenges for retail banks.
• It analyzes industry best practices to streamline operations and improve business opportunities.
• It provides detailed case studies to illustrate best practices in action.
Summary Social media presents a valuable opportunity for retail banks. As internet access and smartphone adoption increase, a growing number of internet users are becoming involved with social networking. Companies 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, 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 institutions.
A primary question plaguing the banking industry on the use of social media concerns return on investment (ROI). There are doubts over the credibility of social media as a key component of business models due to a lack of tools to measure quantifiable results. The potential benefits are more of qualitative in nature. Despite initial skepticism by retail banks, social media is expected to emerge as a complimentary channel, rather than replacing existing channels such as television and newspapers. Financial services companies use various channels to market products and services, and consumer opinion is now measured as an aggregation of experiences across these channels. Over the next five years, banks are expected to focus more on synergies that can be generated by social media and other key channels, rather than calculating ROI in the social landscape.
Scope • This report provides a comprehensive analysis of social media marketing strategies adopted by the retail banks across key emerging and developed markets.
• It covers key trends and provides analysis of various stages in the use of social media by retail banks, with each stage's potential to influence customers.
• It details various operational, technological and regulatory issues and challenges faced by retail banks while adopting social media marketing strategies.
• It covers industry best practices and an effective framework for the adoption of social media as a marketing tool.
• It provides case studies on social media marketing strategies implemented by various retail banks.
Reasons To Buy • Understand the dynamics of the social media landscape across key markets worldwide.
• Assess the current and future opportunities of social media marketing in retail banking industry.
• Gain insights into the social media marketing strategies adopted by retail banks in key developed and emerging markets.
• Gain insights into key issues and challenges to devise strategies and gain a marketing advantage.
• Understand the implementation of industry best practices through detailed case studies.
Key Highlights • Social media marketing has gained increased focus, and retail banks are changing their business models and product offerings to cater to the ballooning market of social media users. Social media interactions provide companies with a platform to reach out to customers and deal with issues in real time, increasing both the quality of their service and levels of consumer trust.
• The increasing prevalence of the internet and widespread adoption of smartphones have fuelled social media expansion, with more than half the internet population now engaged in social networking. While Facebook, Twitter and LinkedIn have established themselves across the world, local social networks such as Vkontakte and Sina Weibo are more widely used in Russia and China.
• Although the use of social media remains risky territory for many banks, some have started to explore opportunities in this channel and have set out many best-practice examples that can act as guiding principles for other banks and financial institutions. There is increased focus on the use of analytical tools, capitalizing on expertise of third-party professionals, and use of social platforms to engage customers in real time to improve brand image.
• Retail banks are yet to fully exploit the benefits pertaining to their presence on social networks. A number of banks have still not made significant progress in social marketing, and others have also kept their investment to a low level due to limited awareness, concern for data security, as well as the legal and reputational risks associated with the media. However, despite initial skepticism by retail banks, social media is expected to emerge as a key complimentary channel for business development and banks are expected to focus more on synergies that can be generated by social media and other key channels over the next five years.
Table of Contents
1 Executive Summary
2 Global Snapshot of Retail Banking in Social Media
2.1 Stages of Retail Banking in Social Media
2.2 Trends of Retail Banking through Social Media
2.2.1 Value perceptions across key segments
2.2.2 Key trends
3 Regional Analysis of Social Media in Retail Banking
3.1 Emerging Economies
3.2 Developed Economies
3.2.1 The US
3.2.2 The UK
4 Issues and Challenges
4.1 Operational Challenges
4.2 Technological Challenges
4.3 Regulatory Challenges
5 Best Practice and Case Examples
5.1 Best Practices
5.1.1 Framework for effective adoption of social media
5.1.2 Operations best practice
5.1.3 Best practices in marketing and promotional campaigns
5.2 Case Studies
5.2.1 Citibank India using social media to increase online card use
5.2.2 Guaranty Trust Bank takes banking on Facebook
5.2.3 BBVA uses social media to improve customer loyalty
5.2.4 ING Direct's application of Twitter as a risk management tool
5.2.5 ICICI Bank improving customer convenience by capitalizing on popularity of Facebook
6.2 Contact Timetric
6.3 About Timetric
6.4 Timetric's Services
List of Tables Table 1: Impact of Social Media on Banks' Business Structures
Table 2: Social Media Across Retail Banking Functions
Table 3: Global Markets by Unique Video Viewers, December 2012
Table 4: Social Media Marketing in Brazil
Table 5: Presence of Retail Banks on Social Networking Sites in Brazil
Table 6: Key Banks in Brazil and their Popularity on Key Social Networks
Table 7: Social Media Marketing in Russia
Table 8: Presence of Retail Banks on Social Networking Sites in Russia
Table 9: Key Banks in Russia and their Popularity on Key Social Networks
Table 10: Social Media Marketing in India
Table 11: Presence of Retail Banks on Social Networking Sites in India
Table 12: Key Banks in India and their Popularity on Key Social Networks
Table 13: Social Media Marketing in China
Table 14: Social Media Marketing in the US
Table 15: Key Banks in the US and their Presence on Social Media Sites
Table 16: Key Banks in the US and their Popularity on Key Social Networks
Table 17: Social Media Marketing in the UK
Table 18: Key Banks in the UK and their Presence on Social Media Sites
Table 19: Key Banks in the UK and their Popularity on Key Social Networks, July 2013
Table 20: Market Environment for Social Media Marketing in Germany
Table 21: Key Banks in Germany and their Presence on Social Media Sites
Table 22: Key Banks in Germany and their Popularity on Key Social Networks
Table 23: Social Media Marketing in Australia
Table 24: Key Banks in Australia and their Presence on Social Media Sites
Table 25: Key Banks in Australia and their Popularity on Key Social Networks
List of Figures Figure 1: Levels of Social Media Use and their Impact on Customer Acquisition
Figure 2: ROI Measurability Across Different Functions
Figure 3: Social Networking Sites in Brazil by Total Unique Visitors, Dec 2012 vs. Dec 2011
Figure 4: Snapshot of Social Media in Russia, July 2013
Figure 5: Social Networking Unique Visitors (Millions), 2012–2017
Figure 6: Leading Social Networking Sites in India, June 2012
Figure 7: Estimated Number of Active Social Networking Users (Millions), January 2013
Figure 8: Leading Social Networking Sites in the US, 2012
Figure 9: Social Networking Sites in the UK – Unique Visitors (% of Internet Users), 2011 Vs 2010
Figure 10: Leading Social Networking Sites in Germany, December 2012
Figure 11: Leading Social Networking Sites in Australia, September 2013
Figure 12: Impact of Investment in Social Media
Figure 13: Framework for Effective Adoption of Social Media in Banking
Figure 14: Indian Credit Cards – Category Shares by Bank (%), 2012
To order this report: 2020 Foresight: Retail Banking and Social Media – Do the Ends Justify the Expense? http://www.reportlinker.com/p02000135/2020-Foresight-Retail-Banking-and-Social-Media-–-Do-the-Ends-Justify-the-Expense.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=e-Commerce
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