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Social Media in Banking: Ten Business imperatives for Banks

Ramana Venkata Udathu
Thursday, August 4, 2011
Ramana Venkata Udathu
Financial Institutions all over the world are embracing the Social Media as alternative channel for expanding the banking services and improving the communication with customers. However, banking industry is still in the early stages of evolution with respect to social media initiatives (SMI). Currently the number of SMIs is relatively small and is expected to grow rapidly.

While a lot of banks consider these as ways to gather information about the customers and profile them to position themselves favorably, they are unclear of the objectives and benefits of social media.

Early adopters of social media in the banking industry have faced a few challenges in the approaches and in attracting attention from large number of customers or prospects. Some are already revamping previous avatars and re-launching the new portals to find success in these initiatives. Some questions in the minds of the bankers are:

* Do customers like others to know the financial transactions they have performed or would they like to discuss these with community at large in the open forums?

* Aren’t financial services more personal and hence are the banks’ and their customers ready to share them in the social space?

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