Banks and Social Media

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Reort On Banks and Social Media: Executive Summary, 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 wishe 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 complaints 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. Bank and Social Media

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.

Chapter 1 Introduction 9
1.1 Overview 9
1.2 Market Drivers 9
1.2.1 Banks see benefits in social media 9
1.2.2 Learning curves 9
1.2.3 Thriving ecosystem 9
1.2.4 New legislations 9
1.3 Market Restraints 10
1.3.1 In or Out 10
1.3.2 The beast of compliance 10
1.3.3 Language barrier 10
1.3.4 Where is the ownership? 10
1.4 Challenges 10
1.4.1 To boldly engage 10
1.4.2 Thinking out of the box 10
Chapter 2 Banking presence on social media sites 12
2.1 Introduction 12
2.2 Banks and social media 12
2.2.1 Preferred social media sites 12
2.3 How to manage social media conversations 13
2.3.1 Tools to track conversations 13
2.3.2 Management options 14
2.3.3 Questions to ask 14 Content 14 Data 14 Search 14 Metrics 15
2.4 Engagement 15
2.5 Costs 15
2.6 Social media activities within banks 15
2.6.1 Overviews 15
2.7 Management of social sites 15
2.7.1 Introduction 15
2.7.2 People behind social media 16
2.7.3 Staff Level 17
2.7.4 Decision makers 17

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