Click here to close now.




















Welcome!

Agile Computing Authors: Cloud Best Practices Network, Gregor Petri, SmartBear Blog, Liz McMillan, Samuel Scott

News Feed Item

2020 Foresight: Retail Banking and Social Media - Do the Ends Justify the Expense?

NEW YORK, Feb. 10, 2014 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

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

Synopsis

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

3.1.1 Brazil

3.1.2 Russia

3.1.3 India

3.1.4 China

3.2 Developed Economies

3.2.1 The US

3.2.2 The UK

3.2.3 Germany

3.2.4 Australia

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 Appendix

6.1 Methodology

6.2 Contact Timetric

6.3 About Timetric

6.4 Timetric's Services

6.5 Disclaimer

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

__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001

 

SOURCE Reportlinker

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater.
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...