Welcome!

Agile Computing Authors: Liz McMillan, Pat Romanski, Richard Hale, Elizabeth White, Ed Featherston

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
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, discussed the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filterin...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"C2M is our digital transformation and IoT platform. We've had C2M on the market for almost three years now and it has a comprehensive set of functionalities that it brings to the market," explained Mahesh Ramu, Vice President, IoT Strategy and Operations at Plasma, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Traditional IT, great for stable systems of record, is struggling to cope with newer, agile systems of engagement requirements coming straight from the business. In his session at 18th Cloud Expo, William Morrish, General Manager of Product Sales at Interoute, outlined ways of exploiting new architectures to enable both systems and building them to support your existing platforms, with an eye for the future. Technologies such as Docker and the hyper-convergence of computing, networking and sto...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Much of IT terminology is often misused and misapplied. Modernization and transformation are two such terms. They are often used interchangeably even though they mean different things and have very different connotations. Indeed, it is somewhat safe to assume that in IT any transformative effort is likely to also have a modernizing effect, and thus, we can see these as levels of improvement efforts. However, many businesses are being led to believe if they don’t transform now they risk becoming ...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.