Welcome!

Agile Computing Authors: Liz McMillan, Elizabeth White, Srinivasan Sundara Rajan, Darren Anstee, Pat Romanski

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
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
SYS-CON Events announced today that China Unicom 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. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
SYS-CON Events announced today that Pulzze Systems 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. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your...
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...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...