Welcome!

Agile Computing Authors: Carmen Gonzalez, Mano Marks, Harry Trott, Yeshim Deniz, Elizabeth White

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
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
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...
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
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.
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 o...
Providing secure, mobile access to sensitive data sets is a critical element in realizing the full potential of cloud computing. However, large data caches remain inaccessible to edge devices for reasons of security, size, format or limited viewing capabilities. Medical imaging, computer aided design and seismic interpretation are just a few examples of industries facing this challenge. Rather than fighting for incremental gains by pulling these datasets to edge devices, we need to embrace the i...