Social Media: Trailblazing the path for the Millennial Bankers

Banking CIO Outlook | Friday, July 05, 2019

While banks are already using social media proactively, the platform fosters more capabilities making way for immense growth.

FREMONT, CA: As social media is the fast-growing area, the power of this medium to connect the customer is undeniable. In the modern era, financial institutions and banking sectors are using social media to market the products and engage customers; further, social media makes it possible to shape the digital future for the whole banking institute. Features like money transaction on the social media account are still fresh for many banks to accept.

•  Growth in Customer Base

One of the essential benefits is the growth of the customer base and a broader audience coverage through social media marketing. Social media can provide useful connections with the customers regardless of the geographical location, which creates a stronger financial service and builds a trust factor. As the younger generation is more inclined to use and connect through the social media platforms, the banks can leverage the cross-selling products through it and also will deepen their relationship with the banking institution.

•  Personalized Experience

The teamwork of the bank and the social media can deliver better financial services in terms of personalizing the features for every individual account. Strategies built on customer’s spending patterns, preferences, life events, a persona can help the banks to increase their sales of different products and offers according to the choice likely to add value and enhance the customers’ lives.

•  Customer Support

In case of any customer support, social media proves to be the fastest and easiest way to contact any authority. Not only banks but many organizations irrespective of the size keep regular monitoring to respond in the platform. The lesser response time builds a sharp image of the bank and also empowers the bank for better support service. The trends of sharing and reposting the activity can encourage the satisfied customer too, which can add brand value and attract new leads. 

Marketing complex challenges like understanding a customer’s behavior can be solved by focusing on social media. Today, a company with no social media strategy is at risk and in higher possibilities of losing the position in the competitive market. It is a high time to tailor traditional marketing strategies with technological advancements to create a useful business model. 

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