Tuesday, May 21, 2013

The Social Media Effect on Banks and Financial Institutions

Banks and financial institutions have felt the social media effect in a big way. With the advent of social media, the banking and finance industry has seen a sea change in the way it conducts business. From being a conservative industry, it has changed into social media backed enterprise. Today because of the critical business benefits that it offers, banks and financial institutions have made social media an inevitable part of their marketing strategy.

Take a look at how social media has transformed banks and financial institutions in India and around the world.

Citi Bank’s official Twitter page for Customer Service
Yes Bank promoting its Money Monitor on Facebook
HSBC’s YouTube Channel. Note the different sections for advertising, sponsorship and ideas exchange.

Aviva India launched its Customer Centre on Facebook on May 1, 2013.