Page 19 - Banking Finance February 2018

COVER STORY

SOCIAL MEDIA

MARKETING:

PRIMARY TOOL FOR

CUSTOMER'S

ENGAGEMENT IN

TODAY'S BANKING

S ocial Media has become a primary tool for higher with the proliferation of broadband internet, smart phones

levels of customer engagement in today's business
and mobile devices, social media usage has increased
dramatically. If banks are to continue to engage
environment. With the highly digitized banking
scenario, social media promises a spectrum of
marketing opportunities for Indian Banks. Social media meaningfully with their customers, they need to develop
innovative ways to leverage this emerging competitive
marketing offers opportunities for customers connect and advantage- Social Media. Today's youngsters are highly
communication in real time and in large magnitude. Banking techno-savvy and if we need to get the loyalty of this 'digital
on Social Media is the strategy ahead for banks to achieve natives', we have to not only make our presence felt in the
marketing success. With a more globalized approach and platform but have to fruitfully immerse into it also.
increasing competition, banks have increased their
marketing spends on the Social Media. Indian Banking Social Media can help banks improve customer insight,
industry has shown a tremendous growth on social media increase customer engagement, enhance customer
platforms like Facebook, Twitter, YouTube, etc. experience and reinforce brand equity, by transforming
customers into brand advocates. It can now be used by
With the increasing popularity of these platforms coupled Financial Institutions to acquire, engage cross-sell and retain
customers.
About the author As more and more people engage on social media, there is

a strong need for banks to embrace this rapidly growing
Paritosh Kumar platform. Though the process of leveraging the social media
Senior Manager (Faculty)
Union Bank of India is at a nascent stage in the country, banks like ours should
Staff Training Centre, Kolkata actively engage in social media marketing to take full
advantage of this medium. The present study envisages

BANKING FINANCE | FEBRUARY | 2018 | 19

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