Page 24 - Banking Finance February 2018

ARTICLE

they have. Here why and how Indian banks are using twitter community. Community Building is something that banks
as a social media marketing tool? should be doing more of because many of the most
important moments in our lives from attending college,
1. Marketing and Promotion to buying our first cars and building a home, to starting
a business and saving for retirement all involve a
Indian banks are using Twitter successfully by
integrating this social tool into their existing campaigns relationship with bank. Focusing on customer service
or creating new ones. They are using Twitter to brand and adopting the personality of the people they serve,
themselves or to market a specific product or service banks are really developing close relationship with the
like personal loan, education loan, housing loan, health customers. Twitter gives the ability to respond in a
insurance. timely manner to customers. By twitting about the
contents, new products, charities, research is helpful in
community building. Banks track the engagement
2. Customer Service records on Twitter.
Twitter has become a great customer service tool
across many businesses and banking is no exception. Conclusion
Banks that are active in engaging with their customers
over social media like Twitter about their products, real The advantage that social media provides businesses is the
time search can be helpful in addressing problems with availability of user profile information. Users of social media
customers. A visible Twitter account can be a quick and services like Facebook usually provide demographic
easy step in the customer service chain when people information as well as information about their preferences.
want to get specific information. This makes the task of advertising in this medium far easier
to advertising on search. On search, the only real
information available is query keywords and navigational
3. Product Research content over time whereas in Facebook, one can find the
A social network like Twitter is undeniably powerful users location, gender, their likes, dislikes, and who their
research and development resource. The marketing friends are.
department in bank use social media tool 'Twitter' to
take a look at their customer's needs and use that to Viral marketing is a popular brand of marketing designed
build new products and services. Research like online for online use. The idea is to target certain individuals in a
surveys, arranging Q/A sessions on bank's Twitter network with promotional campaigns, and let them
account are helpful to identify which features and propagate the message through the network. The initial
benefits are important and which combination will be choices are made to optimize the spread so that they can
provided to satisfy customers. access as many users as possible with the message. This is
more efficient than sending the message to each individual
4. Community Building independently as that only contributes to spam.
The world is changing, and banks are trying to foster
As there is enormous information available about users, their
preferences, previous posts and their friendship links, it is
possible to discern the product preferences of particular
users, which makes it easier to design viral marketing
strategies and in particular, improve the selection of targets.
Users who are extremely popular and have many friends are
usually good targets for campaigns.

But to gain any real value from social networks, banks must
dig deeper. Targeted sales pitches, cross selling of services,
effective customer support, even applying CRM capabilities
all require significant changes in banks' technology
infrastructure and related processes and controls. T

24 | 2018 | FEBRUARY | BANKING FINANCE

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