Monday, July 15, 2013

Social Media and Retail Banking, are they compatible?

What do you mean by retail banking? The banking services which you and me use, that is depositing money, withdrawing money, using ATM, fixed deposits, credit/ debit cards, etc.

I initially through what would a bank do on social media?!, Bank can not use broadcast media like social media to do any of the above mentioned jobs, right?

But there is more to retail banking then just above mentioned tasks, here are some of the things which retail banks like HSBC, Barclays, Citi Bank are doing on Social Media

  1. Level 0 Customer Service : Banks have established country specific accounts / pages on social media and are providing first level of customer service on these, this level of service does not include any personal or financial information, some very good examples are @BarclaysOnline, @citibankau
  2. Recruitment / HR tasks : Since Social Media is one of the best ways to connect to individuals, banks are using social media to connect and recruit work force., some of the best examples are @BarclaysRoles@BofA_Careers
  3. Marketing and Sales : Banks are also using social media as every other industry to do the ususal sales/ marketing online
So basically apart from three pillars of CRM, i.e. Marketing , Sales, and Service, Banks are also using social media as a platform for finding talent. And why not? after all "Social" in Social Media is nothing bit the human element and that's what is required here. :)

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