New report examines relationship between social media users and banks
Study examines usage habits and attitude of members of the public with respect to social media sites
ReportBuyer.com the leading website for market research reports has added a new report which examines the relationship between consumer facing financial organizations and social media channels. Banks and Social Media examines the uptake of social media by financial institutions. Sites are reviewed in terms of their popularity with financial institutions; the measures taken to manage and derive benefits through the monitoring of social media network sites are also discussed. In addition, the use of social media sites for marketing purposes is reviewed. Drivers, barriers, and challenges facing banks are presented and risk analysis on the pros and cons of going through the social media route debated.
The 36 page report also looks at the usage habits and attitude of members of the public with respect to social media sites. Their views with regards to online marketing and the reasons why they would or wouldn’t make a purchase through online ads are also discussed.
Strategies and recommendations are put forward showing how financial institutions can benefit from monitoring social network sites. It is argued that, as the use of social network sites continue to increase, they will impact on the profitability of banks, and that the information gathered through those sites will shape banks’ future strategies.
The report concludes that social media sites are here to stay and that financial institutions that want to engage their customers through such sites need to put in place stringent measures so as to ensure compliance with regulators as well as deploy the necessary tools and resources so as to fully benefit from the vast amount of data that can be harvested through careful monitoring of such sites.
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