In today’s fast-moving world, financial services have been an only industry which has been slow in modernizing with the changing behaviour of the consumer.
Nevertheless, the marketing function of these institutions is now successfully disrupted by the new technologies and tools, and social media is leading the baton.
There have been significant changes in the financial sector, especially banking, all thanks to social media ranging from improvement in customer service to payment via an online platform.
So, the given online platform can no longer be considered as places where people communicate with their friends and dear ones. It is a platform which helps an enterprise to enhance their marketing strategies to earn good revenue.
The given study will consider how the social media platform has transformed the financial institutions in 2019 and is going to reshape its working in the future as well.
Importance of Social Media Worldwide
The given figure has illustrated how various social media platforms have entered the life of the people and has enhanced their business to a greater extent. Out of these, Facebook is leading the charge and is mostly utilized social networking platform across the globe.
With such high penetration and user-engagement, financial institutions have come to realize the importance of the given platform and about how many opportunities it is going to create for the given business.
So as a financial service provider, if you want to ignore the given platform; then do at your peril and be ready to face the severe consequences!
“Social Media is here to stay.”
The given quote implies that now onwards, social media has become an integral part of the daily life of a financial service provider. Inspite of being slow in adapting to the social media marketing due to the fear of the risk of the loss of reputation, it has reformed the given industry more accurately.
Key Areas where Social Media has Brought Revolution in Financial Sector
I. Marketing Segment has Gained Momentum due to Precise Email Segmentation
You cannot disassociate the social media marketing from the overall company’s marketing. To create a solid marketing strategy, it should have:
- Reduce Acquisition Cost
- Real-Time Marketing
- Better Segmentation
- Quick Access to Market
If all these criteria are followed strictly, your marketing strategy will lead to success.
However, in the case of the digital world, email is the most important option which is still relevant for all business to succeed in their business.
To connect your social media platform with your official email account and see wonders!
Is this true? Yes, according to a report, 83% of the top financial service providers use email marketing to reach to their customers successfully.
How is it essential to the financial business? They are vital because they segment the email list and boost the clicks by nearly 100% rates.
II. Best Customer Services is the Path towards Achieving Success
There are large numbers of customers who are expecting that they require real-time responses from their service providers. For them, social media is a weapon which could shape or distort your product’s brand image.
How? The answer lies in the fact that if they receive excellent service, they will promote the product. But if they are not satisfied by the service, they will vent their anger on social media and create negative publicity which will harm the image of the company.
So to have good interaction with the customers, more and more financial institutes such as banks and finance companies are adding social media pages.
Moreover, if these institutes add various advanced security standards, it will help to protect the personal information of the customers well. It will help in creating a good image among the customers about the given financial product and thus help them to achieve success.
III. Offers Products at Reduced Cost and Improved Efficiencies
One of the most prominent platforms which are preferred by the majority of the financial service providers is Facebook. Why so?
The reason is that the given platform is successfully used as an alternative to online banking and has also proved to be an effective way to process applications.
How is the given app useful? The utility of Facebook can be exploited in various ways:
- By paying bills
- By recharging mobile phones
- By transmitting money to someone else
- To buy something online
Thus the banking and other financial institutions are at benefits. Besides, the use of Facebook credentials as an identity mark has been proved to be a turning point in the given financial institutions.
IV. Design New Product/Services to Enhance Curiosity among Customers
Social media is a platform which not only delivers new products or services; it also assists in designing them as per the customer’s requirements. There are various financial institutions which are offering banking and other services through leading social media platform, i.e. Facebook.
It is a welcome step as it will help the customers to manage their daily expenses by carefully monitoring their credit/debit services. What’s more, they are also opting for crowd-sourcing on social media to pick and design a new feature for their financial product.
V. Influential Marketing is changing the Way of Conducting Business in Financial Services
Although there has been a significant improvement in the working of banking, still consumers are wary of using its services appropriately.
Various studies have found that only 8% of the consumers trust their financial institutions which have not been good for the business.
So to break the given hurdle, influential marketing on social media has paved the way for the given industry to gain trust among the customers.
Financial industries have an opportunity to find out their target customers and persuade them to promote their brands in an appropriate manner. It has great power and influences large number of masses which can’t be ignored.
Social media is constantly evolving and is the future of all the industries beyond 2019, and financial institutions are no such exception.
So if you want to enhance your customer services than don’t waste time. Immediately contact a reputed Social Networking Website Development Services to transform your financial services successfully to meet customers’ expectations.