Believe it or Not, Social Media is Reshaping the Future of Banking Industry

Social media! These are two magical words which are creating a buzz in industries across the globe. It has found ways to enter into everyday aspects of the life of the people and has successfully replaced the traditional media.

The impact, as analyzed by the experts, is palpable. It is no longer a place to communicate with the customers, but a platform where a cordial and profitable relationship with them is possible so to make the secure transaction a  good possibility.

Sound obvious, what you say?

The bugs of the social network have also bite the banking industry. It is not that they are unaware of the given platform. They have provided a voice to the customers and allow them to connect with their clients most appropriately, more effective than traditional channels.

In this article, the focus will be on how the banking industry is adjusting itself to the arrival of social media and how it is enhancing its services for better future of the financial institutions.

The rise of Social Media Creating Ruckus among Industries across the World

The shift from ‘branch first’ to the ‘digital first’ in the banking industry has not happened swiftly but gradually. Social media has proved to be a powerful tool to help any enterprise to enhance their brand awareness and to promote brand authenticity.

Studies have shown that the customers trust on those social media platform on which they have a wide presence. Besides, various researchers have found that there is a 9% increase in the usage of social media worldwide and has reached to 3.48 billion in 2019.

Sounds cool, isn’t it? Wait, the best part is about to a come

How Banks Can Utilize Social Media for their Benefits

Although social media marketing in terms of banks revolved around ROI only; yet these banking institutions can take the help of the social media platforms to support the customers and enhance retention rate and customer loyalty.

There are five ways which can be utilized by the banks to enhance their social media presence and are as follows:

A. Build Leads to Enhance Relationship with Customers

Only a fourth of the content which are posted on social media is meant for promotion of a product. However, if you are related to the banking industry, don’t forget to devote some time to build brand awareness via self-promotion about your products & offers.

As per various studies, 63% of the customers are searching social media for finding answers to their financial issues, including that of the banks. It will be a foolish act to ignore this fact and then regret the missed opportunity.

But how is it possible for banks to grab the opportunity? There are various tools available in the market which excels in managing the consumers’ issues. It includes special rates, limited-time offers, which helps in maintaining your reliability without tarnishing your image.

B. Increase Touch-points to remain Connected with the Customers all time

The banking institutions are unable to hold their customers because they have interaction with them only in their dire need. However, if they change their strategy and include social media, then it will bring tremendous changes in their relationship with their customers.

With the help of the given platform, they could enlarge connections by the creation of the touch-points where the consumers can interact with the banks multiple times within a day, week or month.

Besides, the banks could also utilize this opportunity to post value-added content and promote their brand, which will enhance the satisfaction among the customers to a larger extent. A calculated but successful move towards success!

C. Connecting with the Customers by Emotional Targeting

The major factor which compels a customer to change banking is emotions. Sounds puzzling, but it’s a fact! Failing to provide excellent customer service will make you face the customer’s ire and lose them permanently.

Is there any solution? Yes, as in this conflict is hidden, a solution and banking institutions have to tap it to exploit their benefits.

It is simple to create emotional connections with customers using social media. It is simple and easy and providing financial solutions related to the loans or mortgages will make them feel that if anything goes wrong, you are there at their service.

D. Sharing Financial Data among Customers to Increase their Financial Awareness

The banking institutions can’t share finance-related data and information to their customers. However, social media marketing helps you to provide the given facility to your beloved customers.

Are you in dilemma to share or not to share private information? Relax; the given fact implies that you can offer industry insight and other valuable information to win the trust of your potential customers.

Another option you can do is to integrate your banking system with the social media and share the essential financial tips in the form of photos (on Instagram) and videos (on Facebook), creation of content explaining loan and their options and so on.

By utilizing the given medium wisely, the banking institutions will not only enhance the customers’ experience but also increase loyalty among them in the most appropriate manner.

Good engagement with the customers via social media in a perfect manner! Sounds good!

E. Don’t forget to provide same Services across Multiple Channels

The customers use multiple channels to connect with your bank, and social media is one such channel. They should feel the same experience across the channels with no compromising with customer services.

What’s more, anything which you share on your social media platform, say Facebook must go to the given financial product precisely. So ensuring a professional and relevant experience across each channel make your brand to showcase as a personality on which the customers could rely on easily.

Conclusion

After going through the given article, one thing is sure that social media is on the way to revolutionize the banking industry. In future, it will prove to be a valuable tool and will assist the banks in building a strong customer relationship.

Although social media is still in its nascent phase in the banking industry, yet it has allowed them to become more personal by enhanced interaction with its customers and offering valuable services in a better way.

Thereby, the social media platform is redefining the banking industry right under your nose!

Are you operating in the banking sector? Then don‘t waste time and immediately contact a reputed social network development company. They will assist you in the successful promotion of your products and services among your potential customers on social media.