Social Media for Banking

If we look at the Indian banking industry, there are still many banks like the co-operative banks who have not yet gone social and are wasting valuable time in analyzing the merits of doing that, predominantly because of an anxiety on how the Social platforms like Facebook or Twitter may affect customer security and their reputation

Operating in a highly regulated industry this new form of online relationship management, branding and marketing is

definitely a challenge many banking executives are struggling with. The thought of giving up some amount of control over

their public image and placing it in the hands of the customers that they serve can be quite worrisome.

But they should not be that wary.

Here is how a positive word of mouth can be built with customers making the bond stronger and building a win-win relationship:

A few steps that can go a long way for the bank:

SETTING UP
1. Posting Achievements from the past, Milestones, Back-dated photos and key events from the bank’s history to build credibility from their past
2. An EVENTS tab which talks about events where the Bank participates or sponsors,
3. A CSR tab which talks about their support for social causes and where the Bank has been actively involved
4. A SAFE BANKING tab which covers how to bank safely

ACTING ON IT
1. Sharing Lots of PHOTOS / VIDEOS
Of the events the bank sponsors or is a part of
Of their employees and staff
Of their customers
Of Holidays Celebrations and Events in Neighbourhood
Videos / Messages from Key Banking Officials
Of Customer Testimonials
This shows that they care enough to listen and follow others, while indirectly introducing their bank to prospective new customers like their customers’ friends and followers

2. TAGGING customer businesses and links to local news, social & business pages whenever possible.
This will help foster customer relationship as the customers will see that their bank cares enough to promote them in social media.