How social media is reforming the financial services world
Social media is not any more optional; it’s a necessity. It is changing the financial services industries in many ways, from enhancing customer services to enabling clients to do online activities using financial social networks. But, with such an abnormal state of access comes another subset of problems. Therefore, Financial institutions are hoping to pick up an upper hand over different organizations while additionally attempting to moderate the risks presented by social media, for example, when people share very delicate data openly. However, things are rushing.
Key areas where social media is reshaping financial services:
Marketing via social media is much more than conveying a tweet about an item; it includes tuning in to clients and exhibiting the organization’s products and services in a way that will address the customer’s issues. As a result, Social media marketing cannot be separated from an organization’s marketing plan. American Express, interfaces a customer’s Amex card with his/her online profiles on platforms, Facebook and FourSquare convey bargains dependent on movement, for instance, likes and registration. The MasterCard organization has also won honors for this social growth.
- Productivity improvement by reducing cost
Financial institutions have initiated to use social media channels like Facebook as productive methods for handling work applications. ICICI Bank in India propelled a portable application called Pockets, which allows user access to their web-based banking accounts with Facebook logins. The app enables users to perform primary assignments like refilling a prepaid telephone card, paying service bills etc.
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