Social Marketing and Retail Banking

There's unrealized potential for banks in social marketing.Banking on Social Media (startegy+business) [PDF]

Banks are missing a tremendous opportunity to attract, retain and upgrade customers by not having a comprehensive social marketing effort in place. It could be due to the typically old world nature of the industry.

They could take cues from other industries and start taking baby steps in the right direction.

  1. They could start different blogs around different customer groups to address and engage them. Blogs for retail products, small investors, SMB markets, HNIs and the like would be a good starting point.
  2. Actively curate discussions in a Facebook page like environment.
  3. Be active in mining Twitter discussion topics and trends.
  4. Use location aware products to provide local recommendations.

So much to do. So little done.

PS: Here’s how banks fare in India – Most Social Media Friendly Bank in India.

[image: Flickr/othermore]