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Social Media in Financial Services: Building a Winning Strategy

  • March 2014
  • -
  • GlobalData
  • -
  • 39 pages

Summary

Table of Contents

Summary
Early pioneers have demonstrated the enormous benefits that can be gleaned from using social media to the rest of the financial services industry. Providers are becoming increasingly sophisticated in their utilization of social media. It is changing the way providers interact with their customers, impacting every area of the customer experience from marketing to customer service to brand building.


Synopsis
- Discover how to make the most of the opportunities offered by social media.
- Sculpt future strategies by harnessing lessons from best practice examples.
- Prepare today for the challenges social media will bring tomorrow.
- Keep ahead of the curve by learning how your competitors are using social media.

Reasons To Buy
- How can providers seize the opportunities in using social media in their marketing, customer service, product innovation, and brand building?
- What is the untapped potential of social media in financial services?
- Which providers are being innovative and pioneering the use of social media in financial services?
- What is the future of social media use in financial services?

Key Highlights
Social media is a vital tool for shaping brand perceptions. Providers can utilize social media to humanize their brand through the use of informal promotional campaigns. Transparency and trust can be reinforced by allowing Amazon-style peer reviews of providers' products and services.

Social media aids the promotion and development of products and services. Social media can aid the shift to a customer-centric strategy by helping providers to sell solutions rather than products. Social platforms allow providers to crowdsource ideas for new product and service innovations, and to refine concepts before launch.

Providers can improve communication with their customers through social media. They can use these channels to quickly disseminate service updates and to act as crisis management tools. Video channels are particularly effective for educating and informing consumers, hence reducing inbound traffic to other channels.

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