Increase in social media presence for banks

Earlier, when we had to buy something, we would ask our neighbors, enquire at various shops and then buy. Then, with the advent of Internet, we began Googling our queries and now, with the combination of old and new- comes, our new search and query-response tool, social media. Be it for buying a new product or even taking a loan; social media is the way to go.

While the older generation still trust their age old banks where they hold an account from generations, the new age customers trust the advice of friends and acquaintances on financial matters for decision making. Today, it is imperative for banks and financial institutions to be on social media. With social media, the bank’s customers can instantly access and obtain opinion about a bank’s product, loan rates, positive and negative feedback, quality of service amongst more.  While, the bank gets an entire database of customers, existing and potential; also getting access to vast personal data of customers.

Currently, private banks are leading in the social media. According to the ‘Financial Brand’ survey, ICICI Bank, HDFC Bank and Axis Bank top the social media presence. Public sector banks too are fighting to gain limelight in the enormous world of social media.