Asian banks need to enhance social media presence to foster closer customer ties
While Asian banks are becoming increasingly aware of the potential presented by social media, many remain undetermined about their social media strategies. October 19, 2012 | Baron LaudermilkSocial media is huge in Asia – not only in more developed nations such as Hong Kong, Taiwan, Singapore and South Korea, but also in emerging countries such as China and Vietnam. According to Social Media Institutions, 81% and 76% of the Vietnamese and Chinese public, respectively, actively use social media as a platform for purchasing decisions. Today, Asian banks increasingly seek to integrate this new channel within the lives of their customer while also improving their marketing and advertising campaigns. Asian banks are increasingly enhancing their initiatives on social media networking websites such as Facebook, Twitter, and Weibo, which are filled with unstructured data that can help them better understand their clients. Indeed, if Asian banks want to stay connected with their customers, it is critical that they continue to further develop their presence in social media. For example, Standard Chartered Bank (SCB) Hong Kong has integrated social media within its “Breeze” mobile banking system to learn more about clients’ savings habits and goals. The bank recently launched “Wishlist”, a socially integrated feature on “Breeze” that allows customers to work towards their savings goals and share their individual progress on Facebook. SCB’s “Wishlist” is a laudable initiative that will help encourage people to save money while staying connected to the bank. However, the bank has so far neglected social media presence in China. SCB would be well advised to make use of Weibo (China’s version of Twitter) and Renren (a networking site similar to Facebook). Weibo is an essential platform to more than 22% of the China’s internet population. With 147 million registered users and 31 million active users per month, Renren is poised to take over as the social networking platform for the college-educated population in China. This should be reason enough for SCB, as well as other international banks with presence in China, to c... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Channels, Customer Centricity, Technology & OperationsChannels,Customer Centricity,technology, Channels,Customer Centricity,Technology & Operations, Keywords:Social Media, Facebook, Twitter, Weibo, Sina Weibo, Renren, Standard Chartered Bank, Citibank, China Merchants Bank, SPDB Social Media, Facebook, Twitter, Weibo, Sina Weibo, Renren, Standard Chartered Bank, Citibank, China Merchants Bank, SPDB
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