Gen Y can be tapped more easily at social media sites than
brick-and-mortar branches. Social media is a cost-effective
vehicle for brand building in sync with Gen Y.
The huge numbers on social media, (a billion globally and perhaps millions in India), leave little doubt as to its popularity. The youth are not just romancing but also starting to inhabit social media.
The response of banks has largely been one of apprehension and doubt. Their concerns of privacy and security are valid. However, opportunities to improve customer engagement, service, acquisition and customer advocacy are immense.
The oft-repeated refrain of many an incumbent player is that their customer profile does not suit alternative delivery channels. But even if 10 per cent of the customer base of a bank is on social media and is growing over 25 per cent, it is big enough to create a significant impact.
There was an interesting technology fit study...
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