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Social Media and Banking: Brand Opportunity or Complete Waste of Time?

Created by : Suganthi Srinivasan, Accounts Manager, Verizon Communications  | 05 22 2010 10:48:55 +0000
Industry : Equity Research/AnalyticsFunctional Area : Branding(Sales & Marketing)
Keywords : banking social media waste of time brand opportunity
Activity:  305 views;  last activity : 07 06 2010 20:18:09 +0000

Facebook, MySpace, Twitter, YouTube, blogs and other social media are rapidly transforming how customers are congregating and communicating in the online and mobile setting. Leading financial institutions are blazing a path that will change how consumers interact with FIs and gain increasing measure of always-on, real-time control of their money. There are risks associated with being early to engage in social sites, but there is potential for high rewards for financial institutions and tech vendors that develop cutting-edge tools that tap into the potential of social networks for viral marketing, brand awareness, cross-selling, financial literacy, customer service, consumer forums, timely alerts and always-on interaction.

Javelin consumer survey data measures the explosive popularity of social networks, identifies the fast-growing segments and assesses the consumers wariness of mixing social networks and banking. It also features case studies of how eight companies are incorporating social media: Addison Avenue Federal Credit Union, Chase, Fiserv, 1st Mariner Bank, MasterCard, Vantage Credit Union, Visa and Wells Fargo.

With all this things do you think social media and banking is Brand Opportunity or Complete Waste of Time?

  
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Opportunity Vs Waste of time
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I think its a good opportunity for promoting brands as youths can now easily access the banks and elder generations, who are slowly getting into social networking can also brand their products through social networking. So in my view, overall its a good opportunity
By Suganthi Srinivasan, Accounts Manager, Verizon Communications  05 22 2010 10:48:55 +0000
 
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You are right Ms.Suganthi Srinivasan. It is not only a good opportunity but also a process of less time consumption in case FI and Banks for the transactions.
By NATTERAJA R. ARIKRISHNAN, GM-Projects, Bentec Electricals & Electronics Pvt. Ltd  | 06 11 2010 17:51:49 +0000
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I guess the nature of product would be more determinant..a youngster would obviously prefer a gadget more than a banking product on a networking site..
By Ravi Kumar Choudhary, Planning Manager, Encube ethicals Pvt. Ltd.  | 05 27 2010 16:41:05 +0000
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Thanks for invite Suganthi,

Each will derive results according to their own strength of analysis.
By Ravindra Sharma, Managing Consultant, CHEF-India  | 05 27 2010 10:25:32 +0000
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HELLO SUGANTHI,

MANY PEOPLE OF ALL AGES HAVE STARTED SPENDING MORE TIME IN THE ELECTRONIC MEDIA AND THE NUMBERS ARE GROWING DAY BY DAY.WHATEVER INCREASE BANKS GET IS INCREMENTAL.
By s.baalu , Consultant, XYZ LTD  | 05 24 2010 13:55:58 +0000
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YES... ITS' SURE AN OPPORTUNITY !

One should know How to get the Positive Aspects out of any New Media or Opportunity & Leave out the Negatives. That way U land up with the Best & try to make the Best out of it.  

Like there are 2 sides to every coin... the same applies here too. 
By Naushad H.L., Creative Director, MAD COMMUNICATION  | 05 24 2010 06:06:32 +0000
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Thanks for the referral Ms Suganthi.

Social networking sites do give a lot of scope for promotions, as people discuss on issues related to different brand and their pros and cons.


By Dr Ali Ahmad, Independent Health Care Consultant, Hospital Management Consultant  | 05 23 2010 13:26:52 +0000
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Hello Suganthi, Of course its good opportunity to promote their brand and interact with others. This will help in achieving the business also doing social obligations.

K Rajagopalan. 
By k Rajagopalan, Area Manager, Amitex Polymers (P) Ltd.  | 05 23 2010 06:52:15 +0000
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i support Suganthi,it is overall a good opportunity.
By Mohammad Bakhsh, Project Leader/Managing Consultant, Freelancer  | 05 23 2010 04:33:33 +0000
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Hi Suganthi, thank you for inviting me in this discussion. Yes definitely it is an effective medium for promoting ones brand or branding oneself either way. The only problem is that this method may not produce instant results but it is definitely effective.
By Satadru Shastri, Partner, Mukherjee & Shastri  | 05 22 2010 17:56:57 +0000
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Social networking is a popular concept and it can be considered as an opportunity to open new vistas of business or banking.
By Santosh Kumar Mohanty, Civil Engineer-Municipal, Sambalpur University  | 05 22 2010 12:51:10 +0000
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i think it is social marketing which is an opportunity
By Danish khan, Business Analyst, cognizant business consultancy  | 05 22 2010 12:46:14 +0000
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i think it is an opportunity as today we are living in knowledge economy. it is very easy to access youth on networking sites than any other medium.moreover internet is going to be growth engine of futers markting and brand management.
By Danish khan, Business Analyst, cognizant business consultancy  | 05 22 2010 12:44:55 +0000
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I suppose, we meant social, media and banking is being used excessively for brand promotion and is excessively turning out be a waste, rather giving any positive impetus to its actual cause. By using word"social" for any business activity we are trying to prove its social implications, either affecting an individual or society in large positively.Branding in marketing terms always be better and open up new opportunities, if it actually helps perculate down its message to the end users effectively, irrespective of its use , social or media or banking. 
By Ajay Sarate, Founder & Managing Director, Finjovian Advisory Services  | 05 22 2010 12:34:44 +0000
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yes its an opprtuinty which i am agreeing with my concern
By sujit Sadangi, Sales Manager, Future Generali India Life Insurance Co. Ltd  | 05 22 2010 11:56:22 +0000
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