Week 9 -The Effect of Social Media Monitoring Tools in banking sectors ..

There has been concerned of using social media monitoring tools in financial institutions such as bank to regulate reputation risks associated with financial services and overall management and social web. Banks are willing to use social media tools such as Facebook, Twitter and Google+ to have an effective communication with customers, and also to manage social network data. By using social media monitoring tools, banks can activate sales and marketing services, for example, bank teams can create, edit and post detailed information about financial services. With the help of monitoring network tools, Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB), for example, have succussed to make nearly $1 million in revenue by engaging customers on Facebook and Twitter intercepts, rather than using purely branches.

Using of social media monitoring tools in banking sectors could be seriously help in increasing web visits, getting feedback from customers, measuring ROI, monitoring brand identity and making network friends. One of the most important aspects in banking sectors is “Conversation Suite” by MasterCard. This service helps to regulate the feedback from social conversations and build an effective communication with customers. Using “Conversation Suite” by MasterCard has now many social media connections, which lead to foster customer satisfaction and impact communications. Social media monitoring tools of the posts of customers can also lead to understanding of new demand and preferences in the banking sectors, so that it tracks many bank competitors to provide high quality in order to meet customers need.   

Social media monitoring tools can support the strategic plans of the bank, and it must be effectively measured in order to improve engagement and reach bank goals and objectives. On the other hand, there are challenges of social media monitoring. Connecting with traditional channels is one of the challenges. Banks in general has a major problem in credibility and financial crisis. Banks need, therefore, to get involved in powerful social media in order to get trust of followers and customers and fulfil their needs. Ultimately, this topic is quite interesting to many people who deal with banks, and want to know how effectively social media monitoring tools can improve customers services and overall organisational vision and mission. Let’s enjoy the link below.

http://www.youtube.com/watch?v=CnzFgf7tRmg

References

http://www.finextra.com/News/FullStory.aspx?newsitemid=25008

http://www.safesystems.com/blog/2013/06/3-free-tools-to-help-monitor-social-media-activity/

http://www.monitoring-social-media.com/social-media-monitoring-for-financial-services

http://www.australianbankingfinance.com/banking/kaching--cba-reaps--1m-from-social-media/

http://www.informationweek.in/informationweek/perspective/271898/banks-embrace-social-media