The presence of Banking on Social media become the need of the century for marketing of banking products as well awareness about the products become easier for both ends. Indian Banking Industry has shown a tremendous growth on Social Media platforms like Facebook, Twitter, YouTube etc.
The Banking sector in India has proven that its not just about opening saving bank accounts, credit cards, investments, wealth management, mutual funds, insurance but also awareness of banking as well as financial product become the need of the hour . With the increasing growth in Social Media in India, banks have understood that likes, tweets, shares do matter to engage with the young generation. With a more globalized approach and increasing competition, banks have increased their marketing budgets and Social Media is one of the major portion of it.
Also read Social Media Marketing or New generation Marketing
There are banks that we have seen, using social platforms as another customer care, using them to showcase their thought leadership, using them to launch new products, endorsing celebrities and many more. Social media is being used by businesses to discuss products and services. Consumers like to use services which not only tell them about themselves but also listen to them. A few private banks like Axis, ICICI and HDFC have begin to understand this shift and have started to be engaging rather than selling but majority of the banks in India still have a long way to go.
Also read State Bank of India and Its Role
We have seen growth in engagement of Social Media in solving all kinds problem as well as increase in transparency in banking services since last decade but we have to do more for meeting both ends for experiencing better banking services.
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