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Social Media Must Mean More To Banks Than Facebook Channel, Says Report

Consumer use of social media continues to grow with over 1.5 billion social network users globally , so it is no-longer an area that can be ignored by banks and financial institutions, but that is exactly what they are doing.

GFT’s recent study, entitled Impact of Social Media on the Financial Services Sector, carried out in association with the IESE Business School in Barcelona, Spain, reveals that only a minority of financial service providers exploit the potential of web 2.0 tools, concentrating on one-way social marketing activities, instead of integrating social media elements into customer relationship processes.

The study found that Social CRM gives banks the opportunity to create tailor-made services through the gathering and analysis of big data. GFT, an international provider of innovative IT solutions and services, conducted the study together with researchers from the IESE Business School.

The study concludes that, with the onset of mobile banking, it is now time for banks and financial institutions to step up to the plate and create true direct interaction through social mean channels, so that they can share the customers’ experiences, understand and anticipate the customers’ needs and respond quickly and effectively, or get left behind in a fast changing landscape.

The full report can be seen here –