A White paper on Social Media for Banks and Financial Services Firms
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Overview: This paper provides bankers with the background needed to understand the world of social media and to determine how to best navigate within this changing online demography. It is intended to provide a blueprint of what social media is today and how it can be harnessed for banks and financial services firms. The paper also discusses a model with recommended practices for the successful implementation of social media planning strategy. The following topics are addressed in the paper: What is social media? Why is social media important for banks? What are the challenges associated with social media? How a bank can strategize its social media plans. Advantages of social media for a bank. The paper discusses the social media impact with a real life case of a bank which is practicing the social media tools effectively, and also analyses a hypothetical case for a private bank to implement social media strategy.