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August 2, 2010

Efma reviews banks’ social networking opportunities

by Gill Montia

Story link: Efma reviews banks’ social networking opportunities

Financial services research firm, Aite Group, has joined forces with the European Financial Marketing Association (Efma) to research the role of social media in the retail banking sector.

The study will examine the use of social networking tools in attracting, retaining and servicing customers, with topics addressed as follows:

Banks’ use of social media tools across the customer life cycle in various global markets.

Methods for gauging the impact of banks’ social media efforts.

Costs associated with the implementation and maintenance of social media tools for banks.

The impact that social media has had on banks’ customer relationships and customer costs, and the effect of social media on how banks organise and perform marketing and customer service tasks.

Efma secretary general, Patrick Desmarès, comments: “Given the rapid adoption of social media and social networking tools by consumers, banks have been exploring using these tools and technologies to attract, retain and service customers.”

He adds: “Knowledge of industry best practices and a means to measure success will serve as a roadmap for banks seeking to maximize their return on investment.”

Aite’s senior analyst, Ron Shevlin, will present highlights of the study at Efma’s annual congress to be held on 21st and 22nd October, in Rome.


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