Gartner Research

How Banks Can Use Social Media to Deliver Real-World Business Value

Published: 03 April 2014

ID: G00259562

Analyst(s): David Furlonger

Summary

Banks are slowly beginning to embrace social media as a means of acquiring, retaining and engaging customers. An eight-step plan can help bank CIOs and business product leaders overcome the evolving challenges of social media to develop effective customer engagement initiatives.

Table Of Contents

Analysis

  • The Banking Industry Has Come Late to Social Media — and Still Has a Limited Understanding of Its Value Propositions
  • A Successful Bank Social Media Strategy Must Address Certain Basic Issues
  • Delivering Sustainable Returns From Social Media: An Eight-Step Program
    • Step 1. Begin Building Social Media "Genotypes"
    • Step 2. Implement a Comprehensive Social Media Planning Framework
    • Step 3. Ensure That Business Value Drives Social Media Decisions
    • Step 4. Work to Address the Challenges of Industry-Specific Regulatory Requirements
    • Step 5. Create Clear Key Performance Indicators for Business Units
    • Step 6. Use Gamification Techniques
    • Step 7. Develop and Constantly Refine Effective Social Media Messaging
    • Step 8. Create a Command Center

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