Social Media integrations in banking

The idea behind this white paper is to take a look into how banking in the present day has transitioned  from using traditional tools for customer engagement to adopting new and innovative tools  like social media within their business processes. The paper outlines the penetration of social  media in both private and public sector banks. While private sector banks have gone a step ahead  and are now facilitating financial and non-financial transactions over social media platforms,  public sector banks continue to use social media tools for product promotion, customer service  and customer engagement.

India has emerged amongst the top ten economies  of the world, as a result, there is a tremendous scope  for growth in the banking sector. As it is, the Indian  banking industry has been growing in leaps and  bounds. This is corroborated by the fact that a large  number of customers have been making ATM transactions,  adopting the internet and mobile banking in  the last decade. Currently valued at Rs.81 trillion  (USD 1.31 trillion), industry reports reveal that the  Indian banking sector holds the promise to emerge  as the worldʼs fifth largest banking industry by 2020  and by 2025 it is expected to reach the third position.  Over the years, banking trends in India have  changed with banks adopting newer and innovative  models to conduct business. As a matter of fact,  banks have now embraced technology to a large  extent and are using technological tools to communicate  with their customers and enable execution of  complex transactions using the internet.