Social Media in Banking Industry - A Perception of Indian Customers

Abstract

Social media (SM), by definition, is where members share content with a wide audience, with the focus on the content, while social networking is more centered on conversations and groups with shared interests[12]. The functionality and reach of SM has grown manifold over the last decade. It has shown radical impact on the business world as well. Is banking an exception to this? Many studies have revealed that at international level the presence of banks on social media is not a new adventure, however, at national level very few studies have been undertaken to understand the level of presence of bankers on social media. The present study has shed the light on the extent to which bankers have used social media to reach out to their current and potential customers. The findings of the study reveal that there is an important presence of banking industry in India but with a lot of room to extend it further. The study also reveals that there are 7 factors that are affecting the Bankers-Customers Relationship on Social Media. By exploring the importance of social media to banking industry, the authors hope to contribute to the enhancement of bankers-customer relationship and society as a whole.