Free

Banking and Social Media - Case Study Example

Comments (0) Cite this document
Summary
This is due to challenges on compliance, potential regulatory issues, security, inadequate back-end infrastructure and data privacy (Iris, February 24, 2014). These challenges,…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.5% of users find it useful
Banking and Social Media
Read TextPreview

Extract of sample "Banking and Social Media"

Banking and Social Media The chances of financial s including banks to use fully social media technologies are low. This is due to challenges on compliance, potential regulatory issues, security, inadequate back-end infrastructure and data privacy (Iris, February 24, 2014). These challenges, therefore, restrict customers from making payments, transferring money or checking their balances from social media sites including Facebook, Twitter, YouTube or Pinterest accounts (Marous, May 5, 2014). Instead, these media platforms are used to educate the customers observe and respond to service issues, build brand awareness, sell services and understand the customers’ preference in a better way.
Age is the other reason as to why social media cannot be fully used as a banking platform. Young people are much more likely to use these platforms than older people. There can, therefore, be a problem if the social media was to be used fully as a banking platform as not all customers are familiar with social media. The region of the world in which the customer is in brings out another reason social media cannot be fully used as a banking platform. There are those parts of the world like North America where a 36% of customers use social media platforms reducing the chances of fully utilizing social media for the provision of banking purposes.
It is possible for customers to access banking services through Twitter as it has been possible to do so using Facebook. The possibility of using Twitter in provision of banking services is yet to be confirmed owing to the lack of clarity around the emerging social media landscape, and there is an added complexity to the already crowded social media channel infrastructure. Another reason for its lack of clarity is the few metrics available for measurement of the effects of using social media on a financial institutions bottom line. The risks associated with third parties and privacy issues add up to the reasons why using Twitter as a fully banking platform can be difficult.
Work cited
Iris, vermeren. February 24, 2014. Brandwatch.web. file:///G:/The%20Challenges%20of%20Using%20Social%20Media%20in%20Banking%20-%20Brandwatch.htm
Marous, Jim. Minding the Gap in Social Banking Expectations. Retail Banking Strategies. May 5, 2014. Web. file:///G:/Customers%20Want%20More%20Social%20Media%20Banking%20Services.htm Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Banking and Social Media Case Study Example | Topics and Well Written Essays - 250 words”, n.d.)
Banking and Social Media Case Study Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/information-technology/1692587-banking-and-social-media
(Banking and Social Media Case Study Example | Topics and Well Written Essays - 250 Words)
Banking and Social Media Case Study Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/information-technology/1692587-banking-and-social-media.
“Banking and Social Media Case Study Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/information-technology/1692587-banking-and-social-media.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Banking and Social Media

Social Media

...?This is not a funny game. I’m finished with this order. I will not revise it or otherwise work on it further, period. Please stop cyber stalking me.2500 words. As have been stated before, the original instructions were followed therefore not eligible for revision and will not be revised. You need to order a new paper for new instructions. Social media is changing the way the world does business. Transactions are now able to take place in a matter of nanoseconds when they used to take days or even weeks to take place. Conferencing can be done from the home office to a branch in Tokyo using online tools like Skype and Webinar. Even elementary school classrooms are becoming more globalized with the adoption...
10 Pages(2500 words)Essay

Social Media

...Social MediaSocial media can be defined as a web based medium that enables interaction and communication between people. The main feature of social media is that it enables the sharing of user generated content. In fact, social media has transformed the way people behave and interact within the internet community. There are many small and large scale social media in the internet community today. Based on popularity, Facebook, YouTube and Twitter can be named as the most leading social media. Recently, social...
7 Pages(1750 words)Research Paper

Social Media

...? Social Media Norman Donald. (2004). Emotional design: why we love (or hate) everyday things. In his book, Norman D. (2004) “Emotional Design”, modern cognitive scientific research findings have demonstrated that good design principles have both cognition and affective processes worked out together to achieve some priorities. As Norman addresses the impacts and primacy of affective reactions towards emotional designs, some knowledge that all things have cognitive constituents purposefully for assigning meanings and affective modules for value assignments is passed. Fundamental issues that have led to the drift from objective Scientific approach to subjective scientific approach in the design of user design interfaces are the need... errors....
5 Pages(1250 words)Essay

Social Media

...? Law Social Media d] Law Social Media Q Discuss the four components of a legally astute social media marketing manager who utilizes social media outlets for consumer transactions. And how each component can mitigate the risk involved in doing business in cyberspace. Before explaining the four components of astute social media marketing, we have to understand that what social media is. It is defined as a method, which gain traffic, concentration and as well as attention by using social media websites. It...
5 Pages(1250 words)Essay

Social Media

...Social Media Introduction It is irrefutable that the world has experienced a rapid technological advancement over the past few decades. Al-Deen andHendricks note that the advancement has mainly been witnessed in mass media where the emergence of the Internet has changed virtually everything (7). For example, the Internet has made communication simpler than before. The Internet has also changed how people do business. This is because nowadays it is easy to transact via the Internet without having to travel to the location of the business. For example, with the Internet, it is possible for an individual to shop online as well as order products and pay online without necessarily having to...
7 Pages(1750 words)Essay

Social Media

...? Social Media Discuss the four (4) components of a legally astute social media marketingmanager who utilizes social media outlets for consumer transactions and how each component can mitigate the risk involved in doing business in cyberspace. The rapid rise in the globalization and the race between different companies to outgrow their rivals have made it mandatory for the people from different organizations to adopt practices that make them prominent in their businesses. The rise of competition has also made social media as a very prominent and crucial source of advertising. The costs of advertising through social media are quite less and the effects far reaching. This is the reason that it has become the most preferred source... of...
5 Pages(1250 words)Essay

Social Media

...? Supervisor] Small Technology Big World The trend of using social media has influenced people of all ages and has created personal spaces for individuals to connect with friends online. Social networking websites like Facebook (2004), MySpace (2006), Twitter (2006), Google+ (2012) and Pinterest (2009) have become increasing popular from teens and young adults including people over the age of 50 (Bryfonski). The extensive use of these websites has no doubt had great effects on different aspects of contemporary human life. Though at first it might seem that these websites are harmless and their only objective is peer interaction. However the truth is that these websites have been known to...
3 Pages(750 words)Essay

Social Media

...Dealing with Social Media Full With the rise of internet use and its effect to a large percentage of people’s everyday activities; the world now seems to be really small. People on extreme sides of the world can now communicate daily without worrying about what they spend in connecting with each other. The evolving technology indeed has brought many wonderful experiences to users especially when it comes to communication. Aside from the cheaper means of communication through email, facebook or twitter among family and friends, people can also make new acquaintances of even find old ones online. Although seeing them in person is entirely different, pictures, posts and other information made available...
1 Pages(250 words)Essay

Strategic analysis : JP Morgan Chase

...: Mobile banking and social media has been one of the main focuses of the organization technologically. The company is aiming to use these social media websites to understand what the needs of the customer are and help promote the services of their bank (Capegemini, 2012). Reference List Capegemini. (2012). Trends in the Global Banking Industry 2012. Capegemini. FindTheBest. (2013). comparing banks. Retrieved May 20, 2013, from http://consumer-banking.findthebest.com/: http://consumer-banking.findthebest.com/compare/2-4-7/Bank-of-America-vs-Chase-vs-Citibank Hasson investments....
2 Pages(500 words)Research Paper

Social media

...Effects of Social Media on Teenagers’ Real Social Lives in America Introduction In the society today, social media networking is becoming wildly popular with young adults and adolescents. Ninety percent of the young people in America within the age bracket of twelve and seventeen are widely using the social network in their communication. A high percentage of college students have reported that they have Facebook accounts and other social media accounts, and this percentage is increasing day by day. As the use of online social networking usage increases in prevalence, so do psychologist’s...
8 Pages(2000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Case Study on topic Banking and Social Media for FREE!

Contact Us