Banks should avoid using websites like
Facebook to ‘befriend’ customers – and instead exploit social media
to proactively monitor and respond to customers’ feedback, Oracle

The senior director for Oracle’s
financial service and global business unit in Asia-Pacific and
Japan, Lance Tay, argued that such a strategy would help banks to
manage their reputation and improve the level of customer service
they provide.

Speaking to RBI’s sister title

Banking & Payments Asia
 (BPA), Tay said one bank
in Singapore, which he declined to name, is an active user of
social media, but in his view that bank’s social media strategy is
“probably misplaced investment”.

‘Smart’ usage of social media requires two
factors for a bank, Tay said:

  • In the first place, this involves
    establishing a social media profile.
  • The second step is to monitor customers’
    feedback about the bank and its competitors, in order to analyse
    and collect this information.

“Do not be afraid of brickbats, but collect
information,” said Tay.

He added that banks should proactively use
social media and set up an online forum, if necessary, to shape the
agenda – rather than passively viewing an online discussion about a
bank’s reputation.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Read the full artcile on BPA.