QUESTION $3[30]$

Read the case study below and answer the questions that follow:

The Social Media Revolution in Banking

Social media has emerged as a pivotal force reshaping customer relationship within the banking sector. With a staggering $3\mathrm{.}6$ billion active users globally, social media platforms offer an expansive and accessible arena for banks to engage with their audience in real$-$time. This not only facilitates direct communication but also allows financial institutions to understand and respond to the evolving needs and expectations of their clientele.

Enhancing Customer Engagement

Beyond mere communication, social media empowers banks to forge more intimate connections with their customers. The strategic use of these platforms enables banks to share timely and relevant content, from industry insights to personalised product updates. Interactive features such as polls, surveys, and live Q&A sessions provide valuable real$-$time feedback, affording banks insights into

customer preferences and allowing for agile adaptation of products and services.

Real$-$time Customer Support

The role of social media as a $24/7$ customer service channel cannot be overstated. Customers now expect instant resolutions to their queries and concerns. Through social media, banks can provide swift responses, addressing issues in real$-$time and significantly improving customer satisfaction. The integration of AI$-$driven chatbots further streamlines this process, ensuring a seamless and efficient customer support experience.

Building Trust and Credibility

Maintaining a robust online presence through social media is not just about visibility; it$$s about building trust and credibility. By consistently sharing educational content, financial tips, and thought leadership pieces, banks position themselves as authoritative sources of information. Transparent communication during challenging periods, such as economic uncertainties or regulatory changes, enhances the overall perception of the bank and fosters long$-$term customer loyalty.

The Role of Outsourcing in Social Media Management

As the complexity of social media management continues to grow, banks are increasingly turning to outsourcing to navigate this dynamic landscape effectively. Outsourcing provides financial institutions with specialised expertise in content creation, community management, and social media analytics. This ensures that banks stay abreast of the latest trends and maintain a cohesive and engaging online presence. Outsourced teams can also play a vital role in monitoring social media analytics, offering valuable insights to assess the effectiveness of campaigns and enabling banks to fine$-$tune their strategies accordingly. At Alpha BPO, we provide technical and skilled support to banking and financial service firms, such as:

Client Query Management

Vulnerable Client Assistance

Client Financial Reviews

In the ongoing evolution of the banking industry, social media stands as a powerful catalyst for change. The strategic integration of these platforms allows banks to not only communicate with customers but to actively engage and adapt to their ever$-$changing needs. Embracing the multifaceted potential of social media positions financial institutions to not only survive but thrive in the digital landscape, creating lasting connections and fostering customer satisfaction in an increasingly interconnected world.

$3\mathrm{.}2$ Discuss the importance of social media under the following headings: $3\mathrm{.}2\mathrm{.}1$ Online Customer Service $(9)$

$3\mathrm{.}2\mathrm{.}2$ Tracking Employee Behaviour $(9)$

Questions

In the ongoing evolution of the banking industry, social media stands as a powerful catalyst for change. The strategic integration of these platforms allows banks to not only communicate with customers but to actively engage and adapt to their ever$-$changing needs.

$3\mathrm{.}1$ Discuss key factors that the banking industry should consider while using social media. $(12)$