What is Social Banking?
Estimated reading time: 4 minutes
Social Banking is a recent buzz word with many interpretations according to the sector where it is used. The term can refer to concepts associated with financial institutions that have objectives that are not related with speculation (i.e. seeking to make ethical contribution to social and environment aspects) or to those concepts related with the digital environment.
If we focus on that second interpretation, linked with the digital perspective, and trace back technology innovation in banking, we can talk about three major milestones:
- eBanking (1995): the growth of the internet has opened a new access channel for customers to financial products and services.
- Mobile banking (2007): with the appearance of the iPhone, a change has slowly taken place, not only in terms of channel but also in terms of devices, with financial products and services being adapted to a mobile environment.
- Social banking (2010): the “socialization” of the relationship between financial institutions and their customers using communities and social channels. It is no longer a question of products or banking services and the channel or device by which they are transmitted, but it transcends the connection established between institutions and their customers.
- Relationships through general and public social channels (Facebook, Twitter, Google+, corporate blogs, etc.): social strategies to involve, create loyalty and connect customers with the financial sector, the new social consumer, in the channels mentioned previously. Leaders in this area in Spain are Banc Sabadell, BBVA or Banca Cívica.
- Creating private communities for customers by banking institutions, that seek to improve their relationship with the customer and offer added value to the financial product.
In fact, the social banking trend is the subject of several courses and seminars “Social Media in financial institutions”
At Zyncro, we have been watching and helping to develop this trend as a true evolution in the way of managing the relationship between customers and entities, providing support with our Zyncro sales model of a “Private Social Network”.
If you would like to find out more, get in touch. We would be happy to share our experience and knowledge on social banking with you.
Write to us at sales (@) zyncro.com or call us on +34 93 187 03 22! We’ll be delighted to look after you