Aite Group and EFMA Partner on Social Media Usage in Retail Banking

London - 29 July 2010

Aite Group, a leading independent research and advisory firm serving the financial services industry, and EFMA (the European Financial Marketing Association) announce a partnership to field and co-publish new research on the role of social media for retail banks. Aite Group senior analyst Ron Shevlin will present highlights of the study at EFMA’s annual congress, to be held on 21-22 October in Rome, Italy.

The survey will examine financial services firms’ use of social networking tools to attract, retain and service customers. Topics addressed in the study will include the following:

• Banks’ use of social media tools across the customer life cycle in various global markets;
• Methods for gauging the impact of banks’ social media efforts;
• Costs associated with the implementation and maintenance of social media tools for banks;
• The impact that social media has had on banks’ customer relationships and customer costs; and
• The effect of social media on how banks organize and perform marketing and customer service tasks.

“Given the rapid adoption of social media and social networking tools by consumers, banks have been exploring using these tools and technologies to attract, retain and service customers,” says Patrick Desmarès, Secretary General with EFMA. “Of course, as is the case when launching any new technology, the commitment of time and resources is significant and the path toward implementation is fraught with missteps. Knowledge of industry best practices and a means to measure success will serve as a roadmap for banks seeking to maximize their return on investment.”

“Aite Group is excited to partner with EFMA on this important and very timely new study, which will have a very real impact on banks’ ability to attract and leverage client relationships,” adds Ron Shelvin, senior analyst with Aite Group. “While different markets worldwide see varied adoption and success rates for social media applications for financial services, it is clear that these tools represent the future of client interaction. Together, Aite Group and EFMA have access to a broad cross-section of banks to draw conclusions that are global in nature and indicative of various markets’ positions on utilizing social media within financial services.”

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