The survey will examine financial services firmsâ use of social networking tools to attract, retain and service customers. Topics addressed in the study will include the following:
â¢ Banksâ use of social media tools across the customer life cycle in various global markets;
â¢ Methods for gauging the impact of banksâ social media efforts;
â¢ Costs associated with the implementation and maintenance of social media tools for banks;
â¢ The impact that social media has had on banksâ customer relationships and customer costs; and
â¢ The effect of social media on how banks organize and perform marketing and customer service tasks.
âGiven 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,â says Patrick DesmarÃ¨s, Secretary General with EFMA. âOf 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.â
âAite Group is excited to partner with EFMA on this important and very timely new study, which will have a very real impact on banksâ ability to attract and leverage client relationships,â adds Ron Shelvin, senior analyst with Aite Group. âWhile 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 marketsâ positions on utilizing social media within financial services.â