The Banking sector has been the back bone of the Indian economy. Today, it is slowly branching out with new products and services like credit cards, insurance, investment banking, mutual funds, stock broking services, etc. This diversified nature of banking sector, its globalized approach and rising competition has led to an increase in the marketing budgets of BFSI Industry.
Further, more Social Media is changing the way banks market themselves. It is effectively integrated in the banks’s Customer Service systems. Besides CRM, banks are getting social for their online promotions, reputation management, awareness campaigns, CSR activities, loyalty programs, etc.
The Social Media benchmarking company, Unmetric glances at how Indian banks are using social media. Let us see how they fare.