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ACKNOWLEDGEMENT

I would like to express my special thanks of gratitude to my teacher Ajay Pradhan sir for
giving me the golden opportunity to do this wonderful term paper on the topic “Origin and
development of human rights” which also helped in doing a lot of research and I came to know
about so many new things.

Secondly, I would also like to thank librarian for providing me with books which helped
me a lot in finalizing this project within the limited time period.

Bhaichung Bhutia

VII Semester

16GLB039
TABLE OF CONTENTS
CHAPTER 1
INTRODUCTION
Today social media is mainstream media. Social media provides banking through the social
platforms. One of the key observations with regard to changing consumer behavior is that most of
the people are spending considerable amount of time on social media platforms, so why should the
banks not embrace this opportunity and offer banking product and services through these popular
social media platforms? To start with social banking is connecting banks and social networks. The
bank can share ongoing campaigns and offers on the social media. Customers can also check all
the details. Other way to share specific campaigns to specific clients is the secure messages system.

Banks must look towards embracing the new social tools enabled by digital technology to realize
the full potential of social media enabled capabilities. A Gallup Inc. poll conducted in US in 2013,
found higher conversion rates when banks interact with potential customers using digital social
media. When considering a new financial product, more than half of the customers did some
research about it. Customers who did research are more likely to make purchases. But what is
important here to note that conversion rate differed massively depending on their research through
social networks were 18% more likely to make the purchase, compared with 9% of bank’s website,
8% over the phone and 6% at the branch.

This shows that bank customers would like more and more opportunities for peer to peer
connectivity and exchange. More and more customers post review online and in some places
including China and India, nearly 80% of online users go to social media before making purchase.
Banks can no longer ignore the social aspect of their business.

For a digital bank defining its social strategy and vision can be challenging considering the breadth
of possibilities presented by social media. Where one bank may focus on improving customer
experience by providing financial advice forums, another may prefer to enhance product
innovation by introducing customer reviews. Banks should begin with one key question - “How
can the social media help us achieve our business objectives?”

It’s easy to fall into a trap of deploying overly broad social initiatives that attempt to address every
possible need and usage scenario. To avoid this, stay focused on your strategy and vision while
incrementally building social pilots, expanding your social ecosystem and augmenting traditional
bank channels.

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