As knowledge of social media would benefit

As
social media has become a part of our daily lives, it has become a necessity
for most. Its really amazing how social media has made an impact by
tremendously changing how people live their lives as compared to a decade ago.
It is a new and important skill that people of all ages should pick up. The use
of social media has grown rapidly around the world thus gaining popularity
quickly among the young and sandwich generation and even for those older
generation who are not so tech-savvy. Thus, having knowledge of social media
would benefit users by providing them much efficiency and convenience. In the
banking industry, where the business relies largely on customers, making
customers’ interaction necessary, as such, digital communication has become a
strong communication channel for banks and their customers. Through the use of
digital communication, Citibank can utilize the channel to inform their
customers about their products or new products launches and customers can raise
quick questions and concerns about them through social media.

Functions
of social media banking:

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Marketing
Channel – Ability to reach out and
communicate to customers easily through social media channels to do sales
or advertisements and at the same time collect data and feedback on
whether the products and services offered meets the expectations of the
customers and what they would like.
Provides
better customer service
– Free, fast and relatively simple to operate. Social media platforms like
Facebook for example, provides a speedy way for customers to get in touch
such as giving feedbacks, sending enquiries and raising issues easily.
This cuts down time spent on telephone or email interaction and boost
customer satisfaction levels and trust. When there are complaints, banks
can provide real-time responses and give customers immediate attention be
it responding to an enquiry, requesting for information or dealing with an
complaint.
Bigger customer base
– Customers using social media accessed via their mobile devices can help
banks who have yet to establish a physical presence to develop in that
area. Banks can reach unbanked customers by leveraging social media
channels, providing general banking services, such as low denomination
funds transfer. Additionally, competitors’ products and services are
transparent through social media channels and monitoring those information
available can help understand customers’ reaction to competitive offerings
and adopting certain strategies to attract new customers.        

Features
of social media banking:

Reduce
costs – Using platforms such as
Facebook, an alternative to online banking is also an efficient way to
process applications, and at the same time helps in reducing the costs
needed for customer service.
Efficient
and convenience – With the advancement of
social media banking, customers can now login to their bank using their
Facebook credentials in banking applications which would allow them to pay
for their utility bills, send money to friends and even purchase movie
tickets.
New Business Model –
Social media platforms are constantly exploring into the interesting areas
of creating new business models through social media such as buying mutual
funds from Baidu or paying rent using Alipay conveniently. Additionally,
banks and lenders can now use social media for references and to credit
rate applicants through social media.

Special
functions and features

Citi Bot: Recently launched by Citi, the bank’s new natural language
chatbot online to enhance digital experience. The service works via Facebook
Messenger and will offer extremely comprehensive set of features according to
customer needs and operated in a manner similar to a real human conversation
where customers can check account balances and transactions, credit card bill
summaries, rewards and points balances and ask questions.
Example of Citi Bot checking account balances and credit card points balances.

Citi’s chatbot are computer programs designed to replicate or
simulate how human conversation is conducted by engaging customers in real-time
banking experience. To use Citi bot, customers are first required to link their
Facebook and Citi accounts with the last four digits of their Citi cards on a
secured Citi login page. There will be authentications required such as OTP and
security questions asked to ensure that sensitive information is revealed to
the right individual. All in all, Citi Bot dismissed the trouble that customers
have to go through such as to manually call up the bank’s operators to enquire,
or painstakingly filling up a form with their contact information just to
retrieve their bank account information. All messages transmissions between
Citi network and Facebook are being encrypted as per Citi’s and Facebook’s
standards.

FB
Messenger Banking Chatbot: Citi Bot currently allows
customers to perform account-specific enquiries, such as checking of account
balances, past transactions, credit card bill summaries, rewards and points
balances and also to raise enquiries through Facebook messenger.
Future enhancements plans to introduce new
features such as activation of cards, possible locking and to unlock credit
cards and receiving transaction alerts for cards.
Singapore Citi also has plans to expand the
chatbot progressively in the Asia-Pacific region in the near future.

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