The Convergence of Social Media and Payments in India and Southeast Asia
By Amit Sethi
Extracts from the report
The proliferation of social media is quickly changing the way some customers in India, Southeast Asia and around the world interact with financial institutions (FIs). Using smartphones and other Internet-enabled mobile devices, customers are selecting when and where they engage and transact, whether through their bank’s website, text messaging or increasingly on social-networking sites. According to a recent report from comScore, “Social networking sites now reach 82 percent of the world’s online population.”
The rapidly growing popularity of social networks such as Facebook and Twitter allows more customers to easily search for promotions, interact with customer service personnel or write public reviews about their experiences — both positive and negative. While traditional banking channels — such as the bank branch and automated teller machines (ATMs) — are still very relevant, customers can now integrate their in-person banking experiences with those online.
Accordingly, it is fast becoming a business imperative for FIs to establish a presence and provide services in the fast-growing virtual space where FI customers and prospects spend a significant portion of their time.
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