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Social Media Is A ‘Game Changer’ MENA Banks Should Embrace

Why MENA banks should embrace social media

The popularity of social media is rising and it’s catching up with banks and other financial institutions. Social networks are continuously evolving and MENA banks should embrace the change and adopt social media.

Why MENA banks should embrace social mediaSocial media can change the game when it comes to marketing the banks’ services. Now, everything is available online. All the customer needs to do is search it online to know if there are bad and good publicity about a certain bank and their services.

For banks, social media presence means that they are able to respond quickly to complaints and manage negative feedback. Retail banks should be aware that transparency is important in today’s digital world especially in the MENA region where the population is technology savvy.

According to Business Network International or BNI, 75% of business owners lost interest in a company because of the way they handle their social media profiles.

Many consumers are already communicating with their preferred brands over social media. They also look to social media for news. In the U.S., 42% of adults that use social networks are interested in communicating with their financial providers via the same platform.

Banking is one of the oldest industries yet it is still at odds in adopting social media strategies for marketing and communicating with their customers.

Key Stats

  • 75% of business owners lost interest in companies because of poor use of social media
  • 42% of online adults are interested in engaging with their financial providers via social networking
  • Most followed banks in the region: Mashreq Bank, Qatar National Bank, Al Rajhi Bank, NBK, SABB, Kuwait Finance House, RAK Bank, Bank Al Bilad, and Gulf Bank

Huda Ismail, Mashreq Bank Public Relations Assistant Manager: “If there is a problem now, it’s online and in the CEO’s face, it’s not restricted to a cashier in a local branch or a call centre agent so they [banks] have become more active.”

Source: zawya.com

Covered by my Visible Banking Team 

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Due to its specificities, how quickly do you think the banking industry in the MENA region will be able to successfully tap social media and use it as a customer engagement tool?

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Written by Christophe Langlois

Based in London, Christophe is an entertaining social media keynote speaker and a trusted advisor to the global financial services industry on the topics of social media, social business and digital innovation.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is 'Social Media Senior Managing Consultant' at IBM Interactive Experience. He's also a Digital Advisor at the Financial Services Forum and the Moller Centre (part of the Churchill College in Cambridge).

Christophe's views on VisibleBanking.com are his own, not necessarily his employer's.

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