Available online at http://www.ijasrd.

org/in

International Journal of Advanced Scientific

e-ISSN: 2395-6089
Research & Development
Vol. 03, Spl. Iss. 03, Ver. I, Sep 2016, pp. 30 43

p-ISSN: 2394-8906

Augmenting Customer Intimacy through Social Media

Vehicles by Banks A Case Study on State Bank of India
Dr. UTHIRA. D
Associate Professor and Head, Department of Commerce, M.O.P Vaishnav College for Women,
Chennai.

ARTICLE INFO

ABSTRACT

Article History:

Social media has become an important tool for consumers

wanting to share experiences, connect and learn more
about different companies and their products. Rather than
trust the claims of mass market advertising, consumers
increasingly rely on recommendations from friends or other
buyers like themselvesvia brand sites, communities of
interest, online review sites, tweets or Facebook likes, for
instancewhen making purchasing decisions. Such
conversations are controlling the zero moment of truth for
individuals and can have a profound impact on brand
image. But are financial services companies listening?
Banks need to be party to those conversations and find
innovative ways to communicate with their customers to
increase word-of-mouth recommendations, drive sales, and
meet the evolving needs of existing and potential
customers. Socially engaging banking is an important way
to gather insights, demonstrate transparency, develop new
products and engage customers. Leading organizations do
not just use social to gather insights; they make it part of
an integrated customer experience strategy across channels
and understand when to use the right social media tool in
the customer journey. This paper is an attempt the impact
of social media vehicles on a banks customers experience
and how banks can effectively use social media vehicles to
retain customers by improving their customer intimacy
index.

Received: 22 Sep 2016;

Accepted: 22 Sep 2016;
Published online: 28 Sep 2016.

Key words:
Social media vehicles, .
Customer retention,
Customer loyalty in banks

JEC Classification:

Copyright 2016 IJASRD. This is an open access article distributed under the Creative Common Attibution
License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original
work is properly cited.

How to cite this article: Uthira, D. (2016). Augmenting Customer Intimacy through Social Media Vehicles by Banks
A Case Study on State Bank of India. International Journal of Advanced Scientific Research & Development (IJASRD),
03 (03/I), [Special Issue Sep 2016], pp. 30 43.

Augmenting Customer Intimacy through Social Media Vehicles by Banks A Case Study on
State Bank of India

INTRODUCTION
Socially Engaging Banking enables banks to redefine their relationship with
their customers. To encourage greater interaction, banks need to integrate social across
their entire customer experience. Creating a socially engaging bank that listens intently
to consumers can foster a more customer-centric approach that will help alleviate
frustration, boost sales and influence recommendations.
GEN Y can be tapped more easily at social media sites than brick-and-mortar
branches. The huge numbers on social media, leave little doubt as to its popularity. The
youth are not just romancing but also starting to inhabit social media. Even if 10
percent of the customer base of a bank is on social media and is growing over 25 per
cent, it is big enough to create a significant impact.
1.1.1. Introduction to Social Media
1.1.1.1 What is Social Media?
Social Media is a group of Internet-based applications that build on the
ideological and technological foundations of Web 2.0, and that allow the creation and
exchange of user-generated content.
1.1.1.2 The Social Media Phenomenon in India
Easy availability and cheap tariffs have boosted Internet adoption which in turn
has played a significant role in the emergence of a completely new medium called
Social Media.
In India, 40 million use internets on the go on mobile handsets and 82% of these
users use social media applications on mobiles. Increasing usage of smart phones in
India and availability of social media apps on phone is encouraging more participation
in social media networks.
1.1.2 Indian Banks and Social Media
Indian Banks have started using social media in their regular operations in
various capacities and are at different stages of maturity. As of April 2013, some private
banks provide regular updates on the latest offers and allow basic customer operations
through popular social media sites.
A large private bank in India hosted Facebook application on its secure servers
allowing balance amount check, cheque book request, stop payment, etc. Some of the
private banks are using their Facebook page to provide customers, exclusive offers,
product details and customer care services. With a few banks taking the lead, the
direction is set for other banks to offer online financial services through such platforms
sooner rather than later. ICICI Bank,
HDFC Bank and Axis Bank are among the top 10 Banks with Social Media
presence as per a survey by Financial Brand in July 2013.
Banks in India cannot any longer live in denial. There could still be a tendency to
not use Social Media. Banks thinking on these lines may have to remember that their
competition is already active on Social Media, thus threatening their own business.
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Emerging Innovative Strategies in Business Creating a Competitive Edge | Organized by PG

Department of Banking & Insurance Management and Department of Bank Management,
Ethiraj College for Women (Autonomous), Chennai 600 008.

1.1.3 Social Media and its Applications

Social Media implies a fundamental shift in the way banks interact with
prospects, customers, employees and other stakeholders.
1.1.3.1 Social CRM
Customer 3.0 (new age Customer/Gen Y customers) have different expectations
from banks including how they want to engage. They are more inclined to trust friends
and acquaintances for advice on products and services and as a guide on decision
making. As such, customers are embracing social networking; social bookmarking and
social shopping more than ever as a medium to gather this information, share
experiences and make decision.
This makes it necessary for organizations to use social media to move beyond the
limitations of traditional marketing, sales and customer service to a continuous mode of
relationship-building, listening and engaging with individuals and communities in a
more personalized, collaborative and transparent manner.
1.1.3.2 Customer Education
Social Media provides faster, cheaper and interactive platform to disseminate
information.
Social Media could be used for:
Bringing awareness to customers on Basics of Banking and Finance, Government
regulations that impact customers in banking industry, like KYC, AML, etc. The
awareness campaigns could be in the form of pictures, text or games (cross
words, puzzles, etc.)
Educating on dos and don'ts of Credit/Debit card usage, identification of fake
notes, importance of data confidentiality and privacy, etc.
1.1.3.3 Customer Insight
Social Media is a rich source of information about existing and potential
customers for Banks. They generate insights by:
(i) Voice of Customer Analysis: Social conversations about the banks'
products and services can be run through text analytics tools in order to identify
customer pain points, delight areas, topic trends, sentiments and customer
demographics. This may be used for generating useful customer insights.
(ii) Content Aggregation: The 'single sources' of data need to be aggregated
and analyzed in an aggregated 'all-source' fashion to obtain deeper insights and
analytics and to gather a 360 view of the customer.
1.1.3.4 Customer Acquisition
Social Media assists banks in increasing its customer base by achieving the
following:
(i) Brand Building: Social Media plays an important role in differentiating
brands and making them more relevant to consumers. When consumers are enabled to
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Augmenting Customer Intimacy through Social Media Vehicles by Banks A Case Study on
State Bank of India

influence all things and become co-owner of the brand, they would significantly impact
reputation and trust.
(ii) Marketing: Marketing leaders must take the first critical step of changing
mind sets and revising some long-held beliefs about building and managing customer
relationships, which has gone through a paradigm shift from the traditional 5 Ps to the
contemporary 5 Rs (Reputation, Responsibility, Relationship, Reward and Rigour) with
the advent of Social Media
1.1.4 Leveraging Social Media for a Banks Benefit
1.1.4.1 Brand Building
It is a network amplifier, both at its best and worst. Banks' presence on the social
media would help in resolving issues before they are blown out of control. The media is
also a rich source to understand emerging customer trends and preferences.
1.1.4.2 Business Imperative
It is essential for incumbent players to stay relevant to Gen Y to be in business.
An estimated 20 million youth have joined higher education last year and if this trend
continues, in the next five years alone, banks would have over 100 million social-media
savvy potential customers.
1.1.5 Barriers and challenges that Banks have to face in getting into the game
of Social Media
Banks have to ensure that their responses are prompt. Consumers today take
offence at being clubbed together, and demand individual attention. They need a
response at a more personal level.
Existing organisation structures and business processes are the two main
challenges to be overcome in view of a serious social media foray.
Technology initiative not adequately backed up by enough process upgrades and
return on investment.
Banks should develop a broad human resources bandwidth, with digital skills
and competencies to blend with other channels.
Information Security hurdles need to be overcome. Guidelines with reference to
Policies and creating awareness, Access Management, Monitoring and logging,
Testing and Patching information must be in place
The Banks must have a sound knowledge on the connection of Social media and
legal aspects right from the Defamation Law, Anti-Money Laundering Act, RBI
guidelines, National Cyber Security Policy, Information Technology Act, The
Right to Information Act, The Trademarks Act to The Telecom Commercial
Communication Customer Preference Regulations. The Banks should also
strictly adhere to the Ethics of Data usage.
1.1.6 The Route map for Banks to harness the power of Social Media:
Establish business goals; establish social media goals and align to business goals;
Draw up social media strategy;
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Emerging Innovative Strategies in Business Creating a Competitive Edge | Organized by PG

Department of Banking & Insurance Management and Department of Bank Management,
Ethiraj College for Women (Autonomous), Chennai 600 008.

Design and implement social media organisational structure;

Design and implement a plan to build social media operational capabilities;
Establish a mechanism to handle adverse events;
Put in place right skills, staff;
Put in place controls for conversations and the nature of engagement and
dissemination of information;
Get a budget allocated;
Create new social media business unit.
In order to connect with the customers on social media the banks should focus on
four critical components
1. Personality - Using of marketing speak is to be avoided and directly promoting
products and services on Facebook and Twitter makes more sense Messaging to be made
personable and conversational. Offer advice and foster a sense of community.
2. Availability - Respond to customers in a timely manner, no matter what time it
is. Social media is 24/7, and response times should make it convenient for customers to
interact with Bank.
3. Consistency - Ensure customers receive the same messaging across all channels,
online and offline. Educate all employees on whats being said on the Banks Facebook
and Twitter accounts and employees who work with social media accounts must be
effectively trained on the products and services that appeal to the affluent and young
customer base.
4. Responsibility - Listen to what the customers are saying on Facebook and
Twitter and respond accordingly, especially when they are saying something negative
about the bank. Ignoring or dismissing a customers complaint can cause further
problems, whereas responding in a timely and courteous manner shows them the Bank
cares and is taking accountability.

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Augmenting Customer Intimacy through Social Media Vehicles by Banks A Case Study on
State Bank of India

Private sector banks are embracing social media far quicker than their public
sector counterparts. Use of social media can help make a company appear to be more
accessible, which may explain why most private sector banks have jumped on this
bandwagon, leaving the public sector banks far behind. As private banks engage in
fierce competition with each other to manage the finances of Indias middle class,
Facebook has proven to be a deciding battleground. However, with social media being a
two way conversation, only a handful of banks have dared to embrace the veritable
minefield of actively engaging in two way conversations with customers out in the open.
1.1.7 The Future of Social Banking
Nobody not even the mighty Zuckerberg himself can predict how social
networks will evolve over the next5 years, let alone the next 50. But one thing is certain:
social networking will be a game changer for banks.
1.1.7.1 The value of one
For one, social media will spell the death of mass marketing. Indeed, a small (but
growing) number of banks are already mining their customers social networking
activities to deliver highly targeted offers and promotions. But offering a mortgage to a
client buying a new home is the easy part. In the future, banks will be able to package
together suites of products tailored specifically to individual clients allowing, for
example, banks to vary their interest rates based on each customers potential
profitability and value.
1.1.7.2 Hanging Up the Phone
An out of service ATM may result in a tweet to customers within proximity based
on geo-tracking or usage patterns. Those customer complaints that dematerialize will be
responded to in real-time as customers communicate their issues over social media
channels and immediately get the attention of a customer service representative
who is not only empowered to solve the issue, but is also networked to the branch or
account manager responsible for that particular client.
1.1.7.3 Transforming Branches
While the branch network is probably not about to disappear, there is every
indication that the rise of social media will dramatically alter their value proposition.
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Emerging Innovative Strategies in Business Creating a Competitive Edge | Organized by PG

Department of Banking & Insurance Management and Department of Bank Management,
Ethiraj College for Women (Autonomous), Chennai 600 008.

Everyday transactions will be conducted through social media apps will enable the
bank to verify credentials and serve up balance information and payment functionality
using the social networks authentication system. Instead, branches will be used to
conduct more complex customer transactions like mortgage and loan applications or the
provision of investment advice.
1.1.7.4 Tellers to Tablets
Banks will start to dramatically reduce their cost to serve as transactions become
increasingly automated. Many of the in-branch staff will be replaced by tablet
computers Offering off the street clients a direct portal to the banks social media
offerings. But, more often, branches will sit in the pocket of the consumer, virtually
eliminating the overhead and hard costs of the branch infrastructure.
1.1.7.5 Opportunity Brings Risk
On the other side of the ledger, banks will also find that some of their existing
revenue streams may dry up or disappear altogether. Basic investment advice, for
example, will quickly lose its value as peers start to share their insights and experiences
with each other for free, thereby undercutting the banks ability to charge for these
services.
1.2 Objectives of the Study
1. To identify the Key Performance Indicators (KPIs) in order to effectively evaluate
Social Media engagement of Banks
2. To propose the development of a measurement framework that identifies the
level of Social Media activity of a Bank.
3. To identify a clear cut route map, which can be generically applied by all banks
for adopting Social Media.
1.3 Limitations of the Study
1. For the purpose of this paper, it was decided to use a single case design instead of
a multiple case design. The reason for this it elaborated upon below:
The choice of using State Bank of India for this paper is not random. SBI is
the largest bank in India and also one of the leading banks in India when it
comes to social media usage. It is therefore a strategically chosen case.
Banks also offer products and services that are relatively similar in nature. It
can therefore be argued that by examining one bank, one can get a picture or
an idea of what banks in general are doing in social media rooms such as
Facebook, and how this medium can be a useful tool for financial institutions.
2. Information for the purpose of this paper is only with reference to and from the
perspective of Banks and not customers.
1.4 Review of Literature
Financial Institutions have experience and embraced several challenges due to
competitive pressure, customer needs and new technology developments. Between 2002
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Augmenting Customer Intimacy through Social Media Vehicles by Banks A Case Study on
State Bank of India

and 2007, Internet-banking transfers in the US and Canadian banking industries grew
by 239 per cent and bill payment by 138 per cent (Zuccaro and Savard, 2010). Another
example is that in 2009, 88 per cent of the Swedish population had never actually
visited a physical branch. This gives an indication that most of the day-to-day banking
is being replaced by digital interactions. It is also stated that the most important
interaction channels for a bank on a daily basis will be ranked as follows: 1: Mobile, 2:
Internet, 3: ATM, 4: Call centers, and 5, Branch. The physical branch has traditionally
been where the service delivery of financial products has taken place, and it is still a
mentality in the industry as many banks still reinforce a branch-led approach. As the
branch function has changed, and been replaced by technology, it is interesting to see
how new channels is fit for delivering banking services.
According to the financial forum, sites like Twitter and Facebook are the new
battlefields for banks. These are forums for banks to have a dialogue with customers,
get an overview of critique against them, and a chance to defend themselves. It has been
speculated that in the future, banks may even use social media channels to give
financial advice.
The fact that several financial institutions are present on Facebook makes it
interesting to see how banks are using the technology. A banks offerings involve money,
personal economy and other complex deliveries, making it fascinating to see how they
use the open and transparent medium of Facebook. It is also interesting to look at
whether or not Facebook is fit for a financial institution in order to deliver the service it
is supposed to deliver to its customers. Banks are able to develop personalized messages
to sell customized products and services, as they have rich knowledge of customers life
stage, assets, risk preferences, and so forth.
RESEARCH METHODOLOGY
2.1 Sample Selection and Data Analysis
State Bank of India has been chosen for this single case study approach adopted
in this paper. Focus Group Discussions have been conducted with the Social Media
Team of State Bank of India for the various inputs required for presenting the case.
2.2

Statistical Tools

1) A questionnaire was prepared to enumerate the KPIs on the basis of assessing

a banks Social Media Goals/Policy, Evaluating and Identifying Target Audience,
Examining Competitors, Determining the Banks Focus on Social Media Effort,
Evaluating the banks Social Media presence, Planning the Content Creation, Security
Concerns/Risk Assessment, Calculating the Social Media Results. The questionnaire
was circulated to the Social Media Team of SBI.
2) Scale development: A Likert scale is a psychometric scale commonly involved
in research questionnaires. It is the most widely used approach to scaling responses in
survey research.

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Emerging Innovative Strategies in Business Creating a Competitive Edge | Organized by PG

Department of Banking & Insurance Management and Department of Bank Management,
Ethiraj College for Women (Autonomous), Chennai 600 008.

DATA ANALYSIS
Table 1: Assessing Social Media Goals/Policy with reference to usage of social
media vehicles by banks
Assessing Social Media
Goals/Policy

Strongly
disagree

Disagree

Neither
Agree nor
disagree

Agree

The
social
media
strategy
adopted by the bank relate to the
vision of the bank

The staff members of the bank

are actively involved on the social
media sites

The bank is trying to achieve

growth through social media
The bank is
media policy

following

social

The bank has guidelines

review social media policy

Strongly
Agree

to

Table 2: Evaluating and identifying the banks Target Audience with reference
to usage of social media vehicles by banks
Evaluating and Identifying
the banks Target Audience

Strongly
disagree

Disagree

Neither
Agree nor
disagree

Agree

Strongly
Agree

The strategy adopted

has
positive
influence
among
customers

The bank will get an opportunity

to create a community who are
using social media sites

The bank has target audience for

social media sites

The bank has a procedure to

record names of customers who is
using social media sites

Table 3: Evaluating the Competitors of the bankwith reference to usage of

social media vehicles by banks
Evaluating the Competitors of
the bank

Strongly
disagree

Disagree

Neither
Agree nor
disagree

Agree

Strongly
Agree

The competitors are taking

advantage of the latest changes
on existing platforms

The competitors are following a

different strategy for the usage of
social media

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Augmenting Customer Intimacy through Social Media Vehicles by Banks A Case Study on
State Bank of India
The competitors engage more
actively in the usage of social
media than you

The Bank keeps track of the type

of information the competitors
are sharing

The competitors are testing new

sites than what you do

The competitors use multiple

pages for usage of social media

Table 4: Determining the Banks Focus on Social Media Effort

Determining the Banks
Focus on Social Media Effort

Strongly
disagree

The bank has URL for each of

the products/services

Disagree

The bank follows a schedule or

routine for sharing information

Neither
Agree nor
disagree

Agree

Strongly
Agree

The bank takes immediate action

on the information to encourage
participants to take next step

The banks have more interaction

with customers through social
media

The staff members and customers

are actively involved in the usage
of social media

Latest apps are being used by the

bank on social media

The bank follows a policy to

engage and help customers who
uses social media

The bank regularly update social

media page

The social media sites of the bank

drives traffic to main page

The bank has skilled persons and

as well as time for populating,
maintaining
and
monitoring
social media site of the Bank

Table 5: Evaluating the Banks Social Media Presence

Evaluating the Banks Social
Media Presence
The customers and competitors
are active in social media
platform
39

Strongly
disagree

Disagree

Neither
Agree nor
disagree

Agree

Strongly
Agree
*

Volume 03, Special Issue 03, Version I | 28th September 2016

Emerging Innovative Strategies in Business Creating a Competitive Edge | Organized by PG

Department of Banking & Insurance Management and Department of Bank Management,
Ethiraj College for Women (Autonomous), Chennai 600 008.
The social media profiles include
relevant links to Websites, blog
and other social media presences

The bank is influential with the

presence of social media

The bank measures and optimize

social media presence

The bank regularly updates the

information in the
website
frequently

The bank has engaged somebody

to perform regular evaluation

The bank has internal social

collaborating tool to provide
training to employees

The bank has adopted a customer

feedback system

The recruitment process of the

bank makes use of social media
channels

Table 6: Planning the Banks content creation with reference to usage of social
media vehicles by banks
Planning the Banks content
creation

Strongly
disagree

Disagree

Neither
Agree nor
disagree

The bank is
keeping posts
succinct and not lengthy

Agree

Strongly
Agree

The bank is scheduling to stay

consistent and save time.

The
social
media
site
is
performing an organic search
basis for wide range of relevant
terms

The bank shares news and

engagement based images in the
social media vehicle

The bank has control policy for

the content published on social
sites

Table 7: Security concerns/Risk assessment with reference to usage of social

media vehicles by banks
Security Concerns/Risk
assessment

Strongly
disagree

Disagree

The bank has social media

information security policy
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Neither
Agree nor
disagree

Agree

Strongly
Agree

*
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Augmenting Customer Intimacy through Social Media Vehicles by Banks A Case Study on
State Bank of India
The bank is responsible for IPR
issues/defamation post on social
media.

The bank has evaluated the

benefits of implementing social
media

The bank has completed the risk

assessment for the social media
adoption

The bank has response plan in

case of digital crisis

Table 8: Calculating the Banks Social Media Results with reference to usage
of social media vehicles by banks
Calculating the Banks Social
Media Results

Strongly
disagree

Disagree

Neither
Agree nor
disagree

The bank is tracking appropriate

metrics to achieve social media
goals

Agree

Strongly
Agree

The bank has allotted a separate

budget
for
social
media
enforcement

Table 9: Overall WAS for the attributes determining Efficiency, Convenience

and Citizen-centricity
Attribute

Grand WAS

Evaluation

Assessing Social Media Policy

4.2

Agree

Evaluating and identifying the banks

target audience

4.7

Strongly Agree

Evaluating the competitors of the

bank

4.8

Strongly Agree

Determining the banks

social media effort

3.4

Neither Agree

Evaluating the banks focus on social

media effort

3.9

Agree

Planning the banks content creation

3.8

Neither Agree nor Disagree

Security content/Risk creation

4.2

Agree

Calculating the social media results

4.5

Strongly Agree

focus

on

3.1 Interpretation
The countrys largest Lender State Bank of India is making all efforts with its
customers on social media too. The bank strengthened its presence with the launch of its
channel. With all the major private and international banks already having a sizable
presence on social media, the move by State Bank India is predictable.
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Emerging Innovative Strategies in Business Creating a Competitive Edge | Organized by PG

Department of Banking & Insurance Management and Department of Bank Management,
Ethiraj College for Women (Autonomous), Chennai 600 008.

It is the banks constant endeavour to enhance Customer experience through

continuous innovations. The YouTube channel is another platform for them to interact
with customers. SBI promises to continue to spread its footprint on social media through
the launch of platforms like Twitter, shortly.
The results of the Focus Group Discussions held with the Social Media teamhave
thrown up pointers in areas in which SBI needs to concentrate in the coming years to
ensure that the Bank will optimise on customer intimacy using Social Media and make
a strong impression in the social media space.
CONCLUSION
Consumers are increasingly using social media to stay informed and
communicate with businesses and people. Banks will need to restructure their customer
experience activities around social to differentiate their business in the market and reap
the benefits of the consumer age. Socially engaging banking can help improve crossselling, brand value, and the customer experience today. It also positions institutions for
the market shift toward the age of co-creation, where consumers help develop the
personalized products and services they wish to buy.
Banks are slowly making a concerted effort to integrate social media into their
customer channel strategy. Unfortunately, research shows that financial institutions
still have a long way to go to penetrate the social media market.
Social media offers access to unfiltered customer opinion and creates
opportunities to leverage user-generated content into novel and valuable new publishing
vehicles.
If used properly, social media can enable banks to improve customer and
community engagement, customer satisfaction and ultimately customer revenue.
While Social Media could be parents' nightmare, it is marketers' delight
especially in an under optimised Banking eco-system.
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Augmenting Customer Intimacy through Social Media Vehicles by Banks A Case Study on
State Bank of India

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[20] The Banker (2011), The 1000 Bank Rating. Retrieved from www.thebanker.com
[21] http://thefinancialbrand.com/30954/power100-2013-q2-bank-rankings/
[22] http://browse.feedreader.com/c/SEO_Takeaways/392434482
[23] http://www.competia.com/
[24] www.googleplus.com
[25] www.facebook.com
[26] www.linkedin.com
[27] www.twitter.com
[28] www.youtube.com
[29] http://www.chatslang.com/terms/social_media
[30] http://social-media-monitoringreview.toptenreviews.com/
[31] http://www.soravjain.com/50-indian-social-media-and-digital-marketing-agencies-2011
[32] http://socialmedia.wikispaces.com
[33] http://www.information-management.com/

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Volume 03, Special Issue 03, Version I | 28th September 2016