Social Media at Chinese Banks

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13 December 2016
Hua Zhang

Abstract

Celent has released a new report titled Social Media at Chinese Banks written by Hua Zhang, an Analyst with Celent’s Asian Financial Services practice.

Key Research Questions

1

How does the banking industry use social networks?

2

Which banks in the Asia-Pacific region are pure social network banks?

3

How will traditional banks transform into social banks?

Social networks enable banks to come into closer contact with customers and carry out effective customer segmentation, thus allowing them to provide better consumer finance, payment, and other services; social networks also enable banks to provide improved means of risk management, which allows them to offer financial services relevant to low-end users.

Nowadays, social networking has become an entry point to user behaviors such as payments, shopping, e-commerce, and more. To a certain extent, social networks understand their users more than banks. Based on such an understanding, a series of business models and innovations are emerging. In the report Social Media in Banking in Asia, Celent examines the social network-based financial services, cases and trends.

“Social banking is not simply about having traditional banking businesses on Facebook — it involves fundamental changes in banks' approaches toward customer acquisition, marketing, customer segmentation, product design, customer operations, and other business aspects.” says Zhang.

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Insight details

Content Type
Reports
Focus
Industry Trends, Innovation & Emerging Technology
Location
Asia-Pacific