Social Media at Chinese Banks
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.
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 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.
“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 Hua Zhang, an analyst with Celent’s Asian Financial Services practice and author of the report.