The Advent of Social Media in the Japanese Financial Industry

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31 July 2012
KyongSun Kong

Abstract

Interest in social media and social networks in Japan has surged, and the nation’s financial institutions have not been immune to this trend. In the in-depth survey conducted for this report, Celent found that most firms are already using social media, and that financial institutions that have yet to take the plunge are extremely interested in the possibilities inherent in social media.

In a new report, The Advent of Social Media in the Japanese Financial Industry, Celent examines current social media usage patterns and trends within Japan’s financial institutions. Some 88% of financial institutions are already employing social media, with 50% of respondents using multiple social media or social networks, according to the Celent survey that formed the basis for this report.

Financial institutions surveyed reported that social media had increased the incidence of real time communication with customers, acted as a more efficient means of aggregating customer opinions, and contributed to improved corporate branding and brand recognition.

“Japan’s financial institutions should use and analyze the information and opinions garnered via interactions with customers using social media and fully leverage this as a tool in formulating new products and service offerings,” says KyongSun Kong, an Analyst with Celent's Asian Financial Services Group and author of the report.

This report examines the results of a survey conducted by Celent to gauge the proliferation and usage patterns of social media and social networks among Japan’s financial institutions. Based on the survey results, Celent suggests how financial institutions can best use social media and social networks to enhance their businesses and generate new business opportunities.