Social Media Development Paths in Banks

The aim of the present study is the usage of social media in the banking sector. We investigate why banks have decided to use social media and the obstacles they face. We describe the different goals of social banking: advertising purposes (showcase) versus interaction with clients and prospects in order to develop strong relationships through open, continuous, and transparent communication. We seek to understand the reasons behind any usage of social banking and, thus, the expected objectives banks wish to achieve in terms of visibility, loyalty, brand awareness, engagement, and reputation. Finally, we present a development path of the social media process in banks, focusing on the use of marketing tools. We also explore the relationship between social media strategies, customer behaviors, and reputation in the banking system, compared to other sectors.