Study of Analysis Banking On Social Media - MyAssignmenthelp.com

Questions: 1. Use of digital and social media in the First National Bank (FNB). 2. Benefits to FNB from social media strategy. 3. Lessons to First National Bank. 4. Important points to consider on social media platforms. Answers: Answer 1: Use of digital and social media in First National Bank (FNB): The revolution was brought after when Michael Jordaan took the charge as CEO of the bank. An innovative approach to working with the CEO and a skillful work of Lana Strydom has collectively enhanced the competency of FNB on social media platforms. Mr. Jordaan, the CEO of the FNB has a very different approach to work. The CEO actually admires people who are innovative. The journey had started when the CEO had announced that the FNB acts seriously to innovate with things and please the audience. The CEO himself is a very active person on the social media sites, in particular, the twitter. The CEO personally responded to customer's complaints on Twitter. The journey got accelerated when the survey was done to check the effectiveness of the CEO's presence over twitter. Results were surprising as approximately 78 percent of the respondents had affirmed that the participation of CEO on social sites helps to establish an effective communication. Moreover, it is necessary to maintain a brand image (Tsimonis and Dimitriadis 2014). The journey to social media platforms had been further accelerated when they announced to reward employee if they provide trendsetter ideas. Employees had been encouraged. Consequently, different ideas had started to pour into the company (Hiltz, Kushma and Plotnick 2014). Jordaan initially tried to attract customers to have some transaction on the Facebook. They launched educational series on YouTube. They had also created their own app dotFNB. The app was first of its kind in South Africa. They with this had touched the core choice of customers (Hiltz, Kushma and Plotnick 2014). Importantly, they landed on the social media platforms at a time when the use of social media platforms had become popular in the country. They had also introduced an e-Wallet Facebook game to help customers updated with the latest products and the related information. Answer 2: Benefits to FNB from social media strategy: The social media strategy has immensely benefitted the First National Bank (FNB). They were able to connect with their customers through the various social media platforms like Facebook, Twitter, LinkedIn, and YouTube. The business had made sophisticated that allowed customers a much-needed relief from physical exercises that they are required to do in case of any bank related works (Parveen, Jaafar and Ainin 2015). The innovation in future had been embraced by its strong rivals like Standard Bank. However, FNB has maintained its own position on the social media platforms. At the time, when the used strategy had been embraced by its competitors, they took the other way to enhance their competency. They channelized the team to support the different social media platforms like the Facebook, Twitter, YouTube and LinkedIn. It meant that they will take care of the different social media platforms and will keep it updated based on their knowledge. The purpose had also required the different personnel to be in touch with the entire marketing promotional activities like the Public Relations activity (Inversini and Masiero 2014). Such works will keep the personnel updated with the latest products, services and the announcement of the bank. Moreover, customers will get updated news on the different social media channels. Consequently, their innovation has helped them to be ahead of its competitors in terms of community size on Facebook and YouTube (Inversini and Masiero 2014). Answer 3: Lessons to FNB: The First National Bank (FNB) is behind to its competitors in terms of community size over LinkedIn and Twitter. They at times had faced the challenge when their competitors had started to embrace the technology to their use. The technological platform, which the bank had used, is a matured platform that already had a high number of active users. Moreover, such platforms are not safe indeed (Trainor et al. 2014). Confidential data may not be safe as FNB had also allowed the transaction to few customers on Facebook. Data might be hacked and the bank will have to bear the responsibilities. Banking transactions should be in a protected way. The best feasible strategy for such transactions will be to go with apps or the personal websites (Trainor et al. 2014). To First National Bank (FNB), it is important that they maintain their competency by bringing innovative ideas to the audience. However, they are required to be smarter enough as the selection is very important in designing and implementing the innovative ideas (Saxton and Wang 2014). They had thought of leading the industry by connecting to customers on the social media platforms; however, the strategy was soon followed by its strong competitors to their benefits. It is indeed advisable that the bank considers to promote its own app and at the same time, maintaining the competency of the different social media sites (Saxton and Wang 2014). They will be able to protect the app and to upload the latest and detailed information of everything. The access to the app; however, needs to be protected to prevent this from hacking (Saxton and Wang 2014). Answer 4: Important points to consider on social media platforms: Using social media platforms may be a good way to interact with a thousand of customers in no time. On the other side, this could also be fatalistic if they do not have controlling measures against the unidentified cyber threats. Such threats may even hack the confidential data that are very important for an organization (Dijkmans, Kerkhof and Beukeboom 2015). Few precautions will be required to enhance the customer experience and to improve the business performance of the company. Following are such points: Social sites need to be updated on a regular basis, so that, customers could understand the importance of transaction and take it seriously. Updating process can be done with the help of workforce aligned to different social sites separately (Wamba and Carter 2016) Social sites transaction needs to be protected from hackers. Moreover, data theft is a threat that could easily turn customers unhappy and feel cheated (Dijkmans, Kerkhof and Beukeboom 2015) Investments will be required to make it look attractive as customers are attracted towards attractive designs. Any news needs to be presented with attractive use of words and sentences (Wamba and Carter 2016) References: Dijkmans, C., Kerkhof, P. and Beukeboom, C.J., 2015. A stage to engage: Social media use and corporate reputation.Tourism Management,47, pp.58-67. Hiltz, S.R., Kushma, J.A. and Plotnick, L., 2014, May. Use of Social Media by US Public Sector Emergency Managers: Barriers and Wish Lists. InISCRAM. Inversini, A. and Masiero, L., 2014. Selling rooms online: the use of social media and online travel agents.International Journal of Contemporary Hospitality Management,26(2), pp.272-292. Parveen, F., Jaafar, N.I. and Ainin, S., 2015. Social media usage and organizational performance: Reflections of Malaysian social media managers.Telematics and Informatics,32(1), pp.67-78. Saxton, G.D. and Wang, L., 2014. The social network effect: The determinants of giving through social media.Nonprofit and Voluntary Sector Quarterly,43(5), pp.850-868. Trainor, K.J., Andzulis, J.M., Rapp, A. and Agnihotri, R., 2014. Social media technology usage and customer relationship performance: A capabilities-based examination of social CRM.Journal of Business Research,67(6), pp.1201-1208. Tsimonis, G. and Dimitriadis, S., 2014. Brand strategies in social media.Marketing Intelligence Planning,32(3), pp.328-344. Wamba, S.F. and Carter, L., 2016. Social media tools adoption and use by SMES: An empirical study. InSocial Media and Networking: Concepts, Methodologies, Tools, and Applications(pp. 791-806). IGI Global.