DIGITAL BANKING Tips - Tip 25: Social CRM

Social CRM has been one of the hot topics for banking in recent years, especially after the strong existence of Social Media in our lives took place. From the banking point of view, it represents the change from marketing to engagement in terms of customer relationship management. While Traditional CRM is fed by the customer data inside the bank, Social CRM’s food has been coming from Social Media where our customers share their data publicly and generously. If you need to make a choice between two CRMs, go for Social CRM – as it is much more entertaining (don’t you want to know what your clients eat, drink, wear and go where) and informative.

As we all know in older times, the relation between the bank and client is quite different than today. In the past, most of the conversation was done by the banks and customers listened. (It’s a Wonderful Life! – yes this is the name of the drama movie produced in 1946 and it was about the community banking!) . After the digitalization created a power shift from bank to the client, the roles have changed and it is banks’ turn now to listen what customers say. So Social CRM concept has been introduced in to our lives by the digital transformation.

This is the short version of the post. 

Starting from Tip 2 to Tip 30 only short versions of my posts are available at Finextra. From Tip 31, full (long) versions of my posts can be read here.