Business Commons^™

Social Media In The Financial Services Industry, Nathaniel Gibbs, Perry Haan

Association of Marketing Theory and Practice Proceedings 2014

Innovative strategies set a company apart from its competitors. Lindsay and Hopkins (2010) said strategy is making the most of a current situation and devising a plan for the future. Likewise, if banks and other financial organizations want to enhance their brands, reduce costs, increase customer satisfaction, boost innovation, increase revenue, and maintain their competitive positions, they need to embrace social media. Social networks are used by marketers to connect and communicate with customers (Mangold & Faulds, 2009). Organizations must be receptive and flexible to remain relevant in the business environment (Bouckenooghe, Devos, & Van den Broeck, 2009). The environment …