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How the use of social media in facilitating the delivery of financial services.

The rise of social media usage in the last one decade has changed so much the way business is done. Businesses are now using social media services to reach out to more customers, create awareness of new products and services as well as a platform for facilitating the customer service. In the banking industry, there is a tremendous change. There are a lot of institutions using social media in order to help the clients, both potential and current, access credit as well as opening accounts. Keeping up with the trend, it is very possible that the use of social media can greatly determine the future of the banking sector.


From the social media, there has been an emergence of Financial Technology as an industry on its own. This integrates different companies in making the delivery of financial services more efficient. Below are some of the major ways that the social media has positively changed the delivery of the financial services.

  1. As a marketing platform.

With the huge numbers of people spread across different social media platforms, banks have embraced this as a significant way of marketing their products and services. Many financial institutions, such as, these platforms to reach out to more customers and tell them about their wonderful credit facilities that fit every person in different age groups and careers.

It is now evident that even the traditional companies are not willing to be left behind in integration of social media in their businesses. Actually, in the modern days we are living, you, as a business, are likely to lose a lot of potential clients if you do not use the social media platforms as your marketing channel.

  1. Delivery of customer services.

This is a very vital aspect of any financial institution. There are many customers, both new and old with lots of queries regarding their account. With the huge number of people using these social media platforms to interact and learn, they will also use it to enquire more on their accounts. As a bank, it is important to have a chief customer service officer who will see to it that the customers’ queries are being answered on time and to their satisfaction. While tending to the customers, the clients’ personal information should not be disclosed to any third party.

  1. Cost reduction while still improving the service efficiency.

The rise in social media has seen a huge reduction in the costs of delivering the much needed services to the clients. There is a rise in the number of financial institutions that are using social media platforms to process applications efficiently. Similarly, social media has greatly eased the way the customers are tended to.

This has overall brought about customer satisfaction thus increasing the customer base as well as the conversion rates for the institutions’ social media followers.