Social media marketing has gained increased focus, and retail banks are changing their business models and product offerings to cater to the ballooning market of social media users. The increasing prevalence of the internet and widespread adoption of smartphones have fuelled social media expansion, with more than half the internet population now engaged in social networking. Although the use of social media remains risky territory for many banks, some have started to explore opportunities in this channel. However, despite initial skepticism by retail banks, social media is expected to emerge as a key complimentary channel for business development. Banks are expected to focus more on synergies that can be generated by social media and other key channels over the next five years.
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