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Social Network Banking: A Case Study of 100 Leading Global Banks

Author

Listed:
  • Erik Bohlin

    (Division of Technology & Society, Chalmers University of Technology, Goteborg, Sweden)

  • Aijaz A. Shaikh

    (University of Jyväskylä, Jyväskylä, Finland)

  • Payam Hanafizadeh

    (Faculty of Management and Accounting, Allameh Tabataba'i University, Tehran, Iran)

Abstract

Social media is widely recognized as a challenging new communication technology in both economic and social contexts. The present article explores how banks have exploited this technology in the range of consumer retail banking services offered by 100 leading global banks on the three major social networking sites (SNS): Facebook, Twitter, and YouTube. Viewing social network (SN) banking as a separate delivery channel and offering a working definition of SN banking, the article shows that banks have been more cautious than other businesses in using SNS. The available services are classified on nine main dimensions: marketing, financial education and advice, information support, customer support, sales representativeness, customer engagement, online recruitment, survey and polling, and other services. The scope of these SN banking services is for the most part non-cash-based. Conclusions, implications, and recommendations are discussed and future research priorities are identified.

Suggested Citation

  • Erik Bohlin & Aijaz A. Shaikh & Payam Hanafizadeh, 2018. "Social Network Banking: A Case Study of 100 Leading Global Banks," International Journal of E-Business Research (IJEBR), IGI Global, vol. 14(2), pages 1-13, April.
    • Handle: RePEc:igg:jebr00:v:14:y:2018:i:2:p:1-13
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    Cited by:

    1. Macca, Luca Simone & Ballerini, Jacopo & Santoro, Gabriele & Dabić, Marina, 2024. "Consumer engagement through corporate social responsibility communication on social media: Evidence from Facebook and Instagram Bank Accounts," Journal of Business Research, Elsevier, vol. 172(C).
    2. Payam Hanafizadeh & Mahdi Barkhordari Firouzabadi & Khuong Minh Vu, 2021. "Insight monetization intermediary platform using recommender systems," Electronic Markets, Springer;IIM University of St. Gallen, vol. 31(2), pages 269-293, June.
    3. Ali Naimi-Sadigh & Tayebeh Asgari & Mohammad Rabiei, 2022. "Digital Transformation in the Value Chain Disruption of Banking Services," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(2), pages 1212-1242, June.
    4. Payam Hanafizadeh & Mohammad Mehrabioun, 2020. "A Systemic Framework for Business Model Design and Development -Part B: Practical Perspective," Systemic Practice and Action Research, Springer, vol. 33(6), pages 639-674, December.
    5. Ree Chan Ho & Muslim Amin, 2023. "Exploring the role of commitment in potential absorptive capacity and its impact on new financial product knowledge: a social media banking perspective," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(3), pages 585-598, September.

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