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Business Case Analysis of Social Media Strategy of First National Bank

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Southern Cross University

   

management communication (MNG81002)

   

Added on  2020-03-16

Business Case Analysis of Social Media Strategy of First National Bank

   

Southern Cross University

   

management communication (MNG81002)

   Added on 2020-03-16

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Business Case Analysis of Social Media Strategy of First National Bank_1
MEMOTo: Lana Strydon, Head Digital Marketing and Media, FNBFrom: xxxxxxxx, Digital AnalystDate: 06th October 2017RE: Business Case AnalysisThe following memo is an analysis of social media strategy a case study of First National Bank (FNB) of South Africa. FNB is the oldest bank in South Africa and has it origin in Eastern Province Bank that was started in Grahamstown in 1838. The bank is amongst the top four banksin South Africa in terms of customers and assets. The bank is Michael Jordaan as the CEO and Lana Strydon as head of digital marketing and media. The memo will analyze social media strategy benefits and what should be considered when formulating and implementing social media strategy. This will involve discussing how FNB use digital and social media, benefits realized from investing in social media strategy, and lessons learnt from the bank experience in developing and implementing social media strategy. The memo will also identify important factors to be considered by organizations using social media to communicate to customers.First National Bank has used digital and social media in several ways to engage with its customers. First, FNB enabled its customers to make some transactions using Facebook. The bank enabled customers to link their Cellphone banking account with their social media profiles. Customers are then able to access their bank accounts from the FNB banking application on Facebook. This digital development enabled customers to check their account balances, and purchase prepaid products such as SMS bundles, airtime, and view Powerball and Lotto results. Second, the bank launched educational series on YouTube. The FNB created YouTube videos to educate people about fundamental principles in finance. The videos focused on teaching people the importance of saving, how to save, and creating a budget to minimize spending. This social media interaction and information sharing enlightened people to became bank’s customers. Third, the bank uses a banking app to engage with customers. FNB was the first South African Bank to create a banking app. The banking app enable customers to make transactions such as account transfers, updates, check balances, apply for loans, create saving plan, and enable
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