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Management Communication Report

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Added on  2020-05-28

Management Communication Report

   Added on 2020-05-28

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RUNNING HEAD: Management CommunicationManagementCommunication
Management Communication Report_1
Management Communication1ContentsIntroduction......................................................................................................................................2Use of digital and social media by FNB..........................................................................................2Benefits derived by FNB from investment in social media strategy...............................................3Lessons for FNB regarding development and implementation of social media strategy................4Important Factors for an Organization to improve experience of customers on social media........4Conclusion.......................................................................................................................................5References........................................................................................................................................6
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Management Communication2To:From:Date:Subject: Management CommunicationIntroductionThe adoption of social media has become trend in the companies for the purpose of dealing with a variety of reasons related to marketing, customer service, internal communications, corporate social responsibility and public relations. Similarly, First National Bank (FNB), which is one of South Africa’s ‘Big Four’ banks has opted for a social media strategy for increasing its market presence along with humanizing the brand and building customer knowledge (Mazinter, et. al., 2015).For the purpose of engaging its customers FNB extended its operations in different social media environments including blogs/forums (such as Hellopeter.com and Facebook), micromedia (Twitter and Mxit) and mainstream media (such as online news sites). Since micromedia and blogs/forums are the medium that attract the customers by providing a medium to raise complaints and offer feedback, therefore has occupied the position of prime focus for FNB. Nowadays, the customers are found to be less loyal and plan switching of their banks due to various internal processes of the banks (poor experiences with branch, high charges/fees, etc.) and environmental impacts (increasing competitive pressure or regulation in the retail banking) Moreover, the various sources of revenue pressure (low credit growth, low interest rates, fee income pressure, subdued trading income, increased cost of funding and competitive activity) required FNB to bring innovative processes and offering in the market by the way of including social media as a part of their marketing strategy (News24, 2013).Use of digital and social media by FNBSince 2004, social media platforms have been utilized by FNB for growing customer engagement. They later on became creative experimenters such that they can learn more from social media projects while increasing customer engagement. eWallet, the mobile banking
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