Management Communication Report

Added on - 28 May 2020

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RUNNING HEAD: Management CommunicationManagementCommunication
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
Management Communication2To:From:Date:Subject: Management CommunicationIntroductionThe adoption of social media has become trend in the companies for the purpose of dealing witha variety of reasons related to marketing, customer service, internal communications, corporatesocial responsibility and public relations. Similarly, First National Bank (FNB), which is one ofSouth Africa’s ‘Big Four’ banks has opted for a social media strategy for increasing its marketpresence 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 mediaenvironments including blogs/forums (such as Hellopeter.com and Facebook), micromedia(Twitter and Mxit) and mainstream media (such as online news sites). Since micromedia andblogs/forums are the medium that attract the customers by providing a medium to raisecomplaints 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 tovarious 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, feeincome 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 includingsocial 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 customerengagement. They later on became creative experimenters such that they can learn more fromsocial media projects while increasing customer engagement. eWallet, the mobile banking
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