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Social Media Impact on Banking

   

Added on  2020-03-28

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SOUTHERN CROSS UNIVERSITYASSIGNMENT COVER SHEETFor use with online submission of assignmentsPlease complete all of the following details and then make this sheet the first page of each file of your assignment – do not send it as a separate document.Your assignments must be submitted as either Word documents, text documents with .rtf extension or as .pdf documents. If you wish tosubmit in any other file format please discuss this with your lecturer well before theassignment submission date.Student Name:Dr Benjamin Yap (Bsc BVMS GCertBus GCertMgt)Student ID No.:22642918Unit Name:Management Communication OnlineUnit Code:MNG81002Tutor’s name:Dr Melinda Muir/Dr Jill Gray (Learning Group 3)Assignment No.:3Assignment Title:Analysis (Memo Format) 1000 wordsDue date:Monday 9th October 9am (QLD time)Date submitted:Declaration:I have read and understand the Rules Relating to Awards (Rule 3 Section 18 –Academic Misconduct Including Plagiarism) as contained in the SCU Policy Library. I understand the penalties that apply for plagiarism and agree to be bound by these rules. The work I am submitting electronically is entirely my own work. Signed:(please typeyour name)Benjamin YapDate:Memo:
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To: Lana Strydon, Head of Digital Marketing and Media, First National BankFrom: Benjamin Yap – Business Media AnalystRe: Social Media Usage at First National Bank -----------------------------------------------------Dear Lana, You are hereby thanked for taking the time to reach out to me regarding the social media policy at The First National Bank (FNB). As a business-media analyst, I assure that your concerns about the pros and cons of social media to promote your business, locally and internationally, are genuine. Myresponse here is to make sure that your social media policy has been evaluated, analyzed and possibly meliorated.I had gone through your organization's history for which I thank you for the article you sent me by Mazinter, Kleyn, Goldman and Lindsey-Renton (2015) entitled 'Banking on Social Media'. The article provided strong insight about the past and present of FNAB's business activities.The FNAB, as I understand, is one of the 'Big Four' Banks in South Africa, which take an 80% monopoly on the South African banking sector. With direct competition in an ever-changing environment, FNAB has tried to expand into neighboring regions and countries. Your main competitors-Standard, Nedbank and Absa have also adapted and expanded impressively. This has strengthened competition among the four banks which has resulted in a rivalry to lure more clients.The 2004 introduction of CEO Michael Jordaan led to revolutionary changes to try and standout FNAB from its peers. He was instrumental in trying to connect to his employees and the people of South Africa. He was an actively keen user of social media sites such as Twitter. His down-to-earth nature and openly engaging in the public forum showed the bank had a 'human-touch', and was not just built on foundations of profits and KPIs.Mr Jordaan's belief in the power of Social Media led to the banks first plunge into the online world in 2004. Since you joined in 2011 as Head of Marketing/Media, you have further pushed this initiative with your strong online campaign to try and capture the public attention. ------------------------------------------Methodologies:Your belief that “social media offered the FNAB brand the ability to build ongoing relationships with customers and potential customers that were not bound by the inherent restrictions of most other communication methods and channels” (Mazinter, 2015, page 5) has obviously reaped rewards for the organization in terms of growth.
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