International Journal of Commerce and Management Research

International Journal of Commerce and Management Research


International Journal of Commerce and Management Research
International Journal of Commerce and Management Research
Vol. 4, Issue 2 (2018)

Role and impact of social media on banking industry


Dr. P Balaram Babu, CH Mohan Babu

The government of India has been curiously taking various steps to bring to technological advancements in the banking sector in India. Introduction of debit cards, credit cards, NEFT, RTGS, Jan Dhan yojana, White label ATMs, mobile banking, internet banking and many other major initiatives to enhance banking in India have great responses from the consumer’s end. There is no doubt in the fact that the next generation Banking has been derived by the usage of mobiles, technology, digitalization, social media, etc.
The government of India has been curiously taking various steps to bring to technological advancements in the banking sector in India. Introduction of debit cards, credit cards, NEFT, RTGS, Jan Dhan yojana, White label ATMs, mobile banking, internet banking and many other major initiatives to enhance banking in India have great responses from the consumer’s end. There is no doubt in the fact that the next generation Banking has been derived by the usage of mobiles, technology, digitalization, social media, etc.
Analyzing market performance via social media has attracted a great deal of attention in the finance and machine- learning disciplines. However, the vast majority of research does not consider the enormous influence a crisis has on social media that further affects the relationship between social media and the banks. The paper presents the current status of use of social networking sites by the public and private sector banks in India. New private sector banks (ICICI Bank and Axis Bank) performed well as compared to other banks. In general, the banks were not fully harnessing the utility of social media and a great opportunity exists for the banks for improvement in their usage of social media networking.
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How to cite this article:
Dr. P Balaram Babu, CH Mohan Babu. Role and impact of social media on banking industry. International Journal of Commerce and Management Research, Volume 4, Issue 2, 2018, Pages 56-61
International Journal of Commerce and Management Research