Topic 14: Customer communication in a digital age

Question 1

What are the 4 main models for the application of social media in retail banking?

Answer 1

1. Marketing tool
2. Communication channel
3. Channel for feedback and reaction
4. Transactional social banking

Question 2

What are the 3 types of data to look at re customers?

Answer 2

1. First-party data (information the bank collects)
2. Second-party data (information bank partners have collected + are willing to share)
3. Third-party data (data purchased from data aggregators enhanced w/ their insights)