BANKING ON SOCIAL MEDIA: CUSTOMER ENGAGEMENT STRATEGIES IN U.S. AND EUROPEAN BANKS

Abstract

This article investigates the social media strategies of major banks in the United States and Europe concerning customer engagement and interaction. The rapid proliferation of social media as a communication tool is undeniable [1], with user numbers projected to reach 3.09 billion in 2021 [3]. In this context, we analyze leading banks to gauge their effectiveness in connecting with customers on social media platforms. This study encompasses a theoretical overview and a qualitative analysis of customer perceptions and sentiments regarding the banks' products and services on social media. Notably, while existing studies have focused on individual institutions [4][5][6], this research uniquely compares acceptance, reach, engagement, and interaction among a group of banks. The study concentrates on seven institutions among the world's top fifteen banks, including JPMorgan, HSBC, Bank of America, and others [7]. It examines their presence across five prominent platforms: Twitter, YouTube, Facebook, LinkedIn, and Instagram. The exploration delves into the potential value of social media adoption for customer insights, innovation, loyalty, and financial performance [8][9][10][11][12][13], while considering associated technological challenges [14]. The results underscore the significance of customers' opinions and behaviors within the sphere of financial institutions' social media strategies [15]. This article is structured into sections covering introduction, concepts, methodology, results, and conclusions, culminating in references