The Impact of Social Networking Banking on Indian Economy

Today’s financial services customers demand an ever- widening array of service and conduct most transactions are long gone. And with the growing amount of time consumers spend online, and with social networks and social site features, banks are regaining an opportunity to make up for the lost personal interactions traditionally conducted in the branch. Social networking is the grouping of individuals into specific groups, like small rural communities or a neighborhood subdivision, if you will. Although social networking is possible in person, especially in the workplace, universities, and high schools, it is most popular online. By 2012, 90 percent of financial services are processed through social networking sites, in recent years is unprecedented, and utilizing these sites beyond their social networking capability has steadily become standard practice. To keep up with competitors, financial institutions must ensure they have a substantial visible presence in all emerging payment channels.