Banking on Social Media (A)

First National Bank (FNB), one of South Africa’s “Big Four” banks, has, under the stewardship of its CEO, invested in a strategy of innovation to grow its market presence in South Africa, other emerging-market African countries and India. In line with its strategy to lead digital banking in South Africa, FNB has invested in building a social media strategy to enable the brand to strengthen its relationships with customers, through building customer knowledge and stickiness and humanizing its brand.<br><br>In 2012, FNB’s head of digital marketing and media sees a tweet from Standard Bank stating that it has instructed its attorneys to lodge a complaint against what it alleges to be FNB’s misleading advertising. She wonders whether Standard Bank’s use of Twitter to communicate this competitive action is related to FNB’s extensive and well-publicized use of the micro-blogging service. She knows that the debate on Twitter will be a significant indicator of whether her social media strategy has been successful. How can FNB continue to differentiate itself and alleviate the pressure on non-interest revenues?<br><br> Banking on Social Media (B), 9B14A071, is a supplement to this case.

This case is appropriate for an undergraduate course in marketing communications. It can also be used in graduate-level programs such as MBA or executive development programs.<ul><li>The role of social media in building brand and customer equity.</li><li>The principles that support effective customer engagement through social media.</li><li>The organizational support required to execute an effective social media strategy.</ul></li>

• Social media
• brand
• engagement
• banking
• South Africa