A Working Paper On Use of Social Media By Selected Indian Public Sector Banks

The emergence of social media is of recent times where computer based technologies help in creation and sharing of information across users. The fuel of the social media is information generated by users and sharing of the same among others. The growth in the usage of the social media is phenomenal and pervasive. The users and customers are using social media extensively in their daily life. This has made all the businesses to rethink their strategies and adopt the changes taking place in the macro environment. The banks are integral part of any economy and the banking system is the back bone of Indian economy. The banking sector has seen a major change since 1991 where the private sector banks entered into the system, which changed the way in which banking was being done and this has increased the competition in the banking sector domain. The number of users of these social media platforms are in millions, hard to ignore for any bank. The public banks in India are using social media in different forms to stay connected with millions of users. These banks are using social media for consumer communication, engaging with general public and so on and so forth. The objective of the paper is to analyse as to how Indian public sector banks are using social media as a part of their strategy. The study focuses on top 4 social media platform Facebook, Twitter, LinkedIn, and YouTube which are majorly used by the banks. The study also focuses on the top 10 public sector banks as the sample of the study.