Identifying the benefits of social media within large financial institutions in South Africa
In recent years, the information systems / information technology industry has been one of the most fast growing industries. Regularly, existing technologies are being upgraded and new technologies are being introduced within the industry. For these reasons, business institutions have to stay abreast with market trends and understand what the market is doing. Since the inceptions of social media, a relatively new phenomenon within industry, institutions have to get on board in terms of using these technologies simply because of what the customers are doing. The augmentation of social media applications within business has proved valuable in the sense that institutions are capitalising on what the customers are really saying. Social media applications take many forms and in this particular paper, the benefits of social media within large financial institution will be analysed. The main aim is to identify the benefits of social media platforms and how large financial institutions are benefiting from these revolutionary communication mediums. In order to fully conceptualise the nature of this research study, it takes the form of a literature review at first, followed by empirical field research. Thereafter the research study uses case study methodology where interviews and survey questionnaires were used to make an in depth analysis of the benefits related to the financial companies. The outcomes of the study showed that there are many benefits of social media within financial institutions. The findings suggest that social media has the ability to enhance the brand, increase customer satisfaction as well as boost business services through innovation. Apart from this study adding to the existing body of knowledge, it could potentially create awareness of the benefits (if any) to financial industries and other industries as well and therefore could be advantageous. In essence, the study outcome could contribute to the improvement of current businesses.