Influence of Customer Satisfaction and Loyalty Through Social Media on Brand Building in Banking Sector

Abstract

Development of economy is highly dependent on growth of banks. The nucleus of the economy is modernized banks. Anytime and anywhere banking has been implemented because of growth of technology. There has been stiff competition for financial sector and involves global operations. Apart from being controlled by Government, it is important for public banks to fulfill customer needs though there is financial changes and introduction of international operations. Customer s mindset is completely different when compared to present customers. Banks are concentrating to establish a focused relationship with their customers. They are very different from those compared to ten years back. Since the introduction of social media, expectations of customers are changing and their connection with bank has been altering tremendously. Banks use social media to perform all the functions with their current and future customer, inform them about introduction of new product, enrichments in current products and other trends of banking. Reach of technologies and social media have made banks to face stiff competition, also to compete with many retailers, automotive companies and creative micro sized entrepreneurial organizations as well, as they can give their customers clear and mixed ideas with less restrictions. Customer Based Brand Equity design gives a different insight to the meaning of brand equity and how it should be designed, valued, and organized. It is most appropriate for the research because it is individually connected with the habitual of consumer and their mindset. Customer-Based Brand Equity Model is experiencing most importance as it provides guidance in building good brand and evaluates the brand s development. Dual design stresses upon the essential of perception customer requirements and their reactions to marketing functions. Customer loyalty is used to define the habit of repeated purchase, as well as those who give good scores, reviews or testimonials.