Banks can benefit financially with social media marketing channels to announce new services and products. Social networks are not about selling products directly, but an effective way to lure people interested in knowing more about the bank; once interested, individuals may research the bank or walk into a branch (Ginovsky, 2011). Social media helps spread the word of new products and services, inform consumers of arrivals, or release dates.
Social media marketing for banks can help discover customer preferences regarding products, which permits banks to act based on what the public wants. Knowing customer preferences makes it simpler to enhance products or services and assist with planning marketing campaigns effectively. Social media provides virtually instant access to information throughout the world, thus giving banks the ability to share news about their offerings with people that normally are out of reach. Social media is one of the fastest growing benefits of technology today because it allows large marketing exposure with little or no cost.