ON THE POTENTIAL FOR TWITTER TO ADD VALUE IN RETAIL BANK RELATIONSHIPS

LISA MURRAY, Mark Durkin

Research output: Contribution to journalArticlepeer-review

12 Citations (Scopus)

Abstract

It is argued that research within financial services marketing has omitted to pay sufficient attention to social media in banking contexts generally and its potential impact on retail bank relationships in particular. At a general level, this research study explores the advent of social media and the manner of its deployment in financial services. Specifically, this article reports on the deployment of Twitter in bank–customer communi- cations. Accordingly, a content analysis of 400 Tweets sent from a range of financial service providers to their customers was conducted. A literature-based model allowed for the clas- sification of these Tweets as either customer acquisition, engagement or retention-oriented. Findings indicate that Twitter is mainly used for customer engagement, but scope is identi- fied for their more meaningful deployment in relation to customer acquisition and retention.
Original languageEnglish
Pages (from-to)277-290
JournalJournal of Financial Services Marketing
Volume19
Issue number4
DOIs
Publication statusPublished - 1 May 2014

Bibliographical note

Reference text: Adkins, G.L., Thornton, T.J. and Blake, K. (2009) A content
analysis investigating relationships between communication
and business continuity planning. Journal of Business
Communication 46(3): 362–403.
Al-Hawari, M. (2006) The effect of automated service quality on
bank financial performance and the mediating role of
customer retention. Journal of Financial Services Marketing
10(3): 228–243.
Arnold, T.J., Fang, E. and Palmatier, R.W. (2011) The effects of
customer acquisition and retention orientations on a firm’s
radical and incremental innovation performance. Journal of
the Academy of Marketing Science 39(April): 234–251.
Berelson, B. (1952) Content Analysis in Communications Research.
New York: Free Press.
Berndt, A., Herbst, F. and Roux, L. (2005) Implementing a
customer relationship management programme in an emerging
market. Journal of Global Business and Technology 1(2): 81–89.
Bielski, L. (2009) Intrepid banks tweet. ABA Banking Journal,
February: 6–9.
Bitner, M.J., Brown, S.W. and Meuter, M.L. (2000) Technology
infusion in service encounters. Journal of the Academy of
Marketing Science 28(1): 138–149.
Burdett, J. (1992) A model for customer-supplier alliances.
Logistics Information Management 5(1): 25.
Chase, R.B. (1978) Where does the customer fit in a service
operation. Harvard Business Review. November/December:
137–142.
Chew, C. and Eysenbach, G. (2010) Pandemics in the age of
twitter: Content analysis of tweets during the 2009 H1N1
Outbreak. PLOS ONE, 5(1), http://www.plosone.org/
article/info%3Adoi%2F10.1371%2Fjournal.pone.0014118,
accessed 10 March 2014.
Cho, Y.K. and Menor, L. (2010) Toward a provider-based view
on the design and delivery of quality E-Service encounters.
Journal of Service Research 13(1): 83–95.
Colorado State University (CSU) (2014) Content analysis.
US: Colorado State University, http://writing.colostate
.edu/guides/guide.cfm?guideid=61, accessed 5 January
2014.
Dabholkar, P.A. and Bagozzi, R.P. (2002) An attitudinal model of
technology-based self-service: Moderating effects of
consumer traits and situational factors. Journal of the Academy
of Marketing Science 30(3): 184–201.
Dawes, J. and Swailes, S. (1999) Retention sans frontieres: Issues
for financial service retailers. The International Journal of Bank
Marketing 17(1): 36–43.
Durkin, M. (2007) On the role of bank staff in customer
purchasing online. Marketing, Intelligence and Planning
25(1): 82–97.
Durkin, M. (2014) Future Proofing the Marketing Manager of
2014. Report for the Chartered Management Institute,
Northern Ireland, 22 May.
Durkin, M., McGowan, P. and McKeown, N. (2014a) Exploring
social media adoption in small firms. Journal of Small Business
and Enterprise Development 28(6).
Durkin, M., McGowan, P. and Murray, L. (2014b) Perspectives
on the potential for social media to improve communication
in small business-bank relationships. International Journal of
Entrepreneurship & Innovation 28(6).
Dwyer, F.R., Schurr, P.H. and Oh, S. (1987) Developing buyerseller
relationships. Journal of Marketing 51(2): 11–27.
Economic Intelligence Unit (EIU) (2007a) Beyond loyalty:
Meeting the challenge of customer engagement, part II,
www.adobe.com/engagement/pdfs/partII.pdf, accessed
5 March 2014.
Economic Intelligence Unit (EIU) (2007b) Beyond loyalty:
Meeting the challenge of customer engagement, part I,
www.adobe.com/engagement/pdfs/partI.pdf, accessed
5 March 2014.
Evans, M.P. (2013) Men in counselling: A content analysis of the
Journal of Counselling and Development and Counsellor
Education and Supervision 1981–2011. Journal of Counselling
and Development 91(4): 467–474.
Farshid, M., Plangger, K. and Nel, D. (2011) The social media
faces of major global financial services brands. Journal of
Financial Services Marketing 16(3/4): 220–229.
Fields, N. (2012) Starting of social media. ABA Bank Marketing
44(1): 14–19.
Forrester Consulting (2008) How engaged are your customers?
UK: Cambridge, www.adobe.com/engagement/pdfs/
Forrester_TLP_How_Engaged_Are_Your_Customers.pdf,
accessed 5 March 2014.
Fuse (2013) Teen and young adult marketing terms and
definitions, http://www.fusemarketing.com/Definition_
Consumer_Engagement, accessed 8 March 2014.
Ganapathy, S., Ranganathan, C. and Sankaranarayanan, B. (2004)
Visualisation strategies and tools for enhancing customer
relationship management. Communications of the ACM
47(11): 93–99.
Glazer, R. (1991) Marketing in an information intensive
environment: Strategic implications for knowledge as an
asset. Journal of Marketing 55(October): 1–19.
Gummerus, J., Liljander, V., Weman, E. and Pihlstrom, M.
(2012) Customer engagement in a Facebook brand
community. Management Research Review 35(9): 857–877.
Gwinner, K.P., Gremler, D.D. and Bitner, M.J. (1998) Relational
benefits in service industries: The customer’s perspective.
Journal of the Academy of Marketing Science 26(2): 101–114.
Hambrick, M.E., Simmons, J.M., Greenhaigh, G.P. and
Greenwell, T.C. (2010) Understanding professional athlete’s
use of Twitter: A content analysis of Athlete Tweets.
International Journal of Sport Communication 3(4): 454–471.
Hoffman, D., Novak, T. and Stein, R. (2013) The digital
consumer. In: R. Belk and R. Llamas (eds.) The Routledge
Companion to Digital Consumption. New York: Routledge.
Holsti, O.R. (1969) Content Analysis for the Social Sciences and
Humanities. Reading, MA: Addison-Wesley.
Howcroft, B., Durkin, M.G., Armstrong, G. and Emerson, E.
(2007) Small business – Bank relationships and the role of
internet banking. The Service Industries Journal 27(7): 947–961.
Hui, Y. and Kok Wei, K. (2012) Customer relationship
management: Is it still relevant to commercial banks in
Taiwan? International Journal of Business and Management 7(1):
151–160.
Ipsos MRBI (2013) Social networking quarterly November 2013
(Q4). Ireland: Ipsos MRBI, http://www.ipsosmrbi.com/
social_networking_q4_2013.html, accessed 22 January 2014.
Kelley, S.W. (1989) Efficiency in service delivery: Technological
or humanistic approaches. Journal of Services Marketing 3(3):
43–50.
KPMG (2012) The social banker: Social media lessons from
banking insider. KPMG, http://www.kpmg.com/global/
en/issuesandinsights/articlespublications/social-banker/
pages/social-banker-report.aspx, accessed 20 March
2014.
Krippendorff, K. (2004) Content Analysis an Introduction to Its
Methodology, 2nd edn. US: Sage.
Leblanc, G. (1990) Customer motivations: Use and non-use of
automated banking. International Journal of Bank Marketing
8(4): 36–40.
Lee, J. and Allaway, A. (2002) Effects of personal control on
adoption of self-service technology innovations. Journal of
Services Marketing 16(6): 553–572.
Marr, N.E. and Prendergast, G.P. (1991) Strategies for retailing
technologies at maturity: A retail baking case study. Journal of
International Consumer Marketing 3(3): 99–125.
Marr, N.E. and Prendergast, G.P. (1993) Consumer adoption of
self-service technologies in retail banking. International Journal
of Bank Marketing 11(1): 3–10.
Mazur, M. (2011) Banks take to social media. ABA Banking
Journal January: 46.
Moutinho, L. and Meidan, A. (1989) Bank customers’
perceptions, innovations and new technology. International
Journal of Bank Marketing 7(2): 22–27.
Naude, P. and Holland, C. (1996) Business to business
relationships. In: F. Buttle (ed.) Relationship Marketing: Theory
and Practice. London: Paul Chapman Publishing.
Oliver, R. (1997) Satisfaction: A Behavioural Perspective on the
Consumer. New York: McGraw-Hill.
Park, C.H. and Kim, Y.G. (2003) A framework of dynamic
CRM: Linking marketing with information strategy.
Business Process Management Journal 9(5): 652–671.
Pine, B., Peppers, D. and Rogers, M. (1995) Do you want to
keep your customers forever? Harvard Business Review
March–April: 103–114.
PwC (2011) The new digital tipping point, https://www.pwc
.com/en_GX/gx/banking-capital-markets/publications/
assets/pdf/pwc-new-digital-tipping-point.pdf, accessed
19 March 2014.
Selnes, F. and Hansen, H. (2001) The potential hazard of
self-service in developing customer loyalty. Journal of Service
Research 4(2): 79–90.
Szmigin, I.T.D. (1993) Managing quality in business-to-business
services. European Journal of Marketing 27(1): 5–21.
Thomas, J.S. (2001) A methodology for linking customer
acquisition to customer retention. Journal of Marketing
Research 38(2): 262–268.
Tsao, H.Y. (2012) Budget allocation for customer acquisition and
retention while balancing market share growth and customer
equity. Marketing Letters 24(1): 1–11.
Twitter (2014a) Getting started with Twitter. US: Twitter,
http://support.twitter.com/groups/50-welcome-totwitter/topics/204-the-basics/articles/215585-gettingstarted-with-twitter#,
accessed 2 April 2014.
Twitter (2014b) The twitter glossary. US: Twitter, http://
support.twitter.com/groups/50-welcome-to-twitter/
topics/204-the-basics/articles/166337-the-twitterglossary#,
acccessed 2 April 2014.
Verhoef, P.C., Reinartz, W.J. and Krafft, M. (2010) Customer
engagement as a new perspective in customer management.
Journal of Service Research 13(3): 247–252.
Wagner, C. and Majchrzak, A. (2006) Enabling customercentricity
using wikis and the wiki way. Journal of
Management Information Systems 23(3): 17–43.
Walker, R.H. and Johnston, L.W. (2004) Managing technologyenabled
service innovations. International Journal of
Entrepreneurship and Innovation Management 4(6): 561–574.
Wipro and Efma (2013) The global retail banking digital
marketing report 2013. Wipro and Efma, http://www
.wipro.com/documents/the-global-retail-banking-digitalmarketing-report-2013.pdf,
accessed 6 November 2013.
Yousafzai, S. and Yani-de-Soriano, M. (2012) Understanding
customer-specific factors underpinning internet banking
adoption. The International Journal of Bank Marketing 30(1):
60–81.
Zeithaml, V.A. and Gilly, M.C. (1987) Characteristics affecting
the acceptance of retailing technologies: A comparison of
elderly and non-elderly consumers. Journal of Retail Banking
63(1): 49–68.

Keywords

  • banking
  • twitter
  • social media
  • relationships

Fingerprint

Dive into the research topics of 'ON THE POTENTIAL FOR TWITTER TO ADD VALUE IN RETAIL BANK RELATIONSHIPS'. Together they form a unique fingerprint.

Cite this