A Study on Usage and Awareness of Social Media and Digital Wallets in Banking Sector with special reference to Gen Y and Gen Z

This paper presents the position of social media as a marketing tool for financial service sector especially in the banking sector and indicates the role of social media in building relationships between financial institutions and customers through new channels of communication. It highlights the opportunities that social media platform can provide the bank to enhance their customer engagement and loyalty. The paper initially talks about growth of social media across the globe as a marketing tool in financial service industry. It also highlights the way banking system has changed by the advent of social media and adoption of mobile technologies from transactional banking to relationship banking. Later the paper emphasises on how the social media has evolved into Indian banking industry and the impact of the same on customers. A primary research is conducted to know level of awareness and perception of social media in the banking sector, its main advantages and challenges, providing solutions for managing weaknesses and building on strengths. The paper ends with conclusions related to the challenges existing in the banking sector and to the manner in which digital and social realm shape current banking practices and future opportunities for the banking sector, preventing banking business models become obsolete.