کاربرد پلتفرم‌های رسانه‌های اجتماعی در بانکداری

Objective
In the current era of digitalization, social media has become one of the most important communication tools for transmitting messages and information. These platforms have greatly facilitated the communication process, allowing for the instant transmission of all types of messages without the barriers of time and place. Life would undoubtedly be very difficult without these platforms. Social media platforms became even more prevalent during the COVID-19 pandemic, when many activities, including financial activities, were conducted online. Today, social networks like Facebook, Twitter (now X), Instagram, LinkedIn, and YouTube have become an inseparable part of daily life for people worldwide. Due to their significant growth and development and widespread use, they are a familiar term across various generations.
The significant growth of social media has not only transformed the daily lives of individuals but has also had a profound impact on the business world. Various industries, from manufacturing to retail and financial services, are increasingly turning to social media for internal and external interaction. The banking sector has not been an exception to this pervasive trend, and the use of social media in this sector has been increasing in recent years.
Undoubtedly, banks, as the backbone of any economy, cannot ignore the significant growth in social media users. The unprecedented volume of information that users provide on social networks about themselves, their required products, daily activities, and other important aspects of their personality can greatly assist economic enterprises and companies in understanding customer needs and customizing their products and services. In a market characterized by features such as economic uncertainty, increased competition, and growing customer needs, an unconditional focus on attracting and retaining customers has become the main goal of the banking and financial services industry.
Social media platforms offer significant potential for banks and bring many benefits. These platforms help banks connect with their customers, improve interactions, and develop relationships. Furthermore, they can help banks gain a better understanding of their customers' needs. Platforms like Facebook, Twitter, Instagram, LinkedIn, and YouTube provide a platform for banks to connect with people in different geographic locations. These platforms allow for information sharing, improving customer relationships, building brand awareness, loyalty, and trust, and even performing some banking processes such as service inquiry or checking loan rates. Given the many benefits of these platforms, the use of social media in banking has gone beyond merely inquiring about services in recent years and has become a tool for actually performing banking processes.
In developing countries and emerging markets such as Ghana, Pakistan, India, Indonesia, and Arab countries in the Middle East and North Africa region, the use of social media in the financial sector by small and medium-sized enterprises (SMEs) is associated with factors such as customer-company relationships, financial expectations, company visibility and growth, and market share. These companies use social media for marketing communications, given its cost-effectiveness motives. Findings from various studies in these regions indicate a positive and significant impact of social media use on the financial and non-financial performance of banks in terms of profitability, growth, and environmental performance. Also, banks in some regions like North Maluku, Indonesia, have used social media like Instagram to introduce new services such as QRIS.
On the other hand, despite the significant growth and increasing adoption of social media in the banking sector worldwide, studies show that many banks still do not fully utilize the full potential of these tools. Also, some studies have pointed to the lack of a systematic and planned approach in banks' presence on social networks. One of the important challenges is the lack of sufficient interaction between banks and customers through social platforms; while customers actively use these platforms for searching, sharing opinions, and receiving information, banks are slow in responding to customer inquiries and messages on these platforms. Furthermore, issues related to the security and privacy of personal and financial information on social media, especially in the banking context, create serious concerns for users. The massive volume of data on social media makes ensuring information security challenging and increases the risk of cyber-attacks such as phishing. Although solutions like the use of biometric identification have been suggested for increasing security, ensuring safety in banking interactions through social media remains a concern.
Additionally, some studies consider the lack of awareness among banks and monetary and financial policymakers about the potentials of social media platforms as another influential factor preventing the utilization of social media platforms. In other words, the various potentials that these platforms can have in the banking sector are not yet fully clear in a comprehensive way. Meanwhile, given the diversity of social media applications in banking (from marketing and customer communication to performing transactions and financial education), it seems these platforms can increase efficiency and effectiveness. Alongside this, understanding customer expectations and improving the quality of services offered through social media can lead to increased customer loyalty, customers for whom social media platforms have become an inseparable part of their lives. Therefore, the aim of this research is to provide a framework of the types of social media platform applications in banking, using the method of systematic literature review.
Identifying and classifying the types of social media applications used by banks can help organize knowledge in this field. Also, the findings of this systematic review can help bank managers and decision-makers gain a deeper understanding of the potentials of using social media. Such insight can assist them in developing effective strategies for employing these media to improve performance, increase profitability, enhance customer relationships, and strengthen brand image. On the other hand, this study can be useful for regulators and policymakers in the financial sector, especially in promoting financial inclusion and determining regulatory frameworks for the safe and effective use of social media in financial services.
Research Methodology
This study employed the "Systematic Review" method, which allows for a comprehensive and structured analysis of previous research. A systematic review, as a scientific method, enables the identification, evaluation, and interpretation of existing evidence related to the research question. In this study, the systematic review was conducted based on the approach of Gough and colleagues, which begins with identifying the research question and ends with summarizing and reporting results.
The main research question was: "What are the applications of social media platforms or online social networks in banking?". To answer this question, a systematic research strategy was designed to identify relevant sources. The search was conducted in the Scopus database, which is highly comprehensive and includes peer-reviewed publications in various fields, including social sciences, humanities, and business management. Additionally, other reputable scientific databases such as "Web of Science (WoS)", "OpenAlex" were explored for finding foreign publications, as well as national databases such as "Ganj", "Magiran", and "Academic Center for Education, Culture and Research (ACECR) Publishing Center" for identifying Persian-language works. The following query was used for searching in global databases:
TITLE-ABS-KEY (("social network* site*" OR "social media" OR "online network*" OR "social communication tool*" OR "social networking*"OR "social web*" OR "social channel*" OR "social interaction platform*" OR "social interaction site*" OR "social communication tool*" OR "social engagement platform*" OR "online communit*" OR "community platform*" OR "user-generated content platform*" OR "virtual network*" OR "virtual communit*" OR "digital media" OR "digital communit*" OR facebook OR twitter OR instagram OR linkedin OR youtube OR tiktok OR Snapchat OR Pinterest OR Reddit OR "generation z" OR "generation x" OR "generation y" OR "digital native*") AND (bank* OR "financial institution*" OR "finance* manag*" OR "financ* service*" OR "digital bank*" OR "neo bank*" OR "credit union*" OR "savings institution*" OR "trust compan*" OR "deposit-taking*" OR "lending service*" OR "payment service*" OR "asset management" OR "wealth management" OR "capital market*") AND (usage OR using OR use* OR application* OR adoption OR implement* OR strateg* OR marketing OR engagement OR "customer service" OR "brand awareness" OR "crisis communication" OR interaction OR participation OR "financial literacy" OR "risk management" OR "fraud detection" OR "social commerce" OR "customer relationship management" OR "user experience"))
The searches were conducted on March 8, 2024. To include recent works, the searches were repeated on April 29, 2025, and these results were added to the previous search results. The screening process in this research was conducted systematically in several stages.
The first stage involved the removal of duplicate entries. All identified publications from different databases were imported into EndNote reference management software to automatically identify and remove duplicates. This initial stage reduced the volume of the collection and increased the efficiency of the screening process.
The second stage was title and abstract screening. Two researchers independently reviewed the titles and abstracts of all remaining publications. In this stage, initial inclusion criteria based on thematic relevance were applied. Studies whose title or abstract clearly indicated that they did not address the topic of social media application in the banking industry (e.g., studies on social media in other industries like tourism or education, or studies on traditional banking without mentioning social media, or studies that addressed social media only in the context of capital markets without focusing on the role of banks) were removed. The main focus was on identifying publications that at least implicitly referred to the interaction between social media and the financial/banking industry. The goal in this stage was to identify all potentially relevant publications to ensure no important relevant study was missed. Publications that seemed potentially relevant (even if the connection was not entirely clear) were kept for full-text review in the next stage.
The third stage was full-text review. Publications that successfully passed the title and abstract screening stage were fully retrieved and reviewed independently by two researchers. In this stage, more precise inclusion and exclusion criteria were applied more strictly to select only studies that directly and significantly addressed the research topic. Inclusion criteria included the following:

Publication type: Only peer-reviewed publications were accepted. For example, non-academic blog posts and abstracts without full text were removed.
Topic: The study must specifically focus on the applications, impacts, challenges, opportunities, or other aspects of using social media platforms or social networking sites in the banking industry. Studies that generally addressed social media or the financial industry without focusing on banking, or studies in the field of FinTech that did not have a direct and significant connection to social media, were removed. Studies that addressed specific aspects such as the role of social media in enhancing bank brand and mental image, impact on innovation in banking or adoption of new technologies such as mobile banking through social media, or even impact on specific processes such as increasing sales, were considered eligible.
Language: Publications must be in English or Persian to allow for their full and accurate review.
Access: The full text of the publications must be accessible. Publications for which the full text was not available were unfortunately excluded from the study.
This process was conducted using standard "PRISMA" guidelines for systematic reviews to ensure the accuracy and comprehensiveness of the results. From each of the 147 selected studies, relevant and key data were systematically extracted. To facilitate this process and ensure uniformity, a standard data extraction form was designed and used. This form was designed based on the study objectives and required information to answer the research question and included the following information fields:
General study information: Author names, year of publication, full title, publication type, journal or conference name, country where the research was conducted, and methodology (quantitative, qualitative, mixed).
Methodological details: Study design, data type, data collection tools, study population and sample, sample size, and data analysis method.
Main topic and applications: The specific application of social media in banking discussed in the study (e.g., marketing, customer service, financial reporting, competitive analysis, risk management, recruitment, employee communication, financial education, innovation, brand image, loyalty). If multiple applications existed, all of them were recorded.
Social media platforms investigated: The name of the specific platform(s) the study focused on.
Key findings: The main results of the study, relationships between variables, proposed models, and practical or theoretical implications.

The data extraction process was performed independently by two researchers for each of the 147 studies to ensure the accuracy, completeness, and lack of bias in the extracted information. Any discrepancy in the extracted data was discussed in meetings between the researchers and was resolved by agreement by referring back to the full text of the relevant work. Finally, after extracting key data from the 147 selected studies, the stage of analysis and synthesis of information was performed to identify main themes. Data analysis was conducted using a hybrid thematic analysis method. The extracted data were first categorized and coded based on different applications of social media in banking. This initial categorization was based on frequently recurring and important themes that emerged from the extracted data.
In conducting this systematic review, all ethical considerations related to scientific research were observed. All sources used have been accurately and transparently cited according to the "APA" referencing format. Information has been collected from public and published scientific sources, and there was no need for direct interaction with individuals or collection of confidential data. The process of study selection and data extraction has been designed and executed to be transparent and repeatable to increase the reliability and validity of the results.
Findings
Today, the interaction of companies/organizations with their customers increasingly takes place through social media, especially Facebook and "X" (formerly Twitter). The impact of these media on the business world, including the banking sector, has been significant and they have become an important tool for customer service. Utilizing social media and developing presence on these platforms helps banks get closer to customers; therefore, their utilization is increasing. The findings of this research showed that social media platforms can have applications in banks and the banking industry in at least 47 areas, which can be categorized into seven overarching themes (Table 1).
Based on Table 1, the applications of social media platforms cover a wide range of uses, from responding to customer questions to identifying their behavioral patterns and competitor analysis. Among these, most applications fall into three categories: Customer Engagement and Relationship Management, Marketing, Promotion, and Sale, and Business Intelligence and Data Analytics. Each of these themes is explained below.
4_1. Customer Engagement and Relationship Management
One of the main applications of social media in banking is improving customer engagement and relationship management. This involves how banks utilize the capabilities of social media and other digital channels for effective communication with customers, providing support, and gaining a deeper understanding of their behavior and needs. Banks use social media to establish open, continuous, and transparent communication with customers and audiences to develop strong relationships.
Social media like Facebook and Twitter have created a public space for expressing questions, views, criticisms, and suggestions, which provides the opportunity for banks to respond to questions and criticisms and provide real-time support. An active presence and continuous interaction on these platforms allow banks to have a dynamic and continuous relationship with their customers. This includes numerous applications that lead to the deepening and more effective management of customer relationships. One of these applications is providing personalized messages and content. Banks can use acquired data and analyses to customize their marketing content and communications for different customer segments or even at an individual level. Although the role of banks in directly creating and managing online communities has been less studied, being present on social platforms, which have a participatory nature, allows them to participate in existing communities and help develop customer interaction and active participation. The main goal of these interactions is to create long-term and sustainable relationships with customers. By providing a platform for rich communication and building trust, social media play an important role in the development of relationship-based banking. This set of applications indicates banks' efforts to maximize the potential of social media towards improving customer experience and increasing their loyalty.
Sub-applications identified under this theme include: Responding to questions and customer support, Providing personalized messages and content, Creating and managing online communities and groups, Creating long-term sustainable relationships with customers, Continuous interaction with customers, Development of relationship-based banking, Encouraging active customer participation in activities, Monitoring and tracking online customer conversations, Identifying and extracting common customer problems, and Receiving customer feedback.
4_2. Marketing, Promotion, and Sales
Social media are important tools in marketing and advertising. These platforms allow banks to introduce their products and services to customers in better ways and at a lower cost.
Banks use social networks for content publication, describing product features, and informing about new services and offers. These platforms serve as channels for running advertising campaigns, and banks can utilize content marketing tools and advertising attractions to capture the attention of potential and existing customers. Furthermore, social media provide a platform for creating and disseminating viral marketing; customers can share their opinions, experiences, and recommendations regarding banking products and services.
Alongside advertising and promotional applications, social media have brought new possibilities in the area of sales and personalized communication for banks. Analyzing data obtained from customer interactions on social networks allows banks to gain deeper insights into customer needs, expectations, and interests. This information can serve as a basis for providing personalized messages and offers, such that content and services tailored to specific customer segments or even at an individual level are provided. In terms of direct sales, performing banking transactions through social platforms is also emerging. This application includes the possibility of performing activities such as fund transfers, account opening, bill payment, or loan rate inquiry directly through these networks.
Sub-applications identified under this theme include: Introducing and promoting bank products, Running advertising campaigns, Viral marketing, Providing personalized offers, and Performing banking transactions.
4_3. Brand Building and Reputation Management
Social media play an important role in creating brand value and reputation management for banks. These media help develop strong brands for banks not only by promoting products and services but also by providing a platform for creating strong and reliable relationships with customers.
More importantly, social media serve as a powerful tool for banks to increase brand awareness and overall brand enhancement. These platforms allow banks to convey their messages and values to a wide audience by publishing engaging and relevant content, thereby facilitating the building and strengthening of brand image and identity. Effective use of social media helps strengthen positive word-of-mouth reputation and increase awareness.
On the other hand, social media are not only a channel for publishing positive messages but also a space for brand monitoring and management. Fast and transparent response to customers on these platforms can help strengthen customer trust and improve their perception of the brand. Also, banks can add to their brand equity by encouraging positive content generation by users through constructive interactions and providing quality services. Two-way interaction with stakeholders on social networks, especially concerning social responsibility activities, can help enhance positive brand image and strengthen relationships.
Sub-applications identified under this theme include: Increasing brand awareness, Building and strengthening brand image and identity, Building and strengthening public trust in the brand, Brand enhancement, Encouraging positive content generation by users, and Building brand equity.
 
4_4. Business Intelligence and Analytics
A massive volume of social media data is generated daily from user interactions on platforms. This data, due to its diversity and breadth, is an attractive source for measuring public opinion. Banks and financial institutions can improve their efficiency, competitiveness, and quality by collecting and analyzing this data. Therefore, another dimension of social network application in banking is business intelligence and data analysis.
Analyzing customer sentiment and analyzing their views are among the main applications in this area. Using techniques such as text analysis and sentiment analysis on user-generated content, banks can identify the level of customer satisfaction, their understanding of services and products, and also the real emotions (whether positive, negative, or neutral) related to their brand. These analyses not only help identify aspects of digital banking services that customers pay attention to (such as ease of use or costs) but are also effective in being aware of complaints and even predicting customer behavior (such as the probability of switching banks), providing the possibility of identifying customer behavioral patterns. Furthermore, evaluating the effectiveness of marketing activities and campaigns is also possible through analyzing reactions and interactions on social media.
Sub-applications identified under this theme include: Analyzing customer sentiment, Analyzing customer perspectives, Identifying customer behavioral patterns, and Evaluating the effectiveness of marketing activities.
4_5. Strategic Planning
Today, social media have become a vital element for strategic planning and gaining competitive advantage in the banking sector. Many believe that analyzing the content of financial institutions' social media can increase their competitive advantage and lead to greater profit.
Using social network data, banks can extract deep operational and strategic insights and, based on this information, engage in data-driven strategic decision-making. These analyses provide the possibility of identifying market needs and opportunities and help banks identify topics and trends in the market and industry (such as topics related to Islamic banking or sustainable finance). Social media data is also a powerful tool for competitive analysis and market positioning. By monitoring the presence and activities of competitors and understanding their position relative to them from customers' perspective, banks can adjust their strategies for gaining long-term competitive advantage.
These capabilities ultimately allow banks to strategically determine their growth and development paths by better understanding the business environment and customer expectations. Insights gained from social media data directly impact key elements of strategic planning. This information provides a basis for developing innovative products and services that are offered in line with identified needs through targeted market segmentation. Also, a deeper understanding of customers greatly helps in strengthening relationships for long-term customer advantage. Social media also play a role in risk management; monitoring and early identification of problems or dissatisfaction (such as the threat of switching banks or security issues) enables banks to have timely and effective reactions, thereby preventing any harm. Therefore, it can be said that the strategic use of social media, with a focus on the market and the customer, helps banks achieve strategic goals and maintain a competitive position in today's digital ecosystem.
Sub-applications identified under this theme include: Extracting operational and strategic insights, Data-driven strategic decision-making, Identifying market needs and opportunities, Developing innovative products and services, Targeted market segmentation, Strengthening relationships for long-term advantage, Risk management, Competitive analysis and market positioning, and Identifying topics and trends in the market and industry.
4_6. Internal Operations and Employee Use
Social media also affect the workplace and employee performance in banks. Social networks have become an inseparable part of everyone's life, including bank employees, and the use of social networks affects employee performance, skills/abilities, knowledge/competence, productivity/results, and motivation level. Therefore, one of the important dimensions of applying platforms and social networks in banks relates to the area of internal operations and employee use.
These platforms have become a tool for improving internal employee communications. Studies show that the use of social media in the workplace can be associated with individual and organizational outcomes, including impact on employee behavior and attitude. Also, the presence of social media has influenced employee interactions and workflow and has led to the transformation of internal organizational communication channels. Furthermore, social media play an important role in supporting organizational knowledge management projects. The use of these tools in the workplace has a positive and significant relationship with increasing employee participation and organizational knowledge transfer and generally influences employee performance, which includes improvement of productivity, skills, knowledge, and motivation level.
Social media have also found application in other aspects of internal operations. These platforms have a positive impact on the talent acquisition and recruitment process in the banking sector and can be used as a tool for identifying and attracting new personnel. Also, social media can help managers in the online management and monitoring of teams, which is particularly important in modern work structures and distributed teams. These platforms can also be used for employee training. Today, training sessions and workshops are held on social network platforms in many banks and can be efficient in this area. It should not be overlooked that the strategic use of social media in daily operations and by employees indirectly supports the overall process of supporting the bank's digital transformation and helps the bank adapt to the changing digital environment.
Sub-applications identified under this theme include: Internal employee communications, Organizational knowledge transfer, Talent acquisition and recruitment, Online management and monitoring of teams, Increasing employee engagement, Employee training, and Supporting the bank's digital transformation.
4_7. Financial and Banking Literacy Education
Social media have the potential for use in financial education and enhancing the literacy of customers and the general public in this area. It can be said that the use of social media in banks has dual empowerment dimensions, which are beneficial for both users and banks.
One of the main applications in this area is introducing new financial services and technologies to the audience. Also, these platforms have become an efficient tool for updating customer news and information regarding the latest offers, policy changes, and news related to the bank. Social media make it possible to explain how banking products work and how to use them, including bank products or digital banking applications, in a simpler and more understandable language.
In addition to introducing and explaining product functionality, social media provide a suitable platform for explaining financial and banking concepts. This includes clarifying sometimes more complex concepts such as the difference between Islamic and traditional banking, sustainable finance, or other social and economic topics related to bank activities. Also, these platforms allow banks to respond to common customer questions and concerns, which itself is considered a type of targeted education. Continuous interactions, the possibility of holding informal Q&A sessions, and educating customers on digital communications through these platforms greatly help strengthen customers' financial understanding and increase their trust in banking services in the digital environment. Increasing awareness about financial risks and security, especially regarding the use of online and social banking services, is another important dimension.
Sub-applications identified under this theme include: Introducing financial services and technologies, Updating customer news and information, How banking products work, Explaining financial and banking concepts, Increasing awareness about financial risks and security, and Educational webinars or Q&A sessions.
Discussion & Conclusion
Social media platforms have increasingly become an inseparable part of the information and communication ecosystem in the current era. Banks and financial and credit institutions are not separate from this ecosystem and can utilize these platforms in various ways. The findings of this research showed that these platforms have applications in the banking industry in (at least) seven areas: (1) Customer Engagement and Relationship Management, (2) Marketing, Promotion, and Sales, (3) Brand Building and Reputation Management, (4) Business Intelligence and Data Analytics, (5) Strategic Planning, (6) Internal Operations and Employee Use, and (7) Financial and Banking Literacy Education.
The applications of social media in the banking industry are so extensive that the concept of a "Social Bank" has emerged today. This concept emphasizes the importance of transparency and two-way interaction through social networks to respond to customer expectations. Leading banks in the world have also responded to this trend and are moving towards becoming social banks. This indicates that social media are not merely tools for one-way marketing but provide a platform for creating deeper connection and greater transparency with stakeholders. Therefore, one of the key applications of social media platforms in the banking industry is customer relationship management and interaction. Facilities and improved access mean that customer expectations are not the same as in previous decades; today they are looking for interaction, rather than just buying a product. In other words, customers should feel that the bank pays attention to them. Social media platforms have prepared a platform where this interaction can be created and managed with better quality and efficiency.
One of the key applications of social media in the banking industry is improving the marketing, advertising, and sales of products and services. A study in Indonesia showed that low public understanding of Islamic banking is partly due to lack of information received from Islamic banks and media like television, print media, and social media. The recommendation of this research is that for improving public understanding, information dissemination and promotion through social media should be increased so that people become familiar with Islamic banks and their products and services. Another study on the marketing strategy of the Wadiah Easy Savings Deposit product in an Indonesian Islamic bank also emphasized the importance of increasing promotion through social media for introducing products and their benefits. Paradigmatic models for social media marketing in the banking industry have also been designed, identifying causal conditions (social media related factors, management factors, structural factors, electronic word-of-mouth), contextual conditions (relationship marketing, information and communication technology), intervening conditions (customer trust, perceived risk), the core phenomenon of social media marketing (role of communication, role of advertising), strategies (human resource actions, marketing actions), and outcomes (customer satisfaction, environmental opportunities and threats, awareness, perceived quality, customer trust). This framework indicates the complexity and multifaceted nature of social media application in banking.
Social network platforms are a rich source of big data; it can almost be said that any data can be found on these platforms. From users' views and feelings about a product to a photo that a user might have posted of the front of a bank or a user's complaint about the unfriendliness of a bank employee. If this data is analyzed correctly, it can greatly help banking industry managers in data-driven decision-making. However, despite abundant potential, the use of social media data in areas such as bankruptcy prediction is also associated with challenges and limitations. These limitations include data coverage, reliability, and data incompleteness due to linguistic characteristics. Also, the need to study latent needs or define new needs for audiences and customers and introducing them in an attractive way through social media is a task that the R&D department of banks should address.
Nevertheless, some research has pointed to shortcomings in the use of social media by banks. A study that examined the impact of social media use on the development of strategic performance in the Egyptian banking sector showed that the full potential of social media in banking has not yet been realized. To overcome these shortcomings, recommendations for improving the use of social media in banking have been provided, which include fostering a spirit of creativity and innovation, promoting a spirit of collaboration, emphasizing the necessity of gaining customer satisfaction, and improving the bank's mental image among customers. Management support for employees' creative activities and innovations through transparent support programs has also been recommended.
Beyond direct application, the use of social media in banks can have significant results at the individual and organizational level. A study conducted based on meta-analysis showed that there are moderate positive correlations between social media use in the workplace and three variables: employee behavior, employee attitude, and organizational outcomes. Although this study is not specifically limited to the banking sector, its results can indicate the potential impact of social media use on bank employees and consequently on the overall organizational performance.
It is also important to note that social media platforms have endangered user privacy. Users share extensive personal and financial information on these platforms, which can carry risks such as illegal data access, disclosure of confidential information, and phishing attacks and misuse of banking information. Therefore, banks should have ethical considerations in utilizing these platforms. Ensuring compliance with data protection laws and customer privacy, and creating transparency and trust in how user data is used must be at the center of attention in utilizing these platforms. Studies show that consumers expect ethical and responsible use of their data by banks.
 
Suggestions, Limitations, and Summary
Many of the studies reviewed in this research have focused on specific areas, platforms, or geographic markets, which can limit the generalizability of findings to the entire banking industry or different social network platforms. Additionally, some studies may have addressed limited variables or perspectives or may have used cross-sectional methodologies, which limits the possibility of examining changes over time. Also, the quality and coverage of social network data, related linguistic issues, or focusing on specific data sources like annual reports alone can also create limitations in initial research and consequently in this systematic review.
In future research, researchers can better understand the long-term effects of social network use in the banking industry by conducting longitudinal studies. Comparative studies that compare social network applications in different countries, cultures, and types of financial institutions (such as traditional banks versus digital banks) can provide effective insights in this area. It is essential for future research to consider the perspectives of different stakeholders, especially bank customers, as many existing studies focus more on the organizational perspective. Exploring emerging social network applications in banking beyond marketing and risk management, such as customer service, financial education, or building social capital, can also open new areas for research.
In practice, several suggestions can also be offered. Banks should actively incorporate the use of social networks for advertising and increasing public awareness into their marketing strategies. This can include audience segmentation and designing campaigns tailored to each segment. Social networks can also be used as a direct communication channel for important announcements, updates, or providing guidance to customers. The R&D departments of banks can utilize data and interactions on social networks to better understand customer needs, identify market trends, and develop new services.
This systematic review showed that social media platforms have significant potential for transformation in the banking industry and include a variety of applications from marketing and awareness enhancement to customer sentiment analysis and even assisting in risk assessment. Despite existing limitations, the importance and growing use of social networks in banking are evident. To fully utilize this potential, both the continuation of comprehensive research to cover existing gaps and the strategic deployment of these tools by banking institutions are necessary.