The regional retail banking sector should adopt social media more readily, in an effort to communicate more effectively with existing and potential customers, said the Mena head of Facebook.

“Banks need to start considering social media such as Facebook for instance, as a business platform which they can use as a communications tool to build relationships and trust with existing and potential customers and ultimately drive market share and commercial returns,” said Terry Kane, Mena head of Auto, Finance, Telco and Travel at Facebook.

“Banks shouldn’t be afraid to adopt social media, they should use it to convey their true identity to their customers, especially in the Middle East where people, are highly engaged on Facebook platforms,” Kane added.

Kane was speaking in a ‘Guru’ session today (April 7) at the 10th Annual Middle East Retail Banking Forum & Expo in Dubai.

“Notwithstanding the medium, certainly the reach is difficult to argue with. Facebook has 1.4 billion users, 600 million people using Facebook Messenger, 700 million people in Facebook groups, 700 million people on WhatsApp and 300 million people on Instagram.

"Facebook is an ideal platform for banks in the region to speak to customers like they already understand their needs. With 79million people accessing Facebook 14 times every day, spending over 40 minutes and predominantly on their mobile, there is simply no other place to reach real people at massive scale,” added Kane.

Other topics discussed during the session included, mobile payments, cashless transactions, security and privacy issues as well as phishing and identity theft.

Organised by Fleming Gulf Exhibitions running alongside the forum is an exhibition showcasing the latest technological products and services.

A total of 30 international exhibitors were showcasing the latest banking solutions such as Misys, Temenos, Infosys Finacle, Backbase, Vasco Data Security, Loxon, Bearing Point, Adobe, Fico, Global Payment Services, Omega Financial Solutions and SunGard Retail Banking. – TradeArabia News Service