Social Media in Banking. A Managerial Perception from Mexico

  • Doina DĂNĂIAŢĂ West University of Timișoara
  • Camelia MARGEA West University of Timisoara
  • Kristine KIRAKOSYAN
  • Ana-Maria NEGOVAN
Keywords: social media, banking industry, barriers, challenges


Nowadays social media has a radical impact on the business world, becoming a great customer service tool across many industries. And banking is no exception. Thus, banks managers need to identify ways to make profitable use of the social media. By accepting the benefits and developing their presence in social media, banks will be closer to customers. The objective of our research is to study social media usage in the banking industry and to obtain a managerial view concerning barriers and challenges in the social media implementation process. From the research of the literature in the field, we observed that Social media was studied a lot from the customers’ point of view, but there are not many studies on social media from a managerial point of view. This article presents a part of our research results regarding social media usage in banking in different regions of the world, specifically, the Mexican banking sector. We conducted a qualitative research based on interviews carried on among 20 banks from Mexico. The goal was to see how the decision factors in banks perceive the social media usage for their institution and for the banking industry, in general. The study focuses on the barriers and challenges raised by the existence and usage of social media platforms. The findings revealed an important presence of the Mexican bank industry in social media areas, but with a lot of room for extending the banks’ presence in new Social Media platforms, and different degrees regarding the perception of barriers and challenges in adopting Social Media tools.

Author Biographies

Doina DĂNĂIAŢĂ, West University of Timișoara

Faculty of Economics and Business Administration

Business Information Systems

Professor Phd

Camelia MARGEA, West University of Timisoara

Faculty of Economics and Business Administration

Business Information Systems

Lecturer Phd


Australian Independent Business Media (AIBM) Pty Ltd.  (2014). Business Spectator. Retrieved from

Berg, J. (2013). Social Media Most Likely to Lead to Your Bank's Next Sale. Retrieved from

Brown, D. (2012). Social Media ROI is Still a Challenge for 57%. Retrieved September 11, 2012, from

Brown, L. (2010, September 22). Social Media Are Coming of Age in the Business World: Companies Here and Nationally Are Beefing Up Their Networking Staffs. St. Louis Post-Dispatch. Retrieved from

Bussmann, J., Hyde, P., & Sandrock, J. (2011). Banking on Social Media: Retail banks can use Facebook, YouTube, and other new platforms to better reach their “Generation C” customers. Retrieved from

Camhi J. (2013). 2014 Forecast: The Evolution of Social Media in Banking. Retrieved from

Das, S. R., & Chen, M. Y. (2007). Yahoo! for Amazon: sentiment extraction from small talk on the web. Management Science, 53(9), 1375–1388. doi:10.1287/mnsc.1070.0704

Dominguez, C. (2013, July 25). Leveraging social media: a communications tool for heads of state in Latin America. Diplomatic Courier. Retrieved from http://www.diplomati

Edosomwan S., Prakasan S. K., Kouame D., Watson J., & Seymour, T. (2011). The History of Social Media and its Impact on Business. The Journal of Applied Management and Entrepreneurship, 16(3), 79-91.

Efma & Wipro. (2013). The Global Retail Banking Digital Marketing Report 2013: How digital technologies, social media and the explosion of data are redefining customer engagement models. Efma and WIPRO, Report May 2013. Retrieved from

Ernst&Young. (2012a). Global banking outlook: 2013-14, Banking and the global economy. Retrieved from

Ernst&Young. (2012b). Social media strategy, policy and governance. EYGM

Ernst&Young. (2012c). Global Consumer Banking Survey 2012. The customer takes control. Retrieved from

Hensel, K. & Deis, M. (2010). Using social media to increase advertising and improve marketing. The Entrepreneurial Executive, 15, 87-97.

Instituto Nacional de Estadística y Geografía (INEGI). (2014).

Jiang, C., Liang, K., Chen, H., & Ding, Y. (2013). Analyzing market performance via social media: a case study of a banking industry crisis. Sci. China Inf. Sci., 57(5), 1–18. doi:10.1007/s11432-013-4860-3

Kaplan, A. M., & Haenlein, M. (2010). Users of the world, unite! The challenges and opportunities of Social Media. Business Horizons, 53(1), 59–68. doi:10.1016/j.bushor.2009.09.003

Khanal, Bh. (2013). Why banks need to embrace social media? Retrieved from

Kietzmann, J. H., Hermkens, K., McCarthy, I. P., & Silvestre, B. S. (2011). Social media? Get serious! Understanding the functional building blocks of social media. Business Horizons, 54(3), 241–251. doi:10.1016/j.bushor.2011.01.005

King, B. (2013). Bank 3.0: Why banking is no longer somewhere you go, but something you do. Singapore: Marshall Cavendish Editions.

Kirakosyan, K. (2014 a). A Managerial View of Social Media Usage in Banking. Comparative Study for Armenian and Romanian Banking Systems. ISI Proceedings of the 24th IBIMA Conference: Crafting Global Competitive Economies: 2020 Vision Strategic Planning & Smart Implementation, Milan, Italy, ISBN:978-0-9860419-3-8, available online at

Kirakosyan, K. (2014 b). Managerial Perspective on Social Media Implementation in Banking Industry: Comparative Study on Romanian and Mexican Banks. Review of International Comparative Management, 15(3), 297-311. Retrieved from

Lemon, K. N., & Rust, R. T. (2001). E-service and the consumer. International Journal of Electronic Commerce, 5, 85-101.

Leonard, D., & Youra, B. (2013). Banks: Stop Missing Sales Opportunities. Retrieved from

Menéndez, P., & Enríquez, E. (2014). Estudio sobre los hábitos de los usuarios de internet en México 2014. Asociación Mexicana de Internet (AMIPCI). Retrieved from

Merrill, T., Latham, K., Santalesa, R., & Navetta, D. (2011). Social Media: The Business Benefits May Be Enormous, But Can the Risks -Reputational, Legal, Operational -Be Mitigated? INFORMATIONLAWGROUP

Moreno L. (2012, November, 13) How Social Media Could Revolutionize Third-World Cities, The Atlantic. Retrieved from

Nadkarni, S. (2013). Avoiding Social Media Will Cost Banks Customers. Retrieved from http:/

Paridon, T. & Carraher, S.M. (2009). Entrepreneurial marketing: Customer shopping value and patronage behavior. Journal of Applied Management & Entrepreneurship, 14 (2), 3-28.

Pearson, M. (2013). Social Media Can Play a Role in Business Process Management. Harvard Business Review. Retrieved from

Polites, H. (2012). NAB gets serious about social. Business Spectator. Retrieved from

Samuel, A. (2013). How to Make Space for Social Media. Harvard Business Review. Retrieved from

Sheng, Y. P. (2002). A business model and framework for electronic customer relationship management. Proceedings of the 8th AMCIS Conference

Shetty, R. (2013). Social Media in Financial Markets: Fact or Fiction? Banking View. Retrieved from

Smith, N., Wollan, R., & Zhou, Ca. (2011). The Social Media Management Handbook: Everything You Need to Know to Get Social Media Working in Your Business. Accenture, New Jersey: John Wiley & Sons.

Tetlock, P., Saar-Teschansky, M., & Macskassy, S. (2008). More than words: quantifying language to measure firms’ fundamentals. The Journal of Finance, 63(3), 1437–1467. DOI: 10.1111/j.1540-6261.2008.01362.x

Thomas, L. M. (2010). Sending marketing messages within social networking. Journal of Internet Law, 14(1) July, 3-4.

Toffler, A. (1980). The third wave: The classic study of tomorrow. New York: Bantam Books.

Vaynerchuk, G. (2011). The Thank You Economy. New York: Harper Collins Publisher.

We Are Social Ltd. (2014). Global Digital Statistics 2014. We Are Social’s Snapshot of Key Digital Indicators. Retrieved from

World Population Statistics. (2014, March 20). Population of Mexico 2014. Retrieved from

How to Cite
DĂNĂIAŢĂ, D., MARGEA, C., KIRAKOSYAN, K., & NEGOVAN, A.-M. (2015). Social Media in Banking. A Managerial Perception from Mexico. Timisoara Journal of Economics and Business, 7(2), 147–174. Retrieved from