Social media have practical applications throughout the buyer cycle for corporate and retail customers. The first step in this direction is to get familiar with social media and then connect the channel with CRM processes. There may be challenges in seamlessly integrating the social media channel with the existing CRM system.

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Social media is clearly becoming the next-gen customer engagement channel of choice for industry. The banking industry is likely to be the frontier in adopting next-gen technologies, including social-networking-enabled business processes. The banking industry has two important classifications based on customer-type: retail banking and corporate banking.

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