AN EMPIRICAL STUDY IN ANALYSING THE ROLE OF SOCIAL MEDIA IN ENHANCING CUSTOMER ENGAGEMENT USING STRUCTURAL EQUATION MODEL (SEM) WTH SPECIAL FOCUS ON INDIAN PRIVATE SECTOR BANKS IN CHENNAI CITY
The banking industry in India is one of the largest in the country and it accounts for 8% of GDP in the country, moreover the total number of current and savings accounts in the banks stood at more than 162 crores in 2020, hence the industry is highly vital for individual and economic development of the country. The social media users in India have been increasing and it is currently at 440 million which accounts for nearly 45% of the total population, hence the banking companies are focusing in using the social media in order to possess better interaction with the customers. Hence, the usage of social media enables the companies in the banking sector to create new avenue in connecting and conversing with the existing and target customers, also support in sharing vital information which will support in adding more value, address the queries on real time basis and generate more revenues.
This study is focused in understanding the role of social media in enhancing the customer engagement in Indian private banking companies, the study is confined to Chennai city and the researchers are focused in using quantitative analysis in order to perform the study effectively. The authors use closed ended questions in order to collect the data from the respondents, who are the customers of the banks, and analyse them using SPSS and AMOS package.
social media, Customer engagement, Low-cost advantage, Correlation analysis, Structural equation model.