Social Networks as a Tool for Digital Marketing in Banking In Serbia

Due to rapid IT technology development, many people and enterprises are now active users of social networks. Traditional banking communication channels have become insufficient to meet the demands of modern business conditions. To adapt to the evolving preferences of existing and prospective clients in an increasingly competitive market, banks have had to embrace digital technologies and redefine their business strategies, client engagement, communication approaches, and Customer Relationship Marketing (CRM). Digital changes have given clients a distinctive experience and strengthened the banks’ position in the financial market. Today, banks are increasingly present on social networks across the world, including Serbia. This paper analyzes the presence of banks in Serbia on social networks employing analytical-synthetic, hypothetical-deductive, desk research, content analysis, and comparative methods. The research results showed that 80% of banks use an average of four social networks and that the use of Instagram, YouTube, Facebook, and LinkedIn in promotion is increasingly common in the banking sector in Serbia. Most banks in Serbia use Chatbot for client support on their websites. Banks that have not used these networks should consider their implementation to strengthen the brand, engage younger and business users, and expand the business network.