Impact of Social Media in Banking Sector under Triangular Neutrosophic Arena Using MCGDM Technique

Abstract

This paper aims to uncover the position of social media in customer relationship
management (CRM) in banking industry in West Bengal (W.B) under neutrosophic environment. It
also tries to identify the attributes that influence the adaptation of different social media platforms
for marketing by Banks and finally its use in CRM approaches. The scope of this research is,
however, limited to the West Bengal (India) state. In this study a qualitative in-depth questionnaire
has been used in presence of impreciseness. Three case studies were developed, which explained the
adaptation and implementation of social media in retail banks in W.B. The responses, gathered
through in-depth interviews with top bank officials and estimated data from official web sites of the
banks have been used for MCGDM and sensitivity analysis. Different attributes like Safety &
Privacy, Effectiveness & Efficiency and Fulfillment & Responsiveness have a significant impact on
the overall service quality perception for Banks using social media and its platforms. We have
performed comparative analysis with the established method to find out the best social media
platform under neutrosophic environment in WB’s banking Industry. Successful implementation of
these platforms would then ensure Customer Loyalty and effective CRM. It was also noted that
customers mainly refrain from Banking through social media due to safety and privacy concerns.
The study was done to suggest betterment of social media marketing performance for banks in WB
in presence of uncertainty. It recommended managers to continuously monitor the overall service
quality of social media platforms as they lead to customer loyalty and CRM.