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Bank of Moscow Belgrade , Belgrade , Serbia
University for Business Engineering and Management , Banja Luka , Bosnia and Herzegovina
Faculty of Organizational Science, University of Belgrade , Belgrade , Serbia
Popularity of social networks such as Facebook, Twitter and YouTube arises questions on possibilities to use these networks in banking systems. Managers in different companies try to identify ways to increase profit directly and indirectly using social networks, by finding new and redefining existing business models. In spite of the ubiquity of these networks, there is limited understanding of what the term ‘Social Media’ exactly means. The aim of this paper is to present the current state in banking sector in Serbia related to usage of social networks and the purpose for which they are used, systematizing theoretical frameworks related to social networks and their use for business purposes. This paper presents research framework defined in fundamental elements, research paradigms and areas that can be improved. In the paper are presented results of research on the presence and usage of social media in the banking sector in Serbia. Obtained results showed that almost 70% of the banks in Serbia are present on any of those social networks and there is positive trend, as the banks do it very well and each of the network is used for the purpose for which they are designed, which indicates the seriousness of approach. The possibilities how social networks might be utilized in a business sense and following challenges and risks are also presented. Finally, recommendations are given on how social networks might be utilized for business purposes as well as open topics for further research in scope of the impacts and usage of social networks.
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