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It is a well known aspect that social media is an integral part of modern day digital marketing efforts. What is less well known however is the fact that social media is also influencing financial services. Online peer to peer lenders such as Lending Club and Prosper are leveraging this tool to reach maximum audience. A study byAccenture has also confirmed that this helps in segmentation and real time marketing while also the acquisition costs reduce. Customer servicing gets a boost as well. Enormous amount of data is generated which fuels research into new product development. Overall costs reduce for marketers as well as final customers. And then this is also spawning several new business models. Some challenges though still exist in this mode. For one, banks remain mired in traditional ways of business. Regulations are still crippling efforts are making this process more inclusive. Social media giants themselves are leveraging their wide reach by entering banking and financial services themselves in process cutting out the traditional players.

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