UAE banks federation initiates social media strategy

The UAE Banks Federation has launched a Facebook page and a Twitter account to support its growing communications programme.This initiative comes as part of the Federation's overall strategy to build a stronger dialogue with its audience and ensure transparency and understanding about its role and activities on behalf of the UAE banking industry.In its Code of Conduct launch last year, the UAE Banks Federation promised to engage more actively with its member banks and to provide more information to bank customers and other important stakeholders such as the media and government. The Federation also acknowledged that the success of the Code would be measured by its ability to engage with the industry and the public at large, including through social media channels.AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation, commented "We have seen a dramatic rise locally and of course internationally of the impact of social media on business and finance, and this can only increase. We are now delivering on our promise when we launched the Code of Conduct. We want to encourage open communications with our various stakeholders and there is little doubt these days on how to do that most effectively." The two social media platforms being developed will allow the Federation to communicate with and monitor discussions with and among its audiences on a daily basis. It will also allow bank customers to raise concerns and issues, share ideas and offer suggestions. The initiative will also help to increase public awareness of the banks contribution in the economic and social development on the country.This launch of its social media strategy also illustrates the high level of cooperation that the Federation creates between the member banks on common issues, such as supporting the Debt Settlement Fund. The recent announcement of the "Mobile Wallet project" being supported by the Federation as part of His Highness Sheikh Mohammed's Smart Government initiative is another example of the collaboration that the Federation enables among its member banks.