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Social Networking to Impact Bank Customer Strategies

February 24, 2012
Banking_Channels
“Nobody – not even the mighty Zuckerberg himself – can predict how social networks will evolve over the next 5 years, let alone the next 50. But one thing is certain: social networking will be a game changer for banks.”

As financial institutions continue to develop and refine their social network implementation strategies, the technology will have a profound impact on most customers’ banking relationship. In light of the opportunities that social networks have created, financial institutions are rethinking the way they have traditionally executed many of their core functions including marketing and sales, branch banking, and customer service.

One of the greatest challenges banks will have to solve however, is the impact of a to-be-determined regulatory landscape. Regulators have been slow to provide guidance on how current legislation should be adapted for social media, and are just beginning to take on some of the toughest privacy related issues. Banks will necessarily have to manage their role as a trusted keeper of personal information with the open by design nature of social networking.

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