Know your customer has been a mandate issued by regulators for quite some time. Now financial institutions hoping to build lasting business relationships with their consumers are building increasingly detailed understanding of the particulars of each customer in order to deliver personalized service. Integrating social media platforms and the consumer data resident upon those platforms has become must-have for base level of engagement with a widening cross-section of banking customers. Social media has an inside track as the primary Agora as we proceed in the digital age.
In this way, the gap that currently exists in this industry will decrease dramatically. Performance of the financial services industry as a result of the growing presence of social media has changed; the industry in terms of expanding the scope of financial services, reducing costs and serving customers better, has a bright future ahead.
Mercator Advisory Group has kept close tabs the role financial institutions will play for consumers and the services they will provide to consumers is undergoing the early stages of what is sure to be profound changes. We anticipate the predominant social networks of today will move close to facilitating payments in the near term, and FIs will be leaned upon by consumers to act as fiduciaries in this digital world, taking care of financial information security and ensuring fiscal propriety.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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