Millions of existing and potential bank customers spend a significant amount of time on social-media platforms, and banks, like other businesses, are meeting them there to interact and improve their product and service offerings. The number of banks with plans to exploit this opportunity to engage with customers is increasing, which is understandable as social media offers firms the chance to gain a granular understanding of who their customers are.
In the banking world, where handling money safely and securely is a foundational element of the entire industry, having the public’s trust is a nonnegotiable element of success. The financial industry had to scramble to rebuild this trust after it took a hit during the Great Recession
Banking used to be all about monetary profit and loss, but those days are gone. Today banks are being pressured to include a host of other considerations in their decision-making, such as how their investments will promote sustainability and corporate-responsibility objectives, and many of them are employing digital media to lay out their plans and actions to a concerned public.