The banking sector’s approach to social media thus far can broadly be described as ‘willing but watchful’. That’s understandable, considering the compliance risks of committing to a medium where regulatory boundaries are still fuzzy. The reputational backlash to some first-mover efforts also hasn’t helped.
But that picture is changing rather rapidly. A leading analyst predicts that almost a third of retail banking customers would have purchased social integrated products or services by end 2016. In three years, social media will become a significant channel of retail banking in Europe, which currently lags Asia-Pacific and the US in this area.
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