Why banks need to embrace social media?

Why banks need to embrace social media? admin

[Guest post by Bhupendra Khanal, CEO Simplify360 on Information Week]
It is hard to ignore the widespread adoption of social media among consumers. Statistics say that one in every ten individuals have an active Facebook account and YouTube gets more than 500 million users every month. Every form of businesses has been flocking social media given that it is cheap, effective and certainly productive.
Simplify360 Industry solutions-Banking
However, the retail banking sector seems to be lagging far behind. Only a few of them have stepped forward into the social media environment and even fewer have been able to initiate formal programs. So what are the reasons that are stopping banks from connecting better with the customers and embrace a sea of business opportunities? It could be security implications as well as the risk to privacy and data security of customers and of the bank itself. A mismanaged social platform could also bring in the risk of potential reputation damage. But there are other ways in which social media could be a serious help.
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