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The Social Banker Series 

The Social Banker Series

 

Each week a new article will be posted here which offers a unique view into many of the biggest challenges facing banking executives as they start to adapt to social media – a new and constantly evolving channel.

The Future of Social Banking

By Vincent Piron, Partner, KPMG in Belgium

 

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.

 

That being said, peering into our crystal ball, we think there is ample evidence to support a few likely scenarios that will radically alter the business model for banks.

Brazil’s Banks Samba with Social

By Frank Meylan, Head of IT Advisory, KPMG Brazil

 

Brazilian banks are keenly aware of the power of social media.

 

From early days, Brazilian banks leveraged social media to communicate a wide range of ‘brand building’ messages to promote their sustainability actions, charity programs, hiring opportunities and new service offerings.

Remaining Compliant in a Social World

By John Hair, Director, Risk Consulting and Digital Services, KPMG LLP (US)

 

Few industries are as highly regulated as finance. Retail banks – particularly those that straddle multiple jurisdictions – are generally beholden to a complex web of local, state and national regulations. And the scope is only growing.

 

So it may seem counter-intuitive for the industry to call for enhanced regulation and guidance. But that is exactly what is needed to respond to the burgeoning growth of social media in the banking industry.

Going Social at China's Banks

By Ms. Xie Hong, General Manager, Mobile Finance Department, Shanghai Pudong Development Bank (SPD Bank)

 

In China, much like the rest of the world, social media is quickly changing the way banks interact with their customers. More than a dozen Chinese banks – including SPD Bank – are now active on social media. In particular, Chinese micro-blogging sites (similar to Twitter) are increasingly being seen as a significant opportunity to change the dynamic between banks and their customers.

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Going Social

Going Social
Participating in social media has become a business imperative. Consequently, social media is rapidly moving up the boardroom agenda.
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