The Social Banker Series: A Weekly Update | KPMG

By now, there should be no doubt that the rise of social media signals a new dawn for banks. But as we look across the globe, it becomes clear that most retail banks are struggling with a number of complex challenges and considerations that are slowing their adoption of this new client-facing medium.

To explore these challenges and deliver valuable insights into their impact on banks, KPMG’s Global Banking practice recruited some of the world’s leading experts on social media and banking to tell us how they are overcoming the challenges they face. Below are twelve articles written by retail banking executives and experienced KPMG professionals who explored a range of topics from risk to reward and everything in between.

To access our compendium of their insights in a single report entitled The Social Banker: Social media lessons from banking insiders. The document combines the insights and experiences of our authors with commentary and advice from banking sector leaders across KPMG’s member firms to deliver a unique and practical guide to banking executives.

If you are interested in receiving a copy of this valuable report, please take a moment to subscribe. We would like to take this opportunity to thank all of those that participated, either by contributing articles or engaging in the debate that has surrounded many of our posts.

The Social Banker: Social media lessons from banking insiders

The social banker compendium report gives a clear insight into the evolving social media landscape for banks and helps executives understand the complexity of social media to develop valuable opportunities to enhance customer relationships.

Week 12: The Future of Social Banking

Nobody can predict how social networks will evolve over the next 5 years, let alone the next 50. That being said, peering into our crystal ball, we have come up with a few likely scenarios that will radically alter the business model for banks.

Week 11: Brazil’s Banks Samba with Social

Brazilian banks are aware of the power of social media. Group of banks yet to develop their responsive media strategy face the biggest risk of all.

Week 10: Remaining compliant in a social world

Banks need to develop appropriate frameworks that comply with existing regulations & provide a level of flexibility.

Week 9: Going Social at China’s Banks

In China, social media is quickly changing the way banks interact with their customers. In particular, Chinese micro-blogging sites are increasingly being seen as a significant opportunity to change the dynamic between banks and their customers.

Week 8: Anticipating Customer Complaints

How is the Royal Bank of Scotland using social media to improve the customer experience? Read the article in our Social Banker series to find out.

Week 7: The Data Debate – 5 Big Challenges for Banks

Social media may offer banks reams of valuable customer data, but how confident can they be about the validity of that information? Interesting insights from KPMG's Social Banker.

Week 6: Banking on Social Media. Secret to FNB’s Success

FNB's social media program has converted thousands of once passive consumers into a legion of socially connected and active brand ambassadors for the bank. Find out how they did it from FNB's CEO Michael Jordaan on KPMG's Social Banker.

Week 5: Through the eyes of the customer

If a bank’s social media strategy isn’t built around the customer experience, then there is a good chance that it is going to fail. But taking a customer centric view is not going to be easy for most banks.

Week 4: Integrating IT to enable value in Social Media

To gain any real value from social networks, banks must dig deeper. Targeted sales pitches, cross selling of services, effective customer support, even applying CRM capabilities all require significant changes in banks’ technology infrastructure.

Week 3: What every Board Member should know about Social Media

Social media probably will revolutionize the banking industry, in particular the customer relationship. It will also bring about new levels of risk.

Week 2: A Measured yet Active Approach to Social Success

Taking a measured approach to social media allows banks to identify the key interdependencies and then carefully plan and prepare for any changes needed. Find out from David Bell, Westpac Group, how his bank is taking a measured yet active approach.

Week 1: Are Retail Banks Ready for Social Media?

The widespread consumer adoption of social media is hard to ignore. Already, one in ten of the world’s population has a Facebook account and almost 500 million people log onto YouTube each month.

These logos, icons and names are the property of the respective social channel providers. Their inclusion is not an endorsement by KPMG of the services they provide.

Tell us what you think

We value your opinions, and want your suggestions.

Sign up now

Subscribe to receive email alerts when new content is available for viewing on our banking site.

Already a member? Login

Not a member? Register

Going Social

Social media is not just the domain of consumers. It has become a business imperative with more than 70 percent of organizations operating around the world now active on social media.

Subscribe to related feeds

Financial Services

© 2012 KPMG International Cooperative ("KPMG International"), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.

Share this

Follow us

Tell us what you think

Sign up now

Going Social

Subscribe to related feeds