But retail banks seem to be lagging behind. Few have taken even tentative steps into the social media environment and even fewer have initiated formal programs.
So what is stopping banks from using social media to connect with their customers and – potentially – drive new business opportunities?
Big questions require insightful answers
Every day, I speak with retail banking executives around the world and often hear the same questions being asked:
- How will I get my board to support a social media strategy?
- How will I manage the new risks presented by social to my organization?
- How will regulation influence my social media strategy?
- What will the impact of social media be on my existing technology environment?
- What cultural changes will need to take place to prepare our organization for social media?
- How can social media enhance our existing customer relationships and drive competitive advantage for the future?
- Will customers really want to be 'friends' with their bankers?
To answer these questions, I've recruited some of the world's leading experts on social media and banking to tell us how they are overcoming the challenges they face. We'll hear from both retail banking executives and KPMG experts and explore a range of topics from risk to reward and everything in between.
How did you do it?
We also want to recognize the advances being made by pioneering banks around the world who are overcoming complex challenges to develop their own innovative programs.
We encourage you – the pioneers and innovators – to share your experiences, insights and even mistakes so that, together, we can help build a greater understanding of the benefits and risks of social media for retail banks.
This is also your chance to tell our panel of experts about your unique challenges and find valuable solutions to some of the problems you are facing now or will almost certainly face in the near future.
Be part of a crowd-source project
After 12 weeks, we will compile all of the articles and poll results, combine them with your comments, and use them to create a unique 'crowd-sourced' guide to social media for banks. Those that participate will be sent a complimentary copy which we expect will serve as a valuable handbook for banking executives.
I encourage you to add this page to your favorites (all of the usual RSS feeds and Twitter links are provided) to follow our weekly posts, and to join in the conversation on LinkedIn by posting to your page.
I look forward to discussing this important issue with you soon.
By David Sayer, Global Head of Retail Banking, KPMG International