Social media is quickly changing the relationship between banks and their customers, according to a new article series launched today by KPMG’s Global Retail Banking Practice.
All around the world, retail banks are waking up to the potential impact of social media. For some, the introduction of social media offers a new and highly-valuable customer channel that promises a wealth of insight into market trends and customer demands. For others however, social media represents a significant risk that carries a complex and often bewildering range of new challenges.
“The widespread consumer adoption of social media is hard for banks 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,” noted David Sayer, Global Head of Retail Banking at KPMG International. “But many retail banks seem to be lagging behind. Few have taken even tentative steps into the social media environment and even less have initiated formal programs.”
Featuring articles and insights written by some of the world’s most recognizable banks, the article series offers a unique view into many of the biggest challenges facing banking executives as they start to adapt to this new and constantly evolving channel. Followers will hear first-hand from social media leaders at ING Group, Royal Bank of Scotland, the Shanghai Pudong Development Bank (SPD Bank), WestPac, First National Bank (South Africa) and others about the challenges and opportunities they face as they approach social media. KPMG’s banking leaders will also provide their insights from working with leading banks around the world.
“This series of articles provides industry participants and observers with a unique view into the current state of social media in retail banking,” Mr. Sayer added. “Followers will be able to ask questions, engage in debate and share their own experiences with experts from around the world, offering a valuable and open forum for banking leaders to explore this new and emerging field.”
The series will examine a range of critical business issues and explore some of the most pressing questions facing bank executives such as:
- How will I get my board to support a social media strategy?
- How will I manage the new risks presented by social media 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?