As with the entertainment and information industries before it, our industry is coming to terms with the radically decentralised, person-to-person potency of social media: centralised authority is being replaced by empowered consumers - and the social media platforms that excite them the most.
While Facebook, WeChat and the like have been busily developing far-reaching networks for person-to-person payments, banks in general have been more tentative when it comes to this distributed, grassroots-supported approach to circulating money and credit.
Now, with several banks having made decisive moves, social media has long gone beyond being a megaphone for customer feedback: this indispensable report looks at the implications of social media as a tool, a threat and an opportunity within a banking and payments context.
1. Introduction: The need for nuanced thinking
2. Social media and reputation
3. The online downside
4. Opportunity through the optimum mix
5. Conclusions and recommendations
- ICICI Bank
- Radius Bank
- Sterling Bank
- WeChat/WeChat Pay
Appendix: Social media services