CIO Finance Summit Europe | October 26, 2017 | The May Fair Hotel - London, UK

session


Share:

Social Media and Financial Services

Think Tank - 2:55 pm - 3:20 pm

Social media is in many ways considered the ?red-headed step-child? of the disruptive technologies that have swept over the industry in the last few years, getting the least attention, being considered the least impactful. Social media however is the furthest thing from a fad in the eyes and minds of consumers and as the technology, and its usage matures, financial services institutions stand to benefit from broader adoption of social media in three ways: driving organic growth, increasing operational efficiencies, and reducing enterprise risk. These benefits cannot be realized without investment of time, money, and effort however and so IT leaders need to look at social media with fresh eyes, and see how these tools can actually drive beneficial change within the enterprise.

Takeaways:

  • Driving customer engagement is a key challenge for all banks and social media, done well, creates the engagement that drives growth
  • Whether through broad-scale marketing programs, streamlined relationship management, or other activities, social media allows banks to rethink and reshape existing processes in ways that are radically more cost effective
  • Information is essential to risk management and the wealth of info shared into social media channels is a gold mine waiting to be exploited