Results tagged “social media”

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We have amongst us a whole generation that learned to type long before it could talk. Tabs and Smartphones figure at the top of a 10-year-old's wish-list. People experience extreme anxiety until they announce their "bad hair day" to the world; symptoms worsen if at least 2,000 people do not "like" it within 15 minutes. Proof enough of the extent to which social media has pervaded our personal lives, and also of the intermingling of our physical and virtual worlds. Businesses are now beginning to see an opportunity to cash in on this mass phenomenon. And when business and cash are involved, can banks be far behind?

Social Media, for Customers and their Banks

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For a long time, consumers were quite apathetic about their banking decisions. And who could blame them? Products were standard across institutions, with very few or no variations, and one bank looked like the other. Customers chose their bank based on location, acquaintance with employees, and word-of-mouth reviews.

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