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Social Media Enters Top 5 Risks for Senior Banking Executives [Deloitte Survey]

Social Media Top 5 Risk in Banking

Survey – Over a quarter of all the Senior Banking Executives recently interviewed by Deloitte identify social media as a top risk for their bank, on par with financial risk.

Social Media Top 5 Risk in BankingYesterday, Deloitte in partnership with Forbes Insights released the results of their latest survey entitled ‘Aftershock: Adjusting to the New World of Risk Management‘.

Please find below some of their key findings from the US Executives surveyed:
> 58% saw financial risk, strategic risk and operational risk as their top three areas of concern regarding increased volatility over the next three years
> 50% predict risks posed by social media would play an increasingly important role
* > 50% report that their organizations will revamp their risk approach within the next 12 months
* > 40% saw the global economic environment as the most important source of risk over the next three years
< 25% report that their global organizations continuously monitor risk

Fadi Sidani, partner in charge, Enterprise Risk Services, Deloitte ME“Social media wasn’t even on the radar a few years ago—now it’s ranked among the top five sources of risk—the same level as financial risk.”

Tariq Ajmal, partner in charge of Technology Services at Deloitte ME“It is encouraging, however, that more than half of the respondents said their companies were planning to invest in continuous risk monitoring, and the tools that are available should not only help them with risk management overall, but also increase efficiency and decrease costs over time.”

Source: Deloitte

In 2012, it was time to see social media on the radar of not only your Head of Brand or PR, or even your CMO, but your CEO and your CFO.  The overall very conservative banking industry is late to say the least.  Now that social media has got the attention of your top (wo)man, how confident are you that your financial institution will start better engaging with your customers in a more transparent way?

I personally think that this survey will drive more business for the incredibly high number of social conversation monitoring solution providers, but it won’t necessarily translate into a better strategy aiming not only to listen but also to involve your customers into your product roadmap.  Would you agree with me?  Or are you believing in a surge of crowdsourcing and voice of the customer (VOC) projects in the banking industry in 2013?

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