Report: Social media aiding financial services

By Rhonda Miller
PBN Staff Writer

SAN FRANCISCO – Mobile and social media are rejuvenating the delivery of financial services, although the technological advances are proving to be both an asset and a challenge to financial institutions, according to a report by Javelin Strategy & Research.

“While financial institutions still have consumer trust on their side, the winners will be defined by who does the best job of developing an intimate financial snapshot of the customers, without crossing the line of being too “creepy,” Javelin said in Jan. 3 press release summarizing the report, “10 Trends for Financial Services in 2013: Forging a New Frontier for Banking, Payments, Mobile and Security.”

“It is difficult to rebuild trust once it erodes,” said Mark Schwanhausser, director of multichannel financial services at Javelin. “Financial Institutions that put themselves in a position as proactive, straight-shooting advisers will reap trust and loyalty.”

Javelin Strategy & Research is a division of Greenwich Associates.