Social media risk rocketed up the agenda at financial services brands in 2015 according to the 'Banking Banana Skins 2015' report from the Centre for the Study of Financial Innovation (CSFI) and PWC. Banks are in the process of rebuilding public trust and risk managers are increasingly aware of how comments spread on social media can damage reputations.
The report states: 'For many respondents, social media is forcing banks to make fundamental changes to the way they protect their brand because their "light speed and unprecedented reach", unpredictablity and lack of accountability make them a very different beast to other reputational risks. Criticisms launched through social media can cause reputational damage whether or not they are well-founded.'
Crisp clients understand the importance of an early warning system. Find out how we protect financial services brands.