As with the entertainment and information industries before it, our industry is coming to terms with the radically decentralised, person-to-person potency of social media: centralised authority is being replaced by empowered consumers — and the social media platforms that excite them the most.
While Facebook, WeChat and the like have been busily developing far-reaching networks for person-to-person payments, banks, in general, have been more tentative when it comes to this distributed, grassroots-supported approach to circulating money and credit.
Now, with several banks having made decisive moves, social media has long gone beyond being a megaphone for customer feedback: this indispensable Lafferty report looks at the implications of social media as a tool, a threat and an opportunity within a banking and payments context.
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