Banks neglect making social media a priority at their peril
Banks that are not equipped to help customers via digital channels will face significant customer dissatisfaction and cancellation threats
Providing fair and responsive service to customers on digital channels is no longer just a nice-to-have for SA banks. New market conduct regulations demand that banks deliver such outcomes. Failure to do so could lead to significant fines from the regulator and lasting reputational damage.
SA banks will have to adhere to the regulations stipulated in both the Financial Sector Conduct Authority’s (FSCA's) banking conduct standard and the Conduct of Financial Institutions Bill. In addition to adapting to the changes to the market conduct landscape, banks will need to make significant improvements in how they deal with customers on social media as demand for digital services grows...
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