Social media

Facebook's new Instant Article service for publications underscores the competitive threat that the site's business model poses to banks. There's one particular feature that should have banks worried: because Facebook's primary interest is ad income, product pricing is of secondary importance.

The Disney-Pixar movie "Finding Nemo" inspired a run on clownfish in pet stores across America. Banks should pursue the same effect with content that connects with customers on an emotional level and inspires them to take action.

A new series of reports from analytics and consulting firm Accenture found that nearly 90% of the 450 financial firms surveyed plan on increasing their spending in risk management related to cybersecurity and fraud detection and prevention.

Banks can ditch their reputations as fuddy-duddy workplaces by helping millennial employees connect with the social mission driving the company and giving them plenty of opportunities to advance their careers.

TD Bank's efforts to be responsive and natural on Twitter and Facebook have earned it a top ranking among its peers.

A recap of the informed opinions (and the discussions they generated) on BankThink this week, including thoughts on Wall Street's dwindling number of high-powered women and the merits and drawbacks of the CFPB's consumer complaint database.

Social media data offers banks a vast, relatively untapped source of insights about everything from marketing to identifying new customers, talent and potential risk management issues. The key is assembling a team that knows how to mine social media for information.

An employee's careless tweet or Facebook status update can pose big risks to financial firms, but social media is still a necessary tool for engaging with younger customers.

Branch closures can prompt online blowback as community members worry about employee layoffs and stranded customers. A bank's best move is to get in front of the issue and respond directly to locals' concerns.

Westamerica Bancorp. probably expected little trouble when it asked for regulatory permission to close a small branch in northern California. Wrong! Welcome to the world of online petitions and social media.

It's not enough for bank chiefs to delegate digital responsibilities to younger staffers. Only by understanding the mentality of tech-savvy customers can bank leaders develop smart strategic planning.

This year, electronic trading will finally come to the bond market and more banks will adopt technologies that harness social media to flag potentially fraudulent customers.