Social media is about five years old in financial services. Not that someone didn’t use it before 2009 – but that is essentially when it started emerging in our industry. In the past 12 months industry adoption of social media just surpassed 50% across all major surveys – making it much more mainstream. The regulators have become more consistent in offering guidance, even if some if ambiguous (remember, their advice has to span numerous business models in our industry) – and some of the most conservative firms are in exploratory modes with social channels – or event robust pilots.
Much of what shapes the view of social media and its opportunity (and challenges) for our business models is perspective. I tell the story from my workshops in this episode of The Digital Well podcast – and advise you not to end up having a Blackberry moment (tune in to hear the story).