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Bank of America learned that social media is not just for catching up with old high school friends and can be used during a crisis. Last week, when its online banking service crashed, it sent out this message over Twitter: “Online Banking Outage: Bank of America is working to restore capability as quickly as possible, We apologize for any inconvenience.”
One banking insider said the action by B of A was welcome, when compared to JPMorgan Chase’s website outage last year. The bank did not quickly inform customers.
“Transparency is crucial to banks fostering good customer relationships,” said Mark Schwanhausser, senior analyst for multichannel financial services at Javelin Strategy and Research in Pleasanton, Calif. in an interview with American Banker.

– Gil Rudawsky

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