JPMorgan Chase was widely criticized for their tweet last week that talked about savings habits and the incident could help to provide lessons for other banks; the tweet helps to show that the more banks engage on Twitter the more they can potentially leave themselves open to criticism; banks cannot afford to take some of the same risks as a fintech, banks are still trying to rebuild reputation issues from the financial crisis; Davia Temin, CEO of Temin and Co., a New York consultancy tells American Banker that banks cannot afford to be cutting edge on social media, saying, “banks must raise the level of discourse, providing content that’s insightful and compassionate in addition to being playful.” Source.
