It's About the Social Not The Network.(Perspective)

Byline: Jesse Torres

In 2008, as the FDIC began its roll Call of failed banks, consumers became panicked and concerned. Fears increased as the FDIC and the media announced the potential for hundreds of bank failures over the coming year. In an effort to ease concerns and learn where their money could be safely placed, consumers began reaching out to the Internet for information on who to bank with and who to trust. But rather than rely on the word of finance professionals, consumers increasingly visited peer-to-peer and social networking sites where bank failure was a key topic of conversation. Bankers need to become part of the conversation on social networks, or risk losing this audience to competitors that do.

As early as 2005, BusinessWeek magazine addressed the generation of consumers growing up …