Bank’s Social Spend is Going to Increase 10x in the Next Five Years

News and Trends in Financial Services

“Banks’ social spend is going to increase 10x in the next five years,” says Ragy Thomas, CEO of social management tool Sprinklr.

Ragy’s personal interests aside — he does, after all, sell a social media management tool — this should be a wake up call for bankers to look hard at how their customers are using social media and see if their bank’s social media efforts are sufficient. (The average spend of banks now is “miniscule,” and has “plateaued,” according to The Global Retail Banking Digital Marketing Report 2013.)

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