Chapter 5
Bank of America Stands Down
There was a time not so long ago when banks had a clear and defined upper hand over the customers who did business with them. Banks talked at their customers with classic asymmetrical (one-way) communication, and they liked the relationship they defined by those parameters.
That, of course, was before social media.
If you learn nothing else from this book, learn this: social media has changed everything when it comes to communication between businesses and the people they serve. Banks are no exception. Some, like Wells Fargo and Chase, have embraced social media. Others, like Bank of America, learned the hard way that the era of the asymmetrical conversation is over.
Background
In 2011, Bank of America (B ...
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