A Roadmap of Social Networking Drivers and Challenges in the Era of Digital Banking

Abstract

We conducted a literature review to draw a short roadmap of both the drivers and challenges related to social networking in the banking industry. We extracted from the literature simple models based on drivers and challenges, on which banking policy makers, technologists, and researchers can build in the future. Our findings show that various trends in social networking drivers and challenges can have either a negative or a positive impact on the banking industry. Banks must use different tools, such as force-field analysis, to compare between these drivers and challenges. The use of modern technologies, such as cloud computing and AI aligning, along with managerial actions such as hiring specialized technologists and adopting marketing strategies through social networking, will help the banking industry maximize its opportunities and minimize its challenges.