The document discusses the importance of reputation management for banks and financial institutions. It notes that negative reviews can cost companies many customers and outlines some of the massive losses incurred by banks in recent years through job cuts, foreclosures, and bankruptcies. Several areas of risk management were mismanaged, leading to strategic failures and value evaporation. Properly considering reputation impacts could help align strategy with stakeholder needs. Academic reports show reputation losses for banks exceed direct fines, highlighting the need for reputation management as a core board function. The conclusion advocates focusing on online reputation management to secure shareholder value through positive sentiment and viewpoints.
2. Did you know? One negative review costs 30 customers per branded term
Positive Brand Reputation
The most valuable brand asset …
Neglected by financial institutions to
the economic cost of shareholders
and consumers