In a World of Social Media: Are Banks More Vulnerable to Bank Runs?

In today's interconnected digital age, social media has become an integral part of our lives, shaping the way we communicate, share information, and make decisions. This webcast explores the intriguing question: Are banks more vulnerable to bank runs in a world dominated by social media?

Join us as we delve into the complexities of the modern financial landscape and analyse the potential impact of social media on the stability of banking institutions. Through insightful discussions and expert analysis, we aim to shed light on the following key aspects:

• Bank Runs: Our panel will delve into the concept of bank runs, examining their historical significance and their potential manifestation in today's digital world.
• The Role of Social Media in Bank Runs: Our panel will focus on the ways in which social media can exacerbate the vulnerability of banks to bank runs. We analyse how viral rumours, misinformation, and fear-inducing narratives can quickly spread through social media channels, potentially triggering a cascade of panic-driven withdrawals.
• Regulatory Challenges: Discussing the regulatory landscape, we explore the unique challenges that arise when attempting to address bank runs in the context of social media. We consider the role of regulatory bodies, policymakers, and banks themselves in managing the risks associated with this new digital reality.
• Mitigating the Risks: Finally, our panel will examine potential strategies and solutions that banks can employ to mitigate the risks posed by social media-induced bank runs. We discuss the importance of proactive communication, crisis management protocols, and building public trust to ensure resilience in the face of digital threats.

Speakers

Stuart Finnerty

Manchester Metropolitan University | Reader

 

Stuart is a Reader at Manchester Metropolitan University and leads education for Accounting Banking and Finance. His teaching focuses on Banking, Commercial Lending and Behavioural Biases in Financial Decision Making. Prior to joining academia, he spent more than 20 years working in the financial sector. Before joining MMU, he was the Director for SME Banking for NatWest in Cheshire.

Chris Mather

Deloitte | Associate Partner

 

Chris leads Deloitte’s Banking and Capital Markets external audit business for mid-size and high growth firms. He is a London based Associate Partner who has been auditing financial services clients for over 20 years including international banks and global capital markets firms.

Chris is a Fellow of the Institute of Chartered Accountants of England and Wales.