There is a lot of talk about how banks can best leverage the social media channel. Initially, the most important thing for the bank was listening, "making sure we are out there on those platforms," Gopalkrishnan says. Currently, the bank offers some services through its Facebook page, including the ability to schedule an appointment with a bank associate and locate nearby ATMs.
Gopalkrishnan says BofA has the ability to offer these services with other social media sites, but has not yet done so since the customer demand is not there. But Bank of America is prepared to offer similar services on any social media site.
"We are social network agnostic, the idea is never to be married to one platform," he says.
At the moment, Gopalkrishnan does not see Bank of America offering financial products via social media, even though it has the technological capability to do so.
"There are a number of things we can do, but we want to be very sensitive to our customers’ needs and perceptions," he says. "As we evolve, we will continue to explore appropriate ways to provide richer functionality while never losing focus of our obligations to privacy and confidentiality.”