Banking's Facebook frenemies

Banks are tapping into social media channels to better connect with customers, but are they willing to respond to suggestions in order to make friends?

Banks have been in the headlines this week for all the wrong reasons with ANZ in court for the latest round of a class action case alleging many of its fees are illegal.

It is something of a major indictment of the bank’s technology efficiency (or lack of) that it can continue to argue that $35 represents the actual cost to the bank of handling a late payment, but that’s a story for another time.

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