ACX703 Social Media and Public Trust: A Strategic Approach for Crisis Management in Banking industry

Project Title

‘Rebuilding Public Trust: Social Media Role in Crisis Management Strategy for Australian Banks’

Abstract

This research proposal focuses on the use of social media as an effective communication tool in times of crisis. Where, the proposal aims to analyze the use of social media in Australian banks, in managing crises, rebuilding brand image, and gaining public trust. Moreover, the proposal aims to develop a strategic framework for leveraging social media in crises, for which, the research will examine how social media can be used to manage crises and what is its impact on public trust, by using a mixed research method (combination of qualitative and quantitative research approaches).

The key research aims and objectives are:

• To analyze the current use of social media by Australian banks, for crisis communication
• To understand customer perceptions about the existing Australian banks’ social media communication during crises.
• To identify/suggest successful social media crisis management strategies suitable for the banking sector to enhance public trust.

To fulfill these research objectives, the study will first conduct an extensive literature review to identify key research variables. Based on this, the researcher will obtain primary data from customers and bank representatives to draw useful and relevant insights, that will support the thematic analysis of this study.  Furthermore, the study will examine different external reports (industry reports, expert opinions, best practices) to identify and recommend suitable strategies for enhancing crisis communication, via social media for the Australian banks. In addition, the expected outcomes of this research intend to enhance the crisis communication procedures of the selected banks, improve their customer engagement, and increase public trust in Australian banks. Similarly, the research findings will provide valuable insights for policymakers, financial and baking sector experts, and future researchers.