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The financial services industry has undergone a radical change, as far as digitization is concerned as today’s customers are online, networked, well connected, and are embracing Web 2.0 applications. Social media is in many respects an unstoppable cultural force - ubiquitous and powerful. By the year 2017, the global social network audience is expected to be around 2.55 billion. Social media platforms can no longer be considered places where people simply connect and communicate in real-time with the click of a button. Platforms, such as WeChat and Viber as well as Facebook, are increasingly providing a broad range of services to their users either directly or through partners, making them central to people’s lives.