It’s posts like this one from Brand Channel that give me hope for the financial industry’s future – if those banks are, in fact, paying attention.

Customer-centric approaches that combine aspects of social media aren’t only good for the brand, but they are good for the bottom line as Barry Silverstein writes in relaying advice from a recent Booz & Co. report: Banking on Social Media.

What’s most compelling is that it doesn’t have to be complex. By leveraging social media and new Web 2.0 technologies, Banks can give their customers increased transparency and thus, trust (more important now then ever) as well as always crucial convenience. By using video chat instead of branch visits and communicating via social media channels, for example, companies can save big. Banks can also now communicate in myriad innovative ways to help their customers better understand complex financial products and it’s all very simple: clicking buttons, sharing content.

To underline the opportunities made available by social media, there’s even a new bank starting in the US that is dedicated to keeping things simple and using social media as a key component of its communications. Aptly named Bank Simple, it aims to make certain that customers play the most important role in how they are interacting with their bank.

Join us for more on social media in the financial industry.