Ecb Notice of Banking: "Social Networks Can Eat Panic"

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The member of the Governing Council of the ECB, Pedro Machado, said at a conference in Frankfurt on the Spanish bank that "social networks can feed the bank, while the Internet and mobile bank can become a much easier bank than ever." "In normal times, neither the Internet banking nor the availability of mobile applications have a systematic impact on the volatility of deposits", but in tense times, a greater use of the Internet banking broadens…

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The European Central Bank (ECB) warns that social networks, such as X or Instagram, can speed up a bank's collapse at a time of crisis, as happened to Silicon Valley Bank in 2023,...