Are big banks engaging their stakeholders in a dialogue? : A Sophistication Index (SI) of multinational banks shows the extent of social media and Web 2.0 adoption in their corporate reporting

Purpose – This paper aims to present a methodology for combining lean manufacturing with current good manufacturing processes (cGMP) in a pharmaceutical company Design/methodology/approach – This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings – Is your view of your bank's ability to listen to its customers going to be included in its financial review soon? The new paradigm for corporate information centers on the ways Web 2.0 technology can convince users of corporate financial information of its credibility, its currency, and its ability to respond to user comments. In addition, social media are expected to provide a way of discussing and evaluating corporate information. This report concentrates on how post‐crisis banks can respond to the collapse in trust by following this paradigm, and on the ways they could respond, with reference to the Sophistication Index (SI) of their financial reviews. The survey of major banks shows that only three Web 2.0 technologies (mainly in Europe), and six social media channels (mainly in Asia), are used currently; and that there is little sophistication and no strategy involved in their deployment. These results are used to redefine questions for further research into the implementation of corporate dialog with bank stakeholders. Practical implications – Web 2.0 technologies and social media do have a place in improving banks' corporate communications. Social implications – Banks could be exposed to general comment and significant criticism if they meet their regulatory obligations using new media. Originality/value – The authors develop a first quantitative technique for assessing bank reporting effectiveness using new media. Other researchers are challenged to improve on it.