“While we’re a far cry from the 1991 #RI Credit Union crisis, the downfall of Silicon Valley Bank holds valuable lessons for banks. David Preston, Gov Sundlun’s public point person on the banking crisis, weighs in Boston Globe Media.
Had SVB laid the groundwork with transparent, easily understood communications, and been prepared to take advantage of social media’s ability to respond immediately, they might have stood a chance to stem the gusher of deposits leaving the bank — and survive.”