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friendly economic time for anchors. Today (28th) we will be with reporter Kwon Ae-ri. After the collapse of the Silicon Valley bank in the United States, it seems that financial instability continues to spread not only in the United States, but also in many European countries. But at the center of this is SNS, there's a story like this.

<Reporter>
The financial woes of 2023 played a major role in one factor that was not very noticeable until the
2008 financial crisis.

It is a globally developed social media SNS. The Financial Services Committee of the U.S. House of Representatives is similar to the Political Affairs Committee of our Congress.

The chairman described the Silicon Valley Bank bankruptcy, which was the starting point of the banking crisis unrest, as "the first deposit withdrawal crisis triggered by Twitter."

The largest bank ever to fail in the United States is Washington Mutual, which went bankrupt during the 2008 financial crisis.

I usually think it took about eight months from the first crisis to bankruptcy.

However, Silicon Valley Bank, which broke off the start of the banking crisis anxiety, took just two days from the full-scale crisis theory to the actual bankruptcy.

<Anchor>

Apparently, social media has such a strong impact, especially now that psychology such as anxiety and fear are more strongly involved.

<Reporter>


exactly. That's why today's banking unrest is sometimes called a "bank-demic."

Just like the flu or corona spreads, anxiety about banks spreads like a contagion on social media.

Banks that are singled out as "dangerous over there" keep changing.

What's more, unlike banking in the past, online banking allows customers to withdraw money 24 hours a day, no matter where they are.

In the U.S., most of Silicon Valley Bank's clients were tech startups and high-tech start-up operators, which may have contributed to the bank's rapid bankruptcy.

Everyone is on social media, constantly sharing opinions in online communities, and mobile banking is the most proficient in the United States.

The unrest in the online community that these people are looking into in the palm of their hands every day is that it took only two days for the massive deposit withdrawals leading to bankruptcy.

One of the most popular online communities in the United States is Reddit.

There are still posts such as a photo of a row of people standing in front of a restaurant that was posted and then deleted in a place that was singled out as one of the crisis banks, "This is the line where people are standing to take money."

Some well-known investors have been categorically tweeting at the beginning of the bank crisis that were not actually verified at the time.

Millionaire investors also love attention. It's called 'named'.

Enjoying being a celebrity on social media and wanting to get attention was the underlying thing.

Usually, people talk about money like that, but they might think I should take my money out right away.

<Anchor>

yes. So, even if these unverified rumors are just circulating on social media, there seems to be no problem with well-prepared banks.

<Reporter>

Absolutely. Even in this phase of banking crisis anxiety, the banks that are singled out as "dangerous over there" keep changing.

There are places where you can hold on, and there are places where you can't.

The most recent was Deutsche Bank, whose shares tumbled as much as 15% intraday on European stock markets over the weekend.

Germany's largest bank, like Shinhan Bank in our opinion, has generated a lot of buzz online, as you can see now.

However, as it became known that they had enough money to return to depositors, the stock price began to recover again yesterday.

It's true that Silicon Valley, Signature, and Credit Suisse went bankrupt were all difficult to deal with when a major crisis hit.

But if you look closely, there are some ways that if the mass deposit withdrawal situation had been a little slower or on a smaller scale, these banks wouldn't have had a chance.

Financial institutions in the SNS era need to understand this changed financial environment basically.

The word spreads faster than imagined, and the lesson is that we need to know the environment in which mobile banking is commonplace, and we need to have a stable system that can respond to it.

Bank failure is a problem with bank management. In the age of SNS, finance actually has a lot to be careful about for financial consumers.

There have been many cases of so-called meme stocks, stocks that suddenly soared due to a craze on SNS, and risky assets such as coins that suddenly attracted attention, and then crashed in stock prices or values as soon as interest on social media was lost after investing without my own standards.

You have to have your own standards to refer to social media but not be swayed.