Demystifying Social Media and Next-Generation Online Banking
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10 November 2009
Last week, just in time for the BAI Retail Delivery conference (see my conference summary here, and Red Gillen's great P2P payments observations here), I released a report called, Demystifying Social Media and Next-Generation Online Banking. The report has been receiving a lot of attention as social media is a subject that is on the minds of many financial institutions. The overwhelming majority of banks don't understand or know what to do with social media. Social media activities need to be blended into a bank's day-to-day activities and customer relationships. They also need to be integrated into online banking and a bank's website presence. The days of pushing data and information out to the consumer are over. It's now a two-way street, and banks should capitalize on the stream of data, information, and interactivity that is headed their way. Some banks are doing this, most are struggling. This is a subject that banks cannot ignore. The report presents several scenarios and gets into detail about what banks should and shouldn't be doing on Twitter, Facebook, communities, their own web sites, etc. The report also provides details about how non-banks in the financial services industry are harnessing social media. This is described by presenting a case study on SmartyPig, a firm that has blended social media with next-generation online banking. I encourage you all to take a look at the report. I am of course interested in your feedback and comments. Please feel free to post them here.
[...] landscape to glass-eyed top management figures while Celent's Jacob Jegher has put a good effort to demistify social media to banker types. Establishing, managing and fostering conversations over social media takes time [...]
I only read the abstract, however the points are extremely important. We consult with community banks on issues of technology-online account opening, mobile banking, digital branding. Our early adopters understand they can make positive balance sheet changes and compete with large national banks. They can do this without loss of control or compromising current customers. Customers of all ages and demographics have "new" expectations. With increasing cost pressures banks need to accept the mantra of most other industries--"Change is good".