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Multichannel Management: Avoiding Channel Myopia

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16 May 2011

Comments

  • Social media a "delivery channel?" A handful of the biggest banks answering a few customer questions here and there does not make social media a delivery channel. Can someone get a loan via Twitter? Can they open a checking account on Facebook? The suggestion that social media is anything more than a communications channel is ludicrous.

  • I agree that social media is NOT a delivery channel ... today. All channels experience an evolution. Online and mobile were more informational than transactional when they initially came into existence. Would I want to get a loan account via Twitter? Probably not. But I could think of several use cases of utilizing Facebook as a means for financial transactions. There will be plenty of mistakes made in the near term, but innovative companies are looking at ways to monetize financial transaction activity via Facebook - why? - because (excuse the spin Willie Sutton) that's where the people are.

    As a banker, would I be heavily investing in social media. No. And I agree that social media offers itself as a communications channel today. But I'm also open to seeing that social media, in its infancy, will evolve and financial services will inherently follow.

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