Comments on: Defining Social Media in the Banking Sector

By: Diskussion: Wie aus Social Banking 2.0 „Common Banking“ werden könnte « Social Banking 2.0 – Der Kunde übernimmt die Regie

Wed, 25 Nov 2009 11:17:44 +0000

[...] http://blogs.gartner.com/kristin_moyer/2009/02/05/defining-social-media-in-the-banking-sector/ [...]

By: Definition of Social Media in Banking « Social Media in Banking

Definition of Social Media in Banking « Social Media in Banking — Sun, 22 Nov 2009 15:51:58 +0000

[...] Defining Social Media in the Banking Sector by Gartner Group [...]

By: Kristin Moyer: Defining Social Media in the Banking Sector « Aaron Friedman’s Works

Thu, 24 Sep 2009 14:21:27 +0000

[...] BY Kristin Moyer (A member of the Gartner Blog Network) (original post – click here) [...]

By: Kristin Moyer

Kristin Moyer — Tue, 12 May 2009 14:04:45 +0000

Hi George, thanks for sharing the RBC link. This is the first I’ve seen it. My collegue Alistair Newton has been writing about transparency for awhile if you’re interested (most recently, “How Banks Can Work in a More Transparent Ecosystem to Win Profitable Business”).

Rating systems have been used forever with online retailers and others. Great application of it in banking – finally. Thanks for the comment.

By: Kristin Moyer

Kristin Moyer — Tue, 12 May 2009 13:59:12 +0000

Hi Mark, thanks for reading and thanks for your comment – wow, that’s fascinating. We actually has similar experiences when financial social networks (FSNs) like Virgin Money and Prosper were first coming out. Many bank executives in the UK were not aware of this trend until it was in full swing.

Besides using social media as a communications and customer intimacy tool, there are also opportunities like P2P payments. These occur all the time on social networks and banks are not involved yet (PayPal, Amazon and others are).

By: George Edwards

George Edwards — Mon, 11 May 2009 19:10:44 +0000

I think social media and the banking sector we made for each other. We all remember the list of storied brands, rich with history who all collapsed by making the wrong decisions in the dark, so that when everything came to light…they had no reputational capital(brand trust) left with their consumer.

Here is an example of how The Royal Bank of Canada understands the importance of engaging clients with transparency. http://www.rbcroyalbank.com/online/olb_w_reviews.html

RBC -80,000 employees
18 million personal, business, public sector and institutional clients
Offices in Canada, the U.S. and 52 other countries
Over 5 million clients enrolled in RBC Royal Bank Online Banking

By: mark harrison

mark harrison — Sun, 10 May 2009 17:33:23 +0000

Kristin
Very,very interesting. I run a networking company for senior executives in the financial services industry here in the UK (I’m ex VP for Merrill Lynch and GE) and I recently held a seminar with our membership.
Not one out of the 200 attendees had heard about social media. Seriously.
There were MD’s, CEO’s, CFO’s, CRO’s of all the major retail banks, investment banks, insurers and other mortgage lenders and not one of them had heard of social media per se, but they had heard of Twitter and Facebook but thought it was ‘just for kids!’

Here in the UK we always seem to lag behind the States but even so, apathy certainly does rule at the moment and the 6 banks we are working with really do need to be led by the hand every single step of the way.
Just subscribed to your RSS as well.

By: Kristin Moyer

Kristin Moyer — Wed, 25 Feb 2009 17:53:17 +0000

Hi Christophe, thanks for sharing your views. Your directory of social media initiatives is impressive – great source, thanks. Check out iThryv and Stockhouse – you might want to add them to your list. I could dig out some others as well if you’re interested.

Great point about the “people” side of social media. I agree with you that users need to rewarded. Employees need to be given time and space as well. Gartner has a framework called “PLANT SEEDS” (Anthony Bradley) that banks can use to implement social media – and it includes issues like this.

Thanks again for your comments.

By: Christophe Langlois

Christophe Langlois — Mon, 23 Feb 2009 21:38:07 +0000

Hi Kristin,

Thanks for your post and your definition of social media in banking.

I have been focused on social media in financial services for a while now. In the last couple of years, we saw more and more banks trying to leverage social media such as:
* Fortis with Join2Grow.biz (which will be offline at the end of February),
* Advanta with ideablob.com,
* Vancity with changeeverything.ca, and of course
* Wells Fargo with their 5 blogs, their two user-generated video contests and their virtual world initiative “StageCoach Island” (phase 1 launched initially on Second Life back in 2005).

Current situation:
* Most FS Institutions have been unsuccessful in the social media space, mainly because of their lack of subject matter expertise.
* Some have had some successes, but their effort in the space remains tactical and they lack direction.
* Only a few are really successful, such as Advanta and Wells Fargo. Reasons behind their success: they have a proper social media strategy in place, a dedicated social media team, and a few social media champions among their Senior Management team.

I invite you to check my directory of social media initiative in financial services: http://clanglois.blogs.com/internet_banking/banking20-socialmedia-directory.html

Web 2.0 is about technology, Social Media is about people.
In all my public speaking engagements, I insist on the importance of REWARDING your users for the time they spend on your platform and for taking the time to contribute. And don’t forget your employees!

It would be a pleasure to connect on linkedin too.

Kind regards
Christophe
Founder & CEO, Visible-Banking.com

By: Gartner definiert Social Media im Banken Sektor « Electro Uncle

Gartner definiert Social Media im Banken Sektor « Electro Uncle — Fri, 20 Feb 2009 19:09:23 +0000

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