24 May 2018
Elizabeth Lumley
Elizabeth Lumley

Elizabeth Lumley

Elizabeth Lumley - Girl, Disrupted

165Posts 710,089Views 173Comments
Social Banks

Social Banks

Social Banks is a group that aims to discuss trends and debate as the financial services take their first steps into social media. Twitter, Facebook, LinkedIn etc..debate all here.

Out of the mouths of babes

13 July 2009  |  3062 views  |  3

You can usualy be sure that if you see a feature update on the lives of teenagers (what gadgets they are using what slang falls from their mounths...that kind of thing) you can be sure that the information is woefully out of date. Elderly media commentators desperately trying to get 'down with the kids.'

However, the FT recently ran a story here about a 15-year old intern at Morgan Stanley who wrote some research describing the social media habits of his friends. The bank was so impressed with the results that they published the report. According to the head of Morgan Stanley's European media analyst team:

"The response was enormous. “We’ve had dozens and dozens of fund managers, and several CEOs, e-mailing and calling all day,” said Edward Hill-Wood, estimating that the note had generated five or six times more feedback than the team’s usual reports.

In summary the intern's report included the following:

  • Teenagers do not use Twitter - something about 'pay-as-go phone cards.
  • Even online, teens find advertising “extremely annoying and pointless”.
  • No teenager he knew regularly reads a newspaper since most “cannot be bothered to read pages and pages of text” rather than see summaries online or on television.
TagsRetail banking

Comments: (4)

Paul Penrose
Paul Penrose - Finextra - London | 13 July, 2009, 15:44

Banks that fail to tap new social media outlets such as Twitter and Facebook are often warned that they are missing out on an opportunity to engage with the next generation of digitally-savvy consumers.

But, does anybody out there know of any teenagers who use Twitter? My own teenage sons find the whole idea laughable.

MSN on Facebook and mobile texting are their preferred means of communication. But this is strictly peer-to-peer. Corporates don't get a look-in.

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Matt White
Matt White - Finextra - Toronto | 13 July, 2009, 16:41

uum, is this not all painfully obvious stuff? Makes you wonder what sort of rubbish the proper analysts are producing.

The Guardian's got the full note if you want to learn all about the (apparently secret) life of the teenager.

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Elizabeth Lumley
Elizabeth Lumley - Girl, Disrupted - Crayford | 13 July, 2009, 17:24

Wow, that was the most insightful analyst report I have ever read. The most surprising insight, I feel, is this: "Teenage boys (generally) watch more TV when it is the football season." Good stuff.

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A Finextra member
A Finextra member | 17 July, 2009, 15:11

Facebook? my bank can't even communicate with me via email...

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job title Global FinTech Commentator
location Crayford
member since 2009
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Global FinTech commentator. Author of the Girl, Disrupted blog

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