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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

Social Media is NOT just another Media Channel

27 October 2010  |  4866 views  |  1

I’ve just attended the Sibos Webcast on social media, with the hope to listen  some breaking announcement on the utilization of Social Media in the Banking industry. The discussion was a sort of déjà-vu of discussions from 15 years ago about the decision to have or not have a web site.

What I haven’t heard during the discussion is that Social Media means empowering the clients to talk openly to the Banks and also to each others. Social Media is not posting a video or a press release in the Corporate Facebook page.

Probably Social Media will soon enter the Banks: hopefully it won’t become a missed opportunity to really listen what clients want. The risk here is that the clients will end up walking away and look for others to discuss. It’s actually quite boring one-sided discussions.

 

Dialog or Monolog? TagsSibosWholesale banking

Comments: (1)

Elizabeth Lumley
Elizabeth Lumley - Girl, Disrupted - Crayford | 28 October, 2010, 10:55

By 'clients' I hope you don't mean retail clients, because that wasn't what we were talking about yesterday.

Citi increasing traffic to their microsite five-fold because of Twitter, or working with 'collaborative' social media with IBM didn't  'float your boat'? SunGard making social media a 'core competency'? SEB creating a forum for client to discuss issues openly? Really, that did nothing? 

 

Social media is more than a media channel, yes, but it is also more than just a channel to communicate with customers. Banks can use it for training, collaborative development, improving their presence within the industry and of course, gathering their clients in a networked space for better interaction.

Social media is more than just third party, consumer apps. 

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