Lee Bryant - The right Social Media tools

Social Business Design: Building Better Finance Companies Lee Bryant, SOMESSO, Zürich 2009

www.headshift.com/projects [projects] About

TRADITIONALLY, FINANCE HAS BEEN BASED ON SOCIAL NETWORKS: THIS IS NOT NEW!

We are seeing growing adoption of social tools in ﬁnancial services

BANK BLOGS & SOCIAL MEDIA

ONLINE COMMUNITIES MOVING TOWARDS SOCIAL NETWORKS

MARKET INNOVATION & NEW PRODUCTS

SOCIAL NEWS SITES

SOCIAL NETWORKING & STOCK PICKING

Social Business Design connections content collaboration culture [social business design]

1. Workforce collaboration

SOCIAL NETWORKS AS ORGANISATIONAL (cc) http://www.ﬂickr.com/photos/yuan2003/403643949/ IMMUNE SYSTEM

NETWORKED, NOT JUST INDIVIDUAL PRODUCTIVITY

CISCO Experience: What used to be "me" is now "we" The goal is to get more products to market faster ... Fifteen minutes and one week to get a [business] plan that used to take six months!"

INTERNAL SOCIAL TOOLS TYPICALLY INCLUDE: > Wikis > Social networks > Blogs and micro-blogging > Social bookmarking & tagging > RSS & data feeds

EXAMPLE PROJECTS: > Cross-functional collaboration for a major bank > Secure social networking with clients for a big 5 consultancy > Internal knowledge sharing for assurance company > Employee engagement for a major insurance group

2. Customer participation

ANYBODY CAN FORM NETWORKS AND THE COST OF COLLECTIVE ACTION IS TRENDING TO ZERO

ATTENTION ECONOMY ? INTENTION ECONOMY ?

REAL-TIME SOCIAL NETWORKS AS INFORMATION FILTER & INFLUENCER

FUTURE CORPORATE BANKING: > personalised info services > conversational relationships > share expertise & knowledge > avoid commoditisation

FUTURE RETAIL BANKING: > brand communities > peer-to-peer help, self-service > user-generated information > better tools & tracker feeds > ‘intention market’ for lower acquisition and transaction costs

(But start with the basics)

LISTEN

ENGAGE

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EVOLVE

SHIFT FROM DEMOGRAPHIC TARGETING TO SEGMENTATION BASED ON BEHAVIOUR

EXTERNAL SOCIAL TOOLS TYPICALLY INCLUDE: > Blogs and Twitter > Facebook, LinkedIn, MySpace (be present where your customers gather) > Social Media Monitoring tools > Social Network Analysis tools > Community Platforms

3. Partnerships & service innovation

DATA SERVICES, APIs, & INTERFACES

SERVICE INNOVATION & THE ZAPPOS LESSON

NEW NETWORKED BUSINESS MODELS

ECOSYSTEM SOCIAL TOOLS TYPICALLY INCLUDE: > Data feeds & open APIs > Widgets and mini sites > Packaged content for others to use on their own sites > Partner / Developer Communities

EXAMPLE PROJECTS: > Multi-company social networking and knowledge sharing system for an equity investment house

> Analyse business-level issues > Drill down to specific use cases > Create a program with clear success goals & evaluation metrics > Run projects and connect IT projects to achieve these goals

CONNECTIONS: > Internal networks > Connectedness > Partner ecosystem > Client relationships > Market presence

CULTURE: > Sharing behaviours > Social learning / training > Socialising product info > Collective intelligence > Employee engagement

COLLABORATION: > Sense making > Group forming > Client data flows > Market data flows > Community engagement

metafilter

CONTENT & FILTERS > Flow, feeds, ambient awareness > Clients get a ‘window’ on the firm > Social CRM intention mining metafilter

Adoption challenges

FOCUS ON ‘IN THE FLOW’ USE CASES, TACKLING PRACTICAL ISSUES

FOCUS ON OUTCOMES, NOT TOOLS

START WITH BEHAVIOURS PEOPLE KNOW, AND WORK FROM THERE

CONCLUSIONS: > Finance = data + networks > Threats posed by new trends are also opportunities for innovation > Information assymetries are falling away - compete in the open! > Intimate, social customer service is the best protection against price sensitivity and commoditisation

Thank you for listening Lee@headshift.com http://www.headshift.com

Thanks for listening! I am lee@headshift.com and I live at http://www.headshift.com Except where otherwise stated, photos courtesy of Flickr using Creative Commons license. Thanks to the following photographers: http://www.brockcraft.com/wp-content/uploads/2008/11/bailout-graphic001.png http://images.google.com/imgres?imgurl=http://thesituationist.files.wordpress.com/2008/02/ trading-floor.jpg&imgrefurl=http://thesituationist.wordpress.com/2008/02/08/ &usg=__aSMG_vYDG- ve4VoLGPbQ5RygVA4=&h=955&w=1417&sz=327&hl=en&start=6&um=1&tbnid=LWmhX9Z p1dOOjM:&tbnh=101&tbnw=150&prev=/images%3Fq%3Dtraditional%2Btrading%2Bnetworks %26imgsz%3Dxxlarge%26um%3D1%26hl%3Den%26client%3Dsafari%26rls%3Den-us%26sa %3DN http://www.carbodydesign.com/archive/2008/05/15-virtual-painting-at-ford/1914-Ford- Model-T-Painting-lg.jpg http://www.touchgraph.com http://www.flickr.com/photos/paul_irish/2379958609/sizes/l/ http://www.flickr.com/photos/poorfish/2402437518/ http://www.flickr.com/photos/brianboulos/36957265/ http://www.flickr.com/photos/7855449@N02/sets/72157606844282993/ http://www.flickr.com/photos/dplanet/94442623/ http://www.flickr.com/photos/joeshlabotnik/305410323/ Kate Niederhoffer & Marc A. Smith (Web 2.0 presentation 4/1/09) http://www.informationisbeautiful.net/visualizations/the-hierarchy-of-digital-distractions/ http://www.flickr.com/photos/thedalogs/3184387156/

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Lee Bryant - The right Social Media tools

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Lee Bryant - The right Social Media tools — Presentation Transcript