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MarketLab Report Web 2.0 Online Communities in Consumer Financial Services Garrett Dodge Sara Greenbaum Dong Min Kim Asier Rufino 14 December 2006
Project Overview Scope Analyze trends in Web 2.0 online communities and their potential intersection with consumer financial services Process Client Online Strategy Group: online retail investment brokerage
Drafted survey questionnaire addressing major areas for project scope
Created list of pertinent contacts and relevant data sources
Identified 45 people to interview and managed to conduct 24 full interviews
RELEVANCE: Is there a logical connection with financial services? Are there inherent association problems?
VALUE: Are users finding enough value out of our site? Are there enough incentives to become an active member of the community? How do we monetize this value?
SUSTAINABILITY: Is this a short-term or long-term solution? Are there issues of scale or scope? Are we just trying to keep up with the latest trends? Are we providing enough value for users to create high switching costs?
FEASIBILITY: How much time and money will it require to start up and maintain the site? Is the market too saturated for entry? Are users really ready to share their financial information openly?
Exclusive content: technical analysis, notes of brokers
Forums and online interviews
Selected Quotations Customization Community Collective Intelligence “ What better form of collective intelligence is there than a market.” - CISR Research Scientist “ In my communities research I have found that there are several types of communities cropping up online, customer service, product innovation, market research, and communities for commerce.” - hstrout, We Are Smarter “ It is also a very natural and healthy dynamic for a community to have many more 'readers' than people participating in the conversation or in the creation of media. You will find that this is the case in most communities online.” - Yaronb, We Are Smarter “ Widgets that have office functionality—and their inclusion on Intranet dashboards—is probably where Google, Microsoft and the smaller players like Pageflakes and Netvibes are heading.” - Richard MacManus, Tales from the Web 2.0 Frontier