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

The next stage is taking this inside
the firm to create a next generation
‘business operating system’
© 2009 Dac

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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MEASURE
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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

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

Creating a social business program
© 2009 Dac

> 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/