Social Business Design for the Finance Sector

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Slides of a talk given at SOMESSO, Zürich, November 2009

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Social Business Design for the Finance Sector

  1. 1. Social Business Design: Building Better Finance Companies Lee Bryant, SOMESSO, Zürich 2009
  2. 2. www.headshift.com/projects [projects] About
  3. 3. TRADITIONALLY, FINANCE HAS BEEN BASED ON SOCIAL NETWORKS: THIS IS NOT NEW!
  4. 4. We are seeing growing adoption of social tools in financial services
  5. 5. BANK BLOGS & SOCIAL MEDIA
  6. 6. ONLINE COMMUNITIES MOVING TOWARDS SOCIAL NETWORKS
  7. 7. MARKET INNOVATION & NEW PRODUCTS
  8. 8. SOCIAL NEWS SITES
  9. 9. SOCIAL NETWORKING & STOCK PICKING
  10. 10. The next stage is taking this inside the firm to create a next generation ‘business operating system’ © 2009 Dac
  11. 11. Social Business Design connections content collaboration culture [social business design]
  12. 12. 1. Workforce collaboration
  13. 13. SOCIAL NETWORKS AS ORGANISATIONAL (cc) http://www.flickr.com/photos/yuan2003/403643949/ IMMUNE SYSTEM
  14. 14. NETWORKED, NOT JUST INDIVIDUAL PRODUCTIVITY
  15. 15. 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!"
  16. 16. INTERNAL SOCIAL TOOLS TYPICALLY INCLUDE: > Wikis > Social networks > Blogs and micro-blogging > Social bookmarking & tagging > RSS & data feeds
  17. 17. 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
  18. 18. 2. Customer participation
  19. 19. ANYBODY CAN FORM NETWORKS AND THE COST OF COLLECTIVE ACTION IS TRENDING TO ZERO
  20. 20. ATTENTION ECONOMY ? INTENTION ECONOMY ?
  21. 21. REAL-TIME SOCIAL NETWORKS AS INFORMATION FILTER & INFLUENCER
  22. 22. FUTURE CORPORATE BANKING: > personalised info services > conversational relationships > share expertise & knowledge > avoid commoditisation
  23. 23. 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
  24. 24. (But start with the basics)
  25. 25. LISTEN
  26. 26. ENGAGE
  27. 27. '()*+))(,-. !"#$$%& !/#&/%& MEASURE 0%"12.,&(%-/%3 '()*+))(,- 41#$% 5#&&(,& 34
  28. 28. EVOLVE
  29. 29. SHIFT FROM DEMOGRAPHIC TARGETING TO SEGMENTATION BASED ON BEHAVIOUR
  30. 30. 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
  31. 31. 3. Partnerships & service innovation
  32. 32. DATA SERVICES, APIs, & INTERFACES
  33. 33. SERVICE INNOVATION & THE ZAPPOS LESSON
  34. 34. NEW NETWORKED BUSINESS MODELS
  35. 35. NEW NETWORKED BUSINESS MODELS
  36. 36. 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
  37. 37. EXAMPLE PROJECTS: > Multi-company social networking and knowledge sharing system for an equity investment house
  38. 38. Creating a social business program © 2009 Dac
  39. 39. > 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
  40. 40. CONNECTIONS: > Internal networks > Connectedness > Partner ecosystem > Client relationships > Market presence
  41. 41. CULTURE: > Sharing behaviours > Social learning / training > Socialising product info > Collective intelligence > Employee engagement
  42. 42. COLLABORATION: > Sense making > Group forming > Client data flows > Market data flows > Community engagement
  43. 43. metafilter
  44. 44. CONTENT & FILTERS > Flow, feeds, ambient awareness > Clients get a ‘window’ on the firm > Social CRM intention mining metafilter
  45. 45. Adoption challenges
  46. 46. FOCUS ON ‘IN THE FLOW’ USE CASES, TACKLING PRACTICAL ISSUES
  47. 47. FOCUS ON OUTCOMES, NOT TOOLS
  48. 48. START WITH BEHAVIOURS PEOPLE KNOW, AND WORK FROM THERE
  49. 49. 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
  50. 50. Thank you for listening Lee@headshift.com http://www.headshift.com
  51. 51. 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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