Social Media in Financial Services
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Social Media in Financial Services

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Given 10/23/2008 in Copenhagen. Conference organizer is Morten Kamper, FDIH

Given 10/23/2008 in Copenhagen. Conference organizer is Morten Kamper, FDIH

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Social Media in Financial Services Social Media in Financial Services Presentation Transcript

  • The User Revolution: Web 2.0 in the Financial World Financial Services Conference Copenhagen, Oct. 23, 2008 Jerry Michalski
  • Who’s speaking
    • 1987-1998 as a technology industry analyst
      • Avocation  vocation
      • Identifying trends
      • Bridging business, society and tech
      • Famous boss (Esther Dyson)
    • 1998-now: independent consultant
      • “ Guide to the relationship economy”
    • Raised in Peru and Argentina
    • Champion for ordinary people
  • Signs of the times
  • Agenda
    • User revolution
    • Web 2.0
    • The big picture
    • Effects on financial services
  • Important context
    • The dominant worldwide platform: mobiles
    • Today:
      • Calls, SMS, Web
      • Remittances ( G-Cash )
      • Pictures, video
    • Soon:
      • Your bank
      • Your companion
      • Much more (sensors)
    • Start: virtual flying hobby
    • Not consumers
    User revolution
  •  
  •  
  • VATSIM
  •  
  • New power for collective action
    • Here Comes Everybody , by Clay Shirky
    c
  • Alternatives to “Consumer” Person Individual Player Family Seller Buyer Household Participant Viewer Fan Customer Client Citizen Member Co-producer Shareholder Stockholder Stakeholder User
    • New tools
    • New attitude
    Web 2.0
  • Social media’s many faces
    • Blogs
    • Microblogs ( Twitter )
    • Wikis
    • Media sharing ( Flickr , YouTube )
    • Social search (Digg)
    • Social networks (Facebook/ feeds )
    • Event calendars
    • Lifestreaming ( FriendFeed )
    • MMOGs (WoW, SL )
    • Mashups ( HousingMaps.com )
    • Ratings (everywhere)
    • Metadata
      • Tagclouds
      • Visualizations
      • Analytics
  • “ Architecture for participation”
    • OpenStreetMap.org
    • PatientsLikeMe.com
    • Wikipedia
    • Intuit’s TaxAlmanac
    • Wesabe
  • The big picture
  • Not just a technology shift
    • Costs have plummeted (Natural Cost)
  • Natural Cost
    • So much can be done for so little.
  • Not just a technology shift
    • Costs have plummeted (Natural Cost)
    • Power has shifted
    • Let go of control
    • Assume good behavior
      • Let community fix bad behavior
    • Emphasis on
      • Social
      • Open
  • Persistence
  • Exhaust data
  • Weaving a global brain
  • Effects on financial services
  • Differentiation
    • People behave differently
    • Expectations
    • Preferences
      • More info vs. less
      • Interact often vs. seldom
    • Aspirations & goals
    • Connecting authentically
  • Implications
    • Persistence + connectivity
    • Abundance vs. scarcity
    • Commercial v. gift economy
    • Openness and transparency
    • Trust(worthiness)
    • From “consumer” to co-creator
    • Collective action
    • Authentic participation
  • Alternatives to money
    • Local currencies ( LETS )
    • Barter
    • Peer-to-peer lending ( Prosper )
    • Coupon/gift card exchanges
    • In-game currencies
    • Reputation points
    • Frequent-flyer miles
    • Airtime minutes
    • Jerry Michalski
    • [email_address] www.sociate.com +1 (415) 465-0256
    Questions?