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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
 
Social Media in Financial Services
Social Media in Financial Services
Social Media in Financial Services
Social Media in Financial Services
Social Media in Financial Services
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?

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Social Media in Financial Services

  • 1. The User Revolution: Web 2.0 in the Financial World Financial Services Conference Copenhagen, Oct. 23, 2008 Jerry Michalski
  • 2. 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
  • 3. Signs of the times
  • 4. Agenda User revolution Web 2.0 The big picture Effects on financial services
  • 5. Important context The dominant worldwide platform: mobiles Today: Calls, SMS, Web Remittances ( G-Cash ) Pictures, video Soon: Your bank Your companion Much more (sensors)
  • 6. Start: virtual flying hobby Not consumers User revolution
  • 7.  
  • 8.  
  • 10.  
  • 16. New power for collective action Here Comes Everybody , by Clay Shirky c
  • 17. Alternatives to “Consumer” Person Individual Player Family Seller Buyer Household Participant Viewer Fan Customer Client Citizen Member Co-producer Shareholder Stockholder Stakeholder User
  • 18. New tools New attitude Web 2.0
  • 19. 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
  • 20. “ Architecture for participation” OpenStreetMap.org PatientsLikeMe.com Wikipedia Intuit’s TaxAlmanac Wesabe
  • 22. Not just a technology shift Costs have plummeted (Natural Cost)
  • 23. Natural Cost So much can be done for so little.
  • 24. 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
  • 29. Differentiation People behave differently Expectations Preferences More info vs. less Interact often vs. seldom Aspirations & goals Connecting authentically
  • 30. Implications Persistence + connectivity Abundance vs. scarcity Commercial v. gift economy Openness and transparency Trust(worthiness) From “consumer” to co-creator Collective action Authentic participation
  • 31. 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
  • 32. Jerry Michalski [email_address] www.sociate.com +1 (415) 465-0256 Questions?