Social Media in Financial Services

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

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  • Here is a great resource which helps those in the financial services industry gain an understanding of how to use social media - 7 Steps to Social Media Success for Financial Advisors http://financialadvisorselfpromotion.com/
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Social Media in Financial Services

  1. 1. The User Revolution: Web 2.0 in the Financial World Financial Services Conference Copenhagen, Oct. 23, 2008 Jerry Michalski
  2. 2. Who’s speaking <ul><li>1987-1998 as a technology industry analyst </li></ul><ul><ul><li>Avocation  vocation </li></ul></ul><ul><ul><li>Identifying trends </li></ul></ul><ul><ul><li>Bridging business, society and tech </li></ul></ul><ul><ul><li>Famous boss (Esther Dyson) </li></ul></ul><ul><li>1998-now: independent consultant </li></ul><ul><ul><li>“ Guide to the relationship economy” </li></ul></ul><ul><li>Raised in Peru and Argentina </li></ul><ul><li>Champion for ordinary people </li></ul>
  3. 3. Signs of the times
  4. 4. Agenda <ul><li>User revolution </li></ul><ul><li>Web 2.0 </li></ul><ul><li>The big picture </li></ul><ul><li>Effects on financial services </li></ul>
  5. 5. Important context <ul><li>The dominant worldwide platform: mobiles </li></ul><ul><li>Today: </li></ul><ul><ul><li>Calls, SMS, Web </li></ul></ul><ul><ul><li>Remittances ( G-Cash ) </li></ul></ul><ul><ul><li>Pictures, video </li></ul></ul><ul><li>Soon: </li></ul><ul><ul><li>Your bank </li></ul></ul><ul><ul><li>Your companion </li></ul></ul><ul><ul><li>Much more (sensors) </li></ul></ul>
  6. 6. <ul><li>Start: virtual flying hobby </li></ul><ul><li>Not consumers </li></ul>User revolution
  7. 9. VATSIM
  8. 11.
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  10. 13.
  11. 14.
  12. 15.
  13. 16. New power for collective action <ul><li>Here Comes Everybody , by Clay Shirky </li></ul>c
  14. 17. Alternatives to “Consumer” Person Individual Player Family Seller Buyer Household Participant Viewer Fan Customer Client Citizen Member Co-producer Shareholder Stockholder Stakeholder User
  15. 18. <ul><li>New tools </li></ul><ul><li>New attitude </li></ul>Web 2.0
  16. 19. Social media’s many faces <ul><li>Blogs </li></ul><ul><li>Microblogs ( Twitter ) </li></ul><ul><li>Wikis </li></ul><ul><li>Media sharing ( Flickr , YouTube ) </li></ul><ul><li>Social search (Digg) </li></ul><ul><li>Social networks (Facebook/ feeds ) </li></ul><ul><li>Event calendars </li></ul><ul><li>Lifestreaming ( FriendFeed ) </li></ul><ul><li>MMOGs (WoW, SL ) </li></ul><ul><li>Mashups ( HousingMaps.com ) </li></ul><ul><li>Ratings (everywhere) </li></ul><ul><li>Metadata </li></ul><ul><ul><li>Tagclouds </li></ul></ul><ul><ul><li>Visualizations </li></ul></ul><ul><ul><li>Analytics </li></ul></ul>
  17. 20. “ Architecture for participation” <ul><li>OpenStreetMap.org </li></ul><ul><li>PatientsLikeMe.com </li></ul><ul><li>Wikipedia </li></ul><ul><li>Intuit’s TaxAlmanac </li></ul><ul><li>Wesabe </li></ul>
  18. 21. The big picture
  19. 22. Not just a technology shift <ul><li>Costs have plummeted (Natural Cost) </li></ul>
  20. 23. Natural Cost <ul><li>So much can be done for so little. </li></ul>
  21. 24. Not just a technology shift <ul><li>Costs have plummeted (Natural Cost) </li></ul><ul><li>Power has shifted </li></ul><ul><li>Let go of control </li></ul><ul><li>Assume good behavior </li></ul><ul><ul><li>Let community fix bad behavior </li></ul></ul><ul><li>Emphasis on </li></ul><ul><ul><li>Social </li></ul></ul><ul><ul><li>Open </li></ul></ul>
  22. 25. Persistence
  23. 26. Exhaust data
  24. 27. Weaving a global brain
  25. 28. Effects on financial services
  26. 29. Differentiation <ul><li>People behave differently </li></ul><ul><li>Expectations </li></ul><ul><li>Preferences </li></ul><ul><ul><li>More info vs. less </li></ul></ul><ul><ul><li>Interact often vs. seldom </li></ul></ul><ul><li>Aspirations & goals </li></ul><ul><li>Connecting authentically </li></ul>
  27. 30. Implications <ul><li>Persistence + connectivity </li></ul><ul><li>Abundance vs. scarcity </li></ul><ul><li>Commercial v. gift economy </li></ul><ul><li>Openness and transparency </li></ul><ul><li>Trust(worthiness) </li></ul><ul><li>From “consumer” to co-creator </li></ul><ul><li>Collective action </li></ul><ul><li>Authentic participation </li></ul>
  28. 31. Alternatives to money <ul><li>Local currencies ( LETS ) </li></ul><ul><li>Barter </li></ul><ul><li>Peer-to-peer lending ( Prosper ) </li></ul><ul><li>Coupon/gift card exchanges </li></ul><ul><li>In-game currencies </li></ul><ul><li>Reputation points </li></ul><ul><li>Frequent-flyer miles </li></ul><ul><li>Airtime minutes </li></ul>
  29. 32. <ul><li>Jerry Michalski </li></ul><ul><li>[email_address] www.sociate.com +1 (415) 465-0256 </li></ul>Questions?

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