Last year Facebook hit 1 Billion users. It is reported that the average Facebook user spends 75 minutes per day using Facebook. Mobile use has also increased significantly over the last two years. Globally smartphone growth year-on-year was at 42% in 2012, with 17% global penetration, but more significantly with most developed economies expecting 70-80% [...]
Well, I see the Facebook/Twitter hysteria is at fever pitch again. There’s the concern around market events like the fake Sina Weibo post stating that Kim Jong Un had been assasinated, apparently corroborated by the evidence of a cavalcade of black limosuines arriving at the North Korean embassy in Beijing around the same time. This started [...]
We’re experiencing a massive shift in consumer behavior right now with the explosion of Facebook, Twitter, YouTube, and other community collaboration and social media platforms. A world where Facebook has 800 million inhabitants and a President who is a college dropout (albeit Harvard). We’re seeing the global domination of mobile across the entire world, where [...]
Transparency challenges new revenue and friction In September of 2009 Ann Minch, a customer of Bank of America, posted a video on YouTube called the “Debtor’s Revolt”. Ann detailed her case against BofA who had unilaterally increased her credit card APR (Annual Percentage Rate) to 30% from its historical 12.99% – quite a jump. She [...]
My pals at BankSimple soft launched their debit cards internally for their staff this week, which is big news because it signifies the acceleration of the big shift in the BANK 2.0 landscape. Interestingly, though, this launch wasn’t easy, as the team at BankSimple articulated on their blog post of today. The last many months [...]
Recently when I posted on reforming customer journeys in the banking space I got some push-back for using Apple as an example of best practice. Surely there are banks I could have used as an example of best practice??? Well… not really. There’s no bank, and believe me I’m looking everyday, that has the whole [...]
Ok, so the feedback from Finextra’s #finxsm event this week is that we’re finally coming to grips with the fact that Social Media isn’t going to disappear into the night like some passing fad. Good news! It’s interesting though, whenever a major disruptor like social media, the internet, etc has come along, inevitably there are [...]
Building trust starts with creating great customer journeys that improve service levels and demonstrate a willingness to be transparent. We can’t rebuild trust without these elements. The biggest risk today, is simply that I don’t trust you enough to give you my money.
Ashton Kutcher was famous for being the first celebrity to exceed 1 million followers on Twitter (now 5.8m), the famous Zuck has over 850,000 friends on his Facebook fan page, but this is not your average social media profile. The profile of your average Facebook user shows typically some 130 friends (source:Facebook), and the average Twitter user has 126 followers. To exceed say 1,000 or 5,000 friends an individual normally has to have something special. It may be the fact that they were amongst the earliest adopters and have been active since day one, it may be that they are super-connected individuals in real-life, or it may be that they have a following due to some celebrity or claim to fame. The thing is, in marketing terms, friends and followers mean reach. So, is there a way to connect social media ‘credit’ in terms of following, and reward an individual for it?
Why is it that today that there are many banks who won’t let me open an account unless I have a home telephone number (a landline) – which quite frankly I haven’t used for a number of years now (in fact I don’t even know my home phone number) – and yet in respect to mechanisms which I use a whole lot more frequently than a home telephone number for communication, namely FB and Twitter, they completely ignore me? I have to say these days I’d probably be a whole lot more likely to talk about my bank on Twitter, than I would wait for their call on my home telephone number, which I don’t use…