Bank CEOs, It's Time for Social Media (InternetEvolution)

As posted on Internet Evolution (http://www.internetevolution.com/)

Internet Evolution Blog

I’m dealing with two of the largest banks in the world right now, engaging them in discussions about customer experience innovation. One of the things that invariably comes up is the phenomenon of social media. To some banks, this is just one of those newfangled Internet “thingies” that comes along from time to time and gets people all excited — but banking doesn’t really change… does it?

What is unique about the social media movement at the moment is that everything you might expect it would be about — it’s not about. Firstly, you might assume that it’s a medium that is used by “Generation Y” (those born from the mid-1970s through the 90s) almost exclusively to trade photos, videos, and witty anecdotes about what they are doing right now.

It might surprise you that by a long margin, the Baby Boomers and “Generation X” (those born after the postwar Baby Boom but before the Y-Gen) are far more into social media than the Y-Gen. In fact, the Y-Gen will probably skip the current generation of social media and go totally to some sort of mobile-based social media and mapping over the next few years, but that’s another story.

Getting back to the banks: These two banks I’m talking about, household brands, don’t have a single senior executive responsible for social media. There are pockets of innovation or customer experience teams trying to do something, but there is no senior manager that has social media in his job title, and there is no high-level sponsor to mobilize around this. Is that such a bad thing?

Continue reading my blog posting on InternetEvolution…

Comments

  1. TRF4488 says:

    Interesting blog, but it’s missing an important part of the equation: Generation Jones (between the Boomers and Generation X). Google Generation Jones, and you’ll see it’s gotten a ton of media attention, and many top commentators from many top publications and networks (Washington Post, Time magazine, NBC, Newsweek, ABC, etc.) now specifically use this term.

    It is important to distinguish between the post-WWII demographic boom in births vs. the cultural generations born during that era. Generations are a function of the common formative experiences of its members, not the fertility rates of its parents. And most analysts now see generations as getting shorter (usually 10-15 years now), partly because of the acceleration of culture. Many experts now believe it breaks down more or less this way:

    DEMOGRAPHIC boom in babies: 1946-1964
    Baby Boom GENERATION: 1942-1953
    Generation Jones: 1954-1965
    Generation X: 1966-1978
    Generation Y: 1979-1993

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