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 [...]
Recently I’ve been discussing with bankers, economists, strategists and futurists the future of the banking industry. At a time when we’ve got the likes of the “Occupation of Wall St” (#OWS) through to discussions in various camps about the very survival of banking as we know it, a question you might ask is how did [...]
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 [...]
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 [...]
In my recent book Bank 2.0 I posited that I wasn’t against branches and that rather than advocating the wholesale closure or departure from branch networks, that I was interested in seeing branch focus/form change. The reality is though, the more and more I look at what is wrong with the whole retail banking business [...]
Thankfully, I think we are almost at the point of having serious conversations about how social media can be utilized in most organizations, rather than still asking the question “Is Social Media just a fad?”. However, there are some massive misconceptions on what social media will do for the organization. As a result, often we [...]
If I was to identify one dominant response from bankers at SIBOS this week it is confusion. Not confusion over the event, where to find sessions, or what they are doing here, but confusion over where the banking sector goes next. The fact is, after time immemorial where banking has essentially remained the same, bankers [...]
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?
Fraud, Privacy, Social Networking, Online Phishing Attacks – it all sounds high risk. If that’s so – why aren’t these issues preventing people from using the digital medium, buying online and interaction with less privacy than ever before?