Twitter, Facebook, Blogs, Social Networks – which tools should banks, insurances and other companies in the financial industry investigate. Also, costs and degrees of difficulty in adoption. Lee Bryant – CEO Headshift, part of Dachis Group

1. Social Business Design:
Building Better Finance Companies
Lee Bryant, SOMESSO, Zürich 2009

2. www.headshift.com/projects
[projects]
About

3. TRADITIONALLY, FINANCE HAS BEEN
BASED ON SOCIAL NETWORKS:
THIS IS NOT NEW!

4. We are seeing growing adoption
of social tools in financial services

5. BANK BLOGS
& SOCIAL MEDIA

6. ONLINE COMMUNITIES MOVING
TOWARDS SOCIAL NETWORKS

7. MARKET INNOVATION
& NEW PRODUCTS

8. SOCIAL NEWS SITES

9. SOCIAL NETWORKING
& STOCK PICKING

10. The next stage is taking this inside
the firm to create a next generation
‘business operating system’
© 2009 Dac

11. Social Business Design connections
content
collaboration
culture
[social business design]

12. 1. Workforce collaboration

13. SOCIAL NETWORKS
AS ORGANISATIONAL (cc) http://www.flickr.com/photos/yuan2003/403643949/
IMMUNE SYSTEM

14. NETWORKED, NOT
JUST INDIVIDUAL
PRODUCTIVITY

15. CISCO Experience:
What used to be "me" is now "we"
The goal is to get more products to
market faster ... Fifteen minutes and
one week to get a [business] plan
that used to take six months!"

16. INTERNAL SOCIAL TOOLS
TYPICALLY INCLUDE:
> Wikis
> Social networks
> Blogs and micro-blogging
> Social bookmarking & tagging
> RSS & data feeds

17. EXAMPLE PROJECTS:
> Cross-functional collaboration
for a major bank
> Secure social networking with
clients for a big 5 consultancy
> Internal knowledge sharing for
assurance company
> Employee engagement for a
major insurance group

18. 2. Customer participation

19. ANYBODY CAN FORM
NETWORKS AND THE
COST OF COLLECTIVE
ACTION IS TRENDING
TO ZERO

20. ATTENTION ECONOMY ?
INTENTION ECONOMY ?

21. REAL-TIME SOCIAL NETWORKS AS
INFORMATION FILTER & INFLUENCER

22. FUTURE CORPORATE BANKING:
> personalised info services
> conversational relationships
> share expertise & knowledge
> avoid commoditisation

23. FUTURE RETAIL BANKING:
> brand communities
> peer-to-peer help, self-service
> user-generated information
> better tools & tracker feeds
> ‘intention market’ for lower
acquisition and transaction costs

24. (But start with the basics)

25. LISTEN

26. ENGAGE

27. '()*+))(,-.
!"#$$%& !/#&/%&
MEASURE
0%"12.,&(%-/%3
'()*+))(,- 41#$%
5#&&(,&
34

28. EVOLVE

29. SHIFT FROM
DEMOGRAPHIC
TARGETING TO
SEGMENTATION
BASED ON
BEHAVIOUR

30. EXTERNAL SOCIAL TOOLS
TYPICALLY INCLUDE:
> Blogs and Twitter
> Facebook, LinkedIn, MySpace
(be present where your customers gather)
> Social Media Monitoring tools
> Social Network Analysis tools
> Community Platforms

31. 3. Partnerships & service innovation

32. DATA SERVICES, APIs,
& INTERFACES

33. SERVICE INNOVATION &
THE ZAPPOS LESSON

34. NEW NETWORKED
BUSINESS MODELS

35. NEW NETWORKED
BUSINESS MODELS

36. ECOSYSTEM SOCIAL TOOLS
TYPICALLY INCLUDE:
> Data feeds & open APIs
> Widgets and mini sites
> Packaged content for others to
use on their own sites
> Partner / Developer Communities

37. EXAMPLE PROJECTS:
> Multi-company social
networking and knowledge
sharing system for an equity
investment house

38. Creating a social business program
© 2009 Dac

39. > Analyse business-level issues
> Drill down to specific use cases
> Create a program with clear
success goals & evaluation metrics
> Run projects and connect IT
projects to achieve these goals

41. CONNECTIONS:
> Internal networks
> Connectedness
> Partner ecosystem
> Client relationships
> Market presence

43. CULTURE:
> Sharing behaviours
> Social learning / training
> Socialising product info
> Collective intelligence
> Employee engagement

45. COLLABORATION:
> Sense making
> Group forming
> Client data flows
> Market data flows
> Community engagement

46. metafilter

47. CONTENT & FILTERS
> Flow, feeds, ambient awareness
> Clients get a ‘window’ on the firm
> Social CRM intention mining
metafilter

48. Adoption challenges

49. FOCUS ON ‘IN THE FLOW’ USE CASES,
TACKLING PRACTICAL ISSUES

50. FOCUS ON OUTCOMES, NOT TOOLS

51. START WITH BEHAVIOURS PEOPLE
KNOW, AND WORK FROM THERE

52. CONCLUSIONS:
> Finance = data + networks
> Threats posed by new trends are
also opportunities for innovation
> Information assymetries are
falling away - compete in the open!
> Intimate, social customer service
is the best protection against price
sensitivity and commoditisation

53. Thank you for listening
Lee@headshift.com
http://www.headshift.com

54. Thanks for listening!
I am lee@headshift.com and
I live at http://www.headshift.com
Except where otherwise stated, photos courtesy of Flickr using Creative Commons license.
Thanks to the following photographers:
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&usg=__aSMG_vYDG-
ve4VoLGPbQ5RygVA4=&h=955&w=1417&sz=327&hl=en&start=6&um=1&tbnid=LWmhX9Z
p1dOOjM:&tbnh=101&tbnw=150&prev=/images%3Fq%3Dtraditional%2Btrading%2Bnetworks
%26imgsz%3Dxxlarge%26um%3D1%26hl%3Den%26client%3Dsafari%26rls%3Den-us%26sa
%3DN
http://www.carbodydesign.com/archive/2008/05/15-virtual-painting-at-ford/1914-Ford-
Model-T-Painting-lg.jpg
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http://www.flickr.com/photos/joeshlabotnik/305410323/
Kate Niederhoffer & Marc A. Smith (Web 2.0 presentation 4/1/09)
http://www.informationisbeautiful.net/visualizations/the-hierarchy-of-digital-distractions/
http://www.flickr.com/photos/thedalogs/3184387156/