Comments on: Where are Banks in Community Management? http://thebankwatch.com/2008/08/25/where-are-banks-in-community-management/ Tracking the evolution of financial institutions Mon, 13 Feb 2012 00:48:52 +0000 hourly 1 http://wordpress.com/ By: Colin http://thebankwatch.com/2008/08/25/where-are-banks-in-community-management/#comment-25808 Tue, 26 Aug 2008 16:38:00 +0000 http://thebankwatch.com/2008/08/25/where-are-banks-in-community-management/#comment-25808 @Taylor …. good list. You have nailed a few issues I am working into another piece. It is hard to see how all Banks can jump out of that hole. I guess that some will manage but not them all.

]]> By: Taylor Davidson http://thebankwatch.com/2008/08/25/where-are-banks-in-community-management/#comment-25807 Tue, 26 Aug 2008 15:58:14 +0000 http://thebankwatch.com/2008/08/25/where-are-banks-in-community-management/#comment-25807 Wesabe, Mint, Rudder, Geezeo et al. and many of the new financial management services are built on the idea of connecting people.

Traditional banks face a couple pretty big issues… to start:

1) Loss of control of message: obviously
2) Unsure how to deal with negative messages and comments from people: traditional banks are not used to doing customer service in public forums, and are very risk-averse in branching out to deeper community management
3) Banks are risk-averse towards helping customers share information between each other about many financial issues since the banks bear the burden of protecting personal financial information and being the “sponsor” of the information that appears on their forums
4) Organization coordination: still a lot of uncertainty where “community management” should reside within internal silos
5) Banks still have yet to realize the power of the “community” contained within their customers

I’m not saying these are all relevant concerns or good reasons behind bank’s resistance into creating and managing communities; but it will take some work to convince the banks on how to move forward.

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