The Bankwatch

Tracking the consumer evolution of financial services

Change is not so fast | understanding the future

As fast as we think things are changing, not so.  Blogs have been around for 10 years, even though they only gained mass prominence from 2003 onwards.  Blogs inroduced the concepts of simple mass web site opinion creation (posts) and conversation (comments).  [Note, the concept always existed in NNTP discussion boards, but they were not mass]

Since then those blogging concepts have been evolved, combined with email and IM concepts, and the result is Social Networks.  Clearly the desire always existed, but the confluence of the right tools provided the recipe mix.

NewsTrust – About this Story – Happy Blogiversary – It’s been 10 years since the blog was born.

Wall Street Journal – By Tunku Varadarajan – Jul 14, 2007 (Special Report) – Full Story It’s been 10 years since the blog was born. Love them or hate them, they’ve roiled presidential campaigns and given everyman a global soapbox.

Relevance to Bankwatch:
When the first blog was produced in 1997, no-one spoke to Jorn Barger about how Banks should consider social networks. We could debate whether it was Jorn in 97 or Dave Winer in 99, but thats irrelevant. 

The issue is watching for clues to the future today, 2007, that will drive substantive change several years hence, and being prepared.  Are these potential clues we are seeing today, that might change how consumers and businesses, including Banks interact.:

  • rapid blogging conversations – Twitter/ Jaiku/ Pownce
  • P2P lending
  • Vendor Relationship Management (ProjectVRM) [note: vendor is not what you think]
  • Microformats [note: think of these as a first step towards intelligent agents]

What others do you see?

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Written by Colin Henderson

July 14, 2007 at 15:34

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