The Bankwatch

Tracking the consumer evolution of financial services

Social media is more complicated than “ do it” now

This kind of post drives me nuts.  Datamonitor release a press release announcing that banks need to take social media seriously.  This is a headline from 2006. 

Banks need to start taking social media seriously – Datamonitor

Anna Large, analyst, Datamonitor, says: "Banks have adopted a "bury-their-heads -in-the-sand" approach to the part social media could play in both retaining and obtaining customers. At the heart of this is the idea that social media is just a fad, that consumers are essentially non-committal. However, the fact that 50% of UK consumers are using online tools to make their financial decisions indicates that banks need to start appreciating the power of sites such as Twitter and Facebook."

The general Arrington/Scoble/Jeremiah consensus is that social is spammed out, lacking direction, and as Arrington says looks like the web did in 1999 through Alta Vista – a mess. The challenge of social media is spam and credibility.

Relevance to Bankwatch:

The answer to social media is deeper than “get involved”.  That was the 2006 message.  Now its 2010.

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Written by Colin Henderson

February 22, 2010 at 01:09

Posted in Uncategorized

3 Responses

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  1. Couldn’t agree with you more. This is what should separate the true social media experts from the rest of the pack.

    Ron Shevlin

    February 22, 2010 at 16:58

  2. @Ron .. you just reminded me of my pet peeve – any resume which contains the words “social media expert’.

    Colin Henderson

    February 23, 2010 at 01:05

  3. The answer is “deeper”…agreed.

    Getting involved in Social Media with goal of testing, listening & learning was 2009.

    Moving forward – 2010 – companies should have a well-defined Social Strategy based on how their clients interact & participate within the social web. They should also put energy into defining a SM Governance Model to align the fragmented approach their organization has today. Thirdly, it might be a good idea to investigate the technology gap with respect to social media – specifically, back-end data, measurement & most importantly, operations.

    just some thoughts

    Steven de Blois

    March 3, 2010 at 14:26

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