The Bankwatch

Tracking the consumer evolution of financial services

Social Networking hits a bump in the road, or worse

I have noticed a trend amongst friends, and we have all read how certain demographics are dropping off Facebook.

The trend is very early days, but it is happening.  The trend is towards use of specific purpose applications that work well on mobile devices.  These include communications using Line, Whatsapp, Snapchat, and photo sharing using instagram, Flickr. 

Line and Whatsapp are both fast closing in on 1/2 billion users.  They each have their own uniqueness, including richness that text chat miss, including stickers, (non text / non verbal communication), privacy, and most important simplicity on a mobile screen.  Snapchat has introduced privacy through impermanence.  They demonstrate an other underlying theme, that not everyone wants to share absolutely everything with the entire world by default. 

Here is a prescient comment from MG Siegler of Google Ventures.

The Age Of The Social Network Is Ending | MG Siegler

Photos were one of the first and largest to break free. Messaging has been all the rage the past year. But those were both obvious trends with links to the past. Now we have some different things coming into power based around varying degrees of impermanence and varying degrees of anonymity

Relevance to Bankwatch:

The headline on his piece may be a stretch right now, but there is the making of a trend here that demonstrates once again, that tech direction is not linear.  I long ago worried that internet is being taken over by traditional marketers, (and here) despite the typical user desire for functionality, authenticity, and personal meaningfulness.  It is not that it cannot be used for marketing, but with a high percentage of it being bad marketing of course people will gravitate to alternatives.

This kind of discussion simply tells me that we are still evolving internet, and social media as we know it is just one of the steps along the way.

Written by Colin Henderson

January 31, 2014 at 17:28

Posted in Uncategorized

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