Social Business Design for the Finance Sector
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Transcript of Social Business Design for the Finance Sector
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Social Business Design: Building Better Finance Companies
Lee Bryant, SOMESSO, Zürich 2009
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www.headshift.com/projects
About[projects]
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TRADITIONALLY, FINANCE HAS BEEN BASED ON SOCIAL NETWORKS:THIS IS NOT NEW!
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We are seeing growing adoptionof social tools in financial services
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BANK BLOGS& SOCIAL MEDIA
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ONLINE COMMUNITIES MOVING TOWARDS SOCIAL NETWORKS
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MARKET INNOVATION& NEW PRODUCTS
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SOCIAL NEWS SITES
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SOCIAL NETWORKING& STOCK PICKING
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© 2009 Dachis Group
The next stage is taking this insidethe firm to create a next generation
‘business operating system’
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connections
collaboration
culture
content
[social business design]
Social Business Design
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1. Workforce collaboration
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(cc) http://www.flickr.com/photos/yuan2003/403643949/
SOCIAL NETWORKS AS ORGANISATIONAL IMMUNE SYSTEM
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NETWORKED, NOT JUST INDIVIDUAL PRODUCTIVITY
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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!"
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INTERNAL SOCIAL TOOLS TYPICALLY INCLUDE:> Wikis> Social networks> Blogs and micro-blogging> Social bookmarking & tagging> RSS & data feeds
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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
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2. Customer participation
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ANYBODY CAN FORM NETWORKS AND THE COST OF COLLECTIVE ACTION IS TRENDING TO ZERO
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ATTENTION ECONOMY ?INTENTION ECONOMY ?
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REAL-TIME SOCIAL NETWORKS AS INFORMATION FILTER & INFLUENCER
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FUTURE CORPORATE BANKING:> personalised info services> conversational relationships> share expertise & knowledge> avoid commoditisation
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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
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(But start with the basics)
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LISTEN
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ENGAGE
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MEASURE
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EVOLVE
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SHIFT FROM DEMOGRAPHIC TARGETING TO SEGMENTATION BASED ON BEHAVIOUR
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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
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3. Partnerships & service innovation
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DATA SERVICES, APIs, & INTERFACES
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SERVICE INNOVATION & THE ZAPPOS LESSON
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NEW NETWORKED BUSINESS MODELS
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NEW NETWORKED BUSINESS MODELS
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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
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EXAMPLE PROJECTS:> Multi-company social networking and knowledge sharing system for an equity investment house
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© 2009 Dachis Group
Creating a social business program
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> 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
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CONNECTIONS:> Internal networks> Connectedness> Partner ecosystem> Client relationships> Market presence
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© 2009 Dachis Group
hivemind
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© 2009 Dachis Group
hivemind
CULTURE:> Sharing behaviours> Social learning / training> Socialising product info> Collective intelligence> Employee engagement
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COLLABORATION:> Sense making> Group forming> Client data flows> Market data flows> Community engagement
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© 2009 Dachis Group
metafilter
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© 2009 Dachis Group
metafilter
CONTENT & FILTERS> Flow, feeds, ambient awareness> Clients get a ‘window’ on the firm> Social CRM intention mining
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Adoption challenges
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FOCUS ON ‘IN THE FLOW’ USE CASES, TACKLING PRACTICAL ISSUES
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FOCUS ON OUTCOMES, NOT TOOLS
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START WITH BEHAVIOURS PEOPLE KNOW, AND WORK FROM THERE
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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
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Thank you for listening
http://www.headshift.com
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Thanks for listening!
I am [email protected] andI 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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%26imgsz%3Dxxlarge%26um%3D1%26hl%3Den%26client%3Dsafari%26rls%3Den-us%26sa
%3DN
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Kate Niederhoffer & Marc A. Smith (Web 2.0 presentation 4/1/09)
http://www.informationisbeautiful.net/visualizations/the-hierarchy-of-digital-distractions/
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