Social Media in Financial Services
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The User Revolution: Web 2.0 in the Financial World Financial Services Conference Copenhagen, Oct. 23, 2008 Jerry Michalski 1
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Given 10/23/2008 in Copenhagen. Conference organizer is Morten Kamper, FDIH
Transcript of Social Media in Financial Services
The User Revolution:Web 2.0 in the Financial World
Financial Services ConferenceCopenhagen, Oct. 23, 2008
Jerry Michalski
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Who’s speaking
1987-1998 as a technology industry analyst Avocation vocation Identifying trends Bridging business, society and tech Famous boss (Esther Dyson)
1998-now: independent consultant “Guide to the relationship economy”
Raised in Peru and Argentina Champion for ordinary people
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Signs of the times3
Agenda
User revolution Web 2.0 The big picture Effects on financial services
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Important context
The dominant worldwide platform: mobiles
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Today: Calls, SMS, Web Remittances (
G-Cash) Pictures, video
Soon: Your bank Your companion Much more
(sensors)
Start: virtual flying hobbyNot consumers
User revolution6
VATSIM
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New power for collective action Here Comes Everybody, by Clay Shirky
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c
Alternatives to “Consumer”17
PersonIndividual
PlayerFamily
Seller
Buyer
Household
Participant
Viewer
FanCustomer
Client
CitizenMember
Co-producer
Shareholder
Stockholder
Stakeholder
User
New toolsNew attitude
Web 2.018
Social media’s many faces
Blogs Microblogs (Twitter) Wikis Media sharing (
Flickr, YouTube) Social search (Digg) Social networks
(Facebook/feeds) Event calendars
Lifestreaming (FriendFeed)
MMOGs (WoW, SL) Mashups
(HousingMaps.com) Ratings
(everywhere) Metadata
Tagclouds Visualizations Analytics
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“Architecture for participation” OpenStreetMap.org PatientsLikeMe.com Wikipedia Intuit’s TaxAlmanac Wesabe
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The big picture21
Not just a technology shift
Costs have plummeted (Natural Cost)
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Natural Cost
So much can be done for so little.
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Not just a technology shift
Costs have plummeted (Natural Cost) Power has shifted Let go of control Assume good behavior
Let community fix bad behavior Emphasis on
Social Open
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Persistence25
Exhaust data26
Weaving a global brain27
Effects on financial services
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Differentiation
People behave differently Expectations Preferences
More info vs. less Interact often vs. seldom
Aspirations & goals Connecting authentically
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Implications
Persistence + connectivity Abundance vs. scarcity Commercial v. gift economy Openness and transparency Trust(worthiness) From “consumer” to co-creator Collective action Authentic participation
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Alternatives to money
Local currencies (LETS) Barter Peer-to-peer lending (Prosper) Coupon/gift card exchanges In-game currencies Reputation points Frequent-flyer miles Airtime minutes
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