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Introduction – 5 Stunning Facts
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5 Stunning Facts for 2011
– Facebook has over 750 million users;
– Twitter sending 1 billion tweets per week;
– Tumbler grew from 1 billion to 10 billion posts
– Zynga reached 100 million users on Cityville in 43 days[1];
– More than 100 million users had their personal financial details compromised in April alone.
Think about it …
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Social Media is Booming, Banking is Bust
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A Social Lesson for Banking
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There is nothing as powerful as dialogue
-Steve Monaghan
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Social media is a phenomenon. Like a ripple roaring into a wave, social media is re-defining consumer behavior. It makes and breaks products, companies and economies. It topples governments. It does it with speed. It does it with scale. But why is social media so powerful?
Social media is powerful because it creates a platform to engage in dialogue. It gives us the opportunity to engage in debate and exchange insight. To voice our ideas, our enthusiasm and our discontent. Instantly, succinctly and with scale. Social media does not discriminate, physically, culturally or socio economically. It represents the democratization of communication. Everyone has a voice. Everyone can be heard. Everyone can contribute. It is a powerful formula. A formula now impacting almost every element of society.
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“There are only two sources of competitive advantage: the ability to learn more about our customers faster than the competition and the ability to turn that learning into action faster than the competition.”
– Jack Welch
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Commercially, social media holds enormous implication for the way we do business. Social media companies are building on the Freeconomics pioneered by companies such as Google to change the game. Customer centricity. These companies recognize the value of information. They offer free services in exchange for consumer information. Simple. Through interaction, they learn about customers. This knowledge is then rapidly transformed into apps and services and monetized across the consumer base. And because they are built on the back of dialogue and executed quickly, they are usually simple, relevant and inexpensive. Listen, learn and take action. It’s a powerful model.
Meanwhile back in the staid world of banking, banks are maintaining the monologue and struggling for survival. Why?
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About banking
Banking is a simple business formed to make money safe, flow and grow. It is an innovative business founded on trust, bound by honor and forged in security. Or at least it was ….
About the book
Socializing banking is a book about how to make customer engagement the focal point of bank innovation. And a ‘how to’ book to innovate and drive new levels of profitability, liquidity and customer satisfaction back into banking.
About the author
Steve Monaghan is passionate about banking and finance. A serial intrepreneur and entrepreneur for companies including Dell, OCBC and Citigroup, Steve has struggled with the unnecessary complexity and bureaucracy of banking in the never-ending search for simplicity, certainty and exceptional customer experience.
[1] Source: Adapted from Aileen Lee, Techcrunch, http://techcrunch.com/2011/03/20/why-women-rule-the-internet/
Socializing Banking 