Social Media in Financial Services
The document summarizes Jerry Michalski's talk on the user revolution and the effects of Web 2.0 on the financial world. Some key points include: - Web 2.0 has led to a shift in power from institutions to users through new tools that enable social media, user participation, and collective action. - This user revolution has driven costs down through open platforms and architectures for participation. It has also shifted expectations around control, behavior, and transparency. - Financial services are impacted through a need to differentiate based on understanding evolving user preferences and expectations around interaction, goals, and authentic connections. This may require alternatives to traditional models around areas like money, lending, and exchanges.
![Jerry Michalski [email_address] www.sociate.com +1 (415) 465-0256 Questions?](https://image.slidesharecdn.com/michalski-0810-copenhagen-keynote-1224773031410612-8/85/Social-Media-in-Financial-Services-32-320.jpg)
Social Media in Financial Services
- 1. The User Revolution: Web 2.0 in the Financial World Financial Services Conference Copenhagen, Oct. 23, 2008 Jerry Michalski
- 2. Whos 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
- 3. Signs of the times
- 4. Agenda User revolution Web 2.0 The big picture Effects on financial services
- 5. Important context The dominant worldwide platform: mobiles Today: Calls, SMS, Web Remittances ( G-Cash ) Pictures, video Soon: Your bank Your companion Much more (sensors)
- 6. Start: virtual flying hobby Not consumers User revolution
- 7. 油
- 8. 油
- 9. VATSIM
- 10. 油
- 16. New power for collective action Here Comes Everybody , by Clay Shirky c
- 17. Alternatives to Consumer Person Individual Player Family Seller Buyer Household Participant Viewer Fan Customer Client Citizen Member Co-producer Shareholder Stockholder Stakeholder User
- 18. New tools New attitude Web 2.0
- 19. Social medias 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
- 20. Architecture for participation OpenStreetMap.org PatientsLikeMe.com Wikipedia Intuits TaxAlmanac Wesabe
- 21. The big picture
- 22. Not just a technology shift Costs have plummeted (Natural Cost)
- 23. Natural Cost So much can be done for so little.
- 24. 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
- 25. Persistence
- 26. Exhaust data
- 27. Weaving a global brain
- 28. Effects on financial services
- 29. Differentiation People behave differently Expectations Preferences More info vs. less Interact often vs. seldom Aspirations & goals Connecting authentically
- 30. Implications Persistence + connectivity Abundance vs. scarcity Commercial v. gift economy Openness and transparency Trust(worthiness) From consumer to co-creator Collective action Authentic participation
- 31. 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
- 32. Jerry Michalski [email_address] www.sociate.com +1 (415) 465-0256 Questions?