lee bryant - the right social media tools

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Social Business Design: Building Better Finance Companies Lee Bryant, SOMESSO, Zürich 2009

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Twitter, Facebook, Blogs, Social Networks – which tools should banks, insurances and other companies in the financial industry investigate. Also, costs and degrees of difficulty in adoption. Lee Bryant – CEO Headshift, part of Dachis Group

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Page 1: Lee Bryant - The right Social Media tools

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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34

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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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:

http://www.brockcraft.com/wp-content/uploads/2008/11/bailout-graphic001.png

http://images.google.com/imgres?imgurl=http://thesituationist.files.wordpress.com/2008/02/

trading-floor.jpg&imgrefurl=http://thesituationist.wordpress.com/2008/02/08/

&usg=__aSMG_vYDG-

ve4VoLGPbQ5RygVA4=&h=955&w=1417&sz=327&hl=en&start=6&um=1&tbnid=LWmhX9Z

p1dOOjM:&tbnh=101&tbnw=150&prev=/images%3Fq%3Dtraditional%2Btrading%2Bnetworks

%26imgsz%3Dxxlarge%26um%3D1%26hl%3Den%26client%3Dsafari%26rls%3Den-us%26sa

%3DN

http://www.carbodydesign.com/archive/2008/05/15-virtual-painting-at-ford/1914-Ford-

Model-T-Painting-lg.jpg

http://www.touchgraph.com

http://www.flickr.com/photos/paul_irish/2379958609/sizes/l/

http://www.flickr.com/photos/poorfish/2402437518/

http://www.flickr.com/photos/brianboulos/36957265/

http://www.flickr.com/photos/7855449@N02/sets/72157606844282993/

http://www.flickr.com/photos/dplanet/94442623/

http://www.flickr.com/photos/joeshlabotnik/305410323/

Kate Niederhoffer & Marc A. Smith (Web 2.0 presentation 4/1/09)

http://www.informationisbeautiful.net/visualizations/the-hierarchy-of-digital-distractions/

http://www.flickr.com/photos/thedalogs/3184387156/