James does a good job at identifying how a social network could positively support financial services and our ‘bland” products.  In other words, the bank that gets the most customers, would keep the most customers, through the power of the network externality. Source: BankerVision: Pyramid products in financial services Note:  network externality being defined as the increasing value of a network as more users come on board.  An example being Metcalfes Law. In my comment to the post, I would go further than referral of friends, and enter the realm of peer opinion and community advocacy.  These are well documented in theory here … Continue reading BankerVision: Pyramid products in financial services

Courtesy of Nishad, here is a new offering from HSBC, aimed at the home buyers in the UK. What’s different about this is that its interactive, and uses outside experts, hosted by HSBC. It looks like a good attempt to develop connections to blogs, and ipods. Apart from the fact it crashed my Firefox, (Grrrr), the blogit link and the download to ipod link don’t work, it seems to have the right pieces. But the implementation needs to be tested and resolved first. I can visualise how this one will work once fixed, but I wouldn’t rate it that high … Continue reading HSBC: The Property Panel

I can now direct you to the new RBC Financial Group initiative, directed at the student market. It is live today. I can confirm, a blog is to follow. This will happen sometime in November, and will be directed at answering students questions about the competition included in the web site. More analysis later, but kudos to RBC! tags: social+networks, banks+social+networks Continue reading Royal Bank of Canada (RBC) launch a blog: nextgreatinnovator.com

Finextra covers a couple of banks’ efforts in this space. Dutch bank ING Direct, for instance, has launched a viral video marketing campaign that promotes its new ‘orange mortgage’ to renters and potential first time home buyers. Canada’s Windsor’s Motor City Community Credit Union is also working to establish a presence on channels such as MySpace in a bid to target younger people. Source: Finextra: Banks tap social networks to target youth market However they missed more than they caught – here is the full list that I am aware of to date: VanCity: Change Everything HSBC: Your Point of … Continue reading Banks tap social networks

I had to respond this comment on Opensourcecu and in fact take the unusual step of defending Wells on this.  First the comment … Who in the world is the target market of “Guided by History?” Granted, you (Trey) subscribe to the blog, because you are particularly interested in financial institutions who blog. But I can’t imagine the kind of average consumer who would want a “new the world is ending tip” or article showing up in their feeds every day. You’d have to be a creeped-out paranoid consumer to have an ongoing interest in that. Source: Wells Fargo launches second blog … Continue reading Wells Fargo launches second blog, and let the readers decide

Trey quotes Williams reponse to customer criticism of the VanCity changeeverything.ca site. Vancity responds to criticism You’re right: banks don’t have a stake in social networking. But Vancity isn’t a bank; it’s a community-based financial institution that is as interested in making our community work as it is in making money. And these days, community is more and more about what happens online, which is why we thought we could play a role in helping use the Net as a tool to support community development in the Lower Mainland and Victoria. I find it a smart answer.  I mean the … Continue reading Vancity responds to criticism

An interesting piece of research from Lloyds indicating brits prefer online banking, for privacy reasons.  As a brit this makes sense to me actually.  It also fits with a different theory I have that introverts like internet. Brits ‘too embarrassed’ for face-to-face banking The bank’s research revealed that some 24 per cent of Britons are too embarrassed to discuss their finances face-to-face or over the phone and as a result are increasingly turning to the online channel. However convenience remains the prime driver. However, the ease and convenience of online banking is another factor behind the channel’s growth over recent … Continue reading Brits ‘too embarrassed’ for face-to-face banking

Chris Skinner of TowerGroup, and Balatro introduces a concept here, straight out of the Jetsons.  Video calls with your friendly banker – in fact he goes further suggesting the demise of the keyboard. Finextra: comment – video-servicing Why is this critical to banks? Because it brings back face-to-face communications. It finally gives bankers what they lost when the technology revolution moved us all out of branch and onto ATMs, phones and keyboards. Add onto this the fact that you can talk with someone, see them, touch the screen and be animated, and you might get the idea that this is … Continue reading Broadband video-servicing is set to shake the foundations of retail banking

Following the review of the eMarketer piece on MySpace marketing, here is more from Economist. Economist.com | Articles by Subject | Marketing on MySpace THE internet sensation that is MySpace continues to grow at an astonishing rate. The social-networking site had 17m unique monthly visitors last July, when Rupert Murdoch recast himself as an internet visionary by buying it for $580m; now it has 54m, and is the most visited website in America. Even if, judging by recent headlines, many visitors are prowling paedophiles or panicking parents spying on their sex-crazed children, at least some of them are the valuable … Continue reading More on MySpace marketing