NetProspex, a sales and marketing leads generation company, recently released their Fall, 2010 Social Business Report. It uses the NetProspex Social Index (NPSI) to score and rank social networking activity by mining their large database of contacts. It's a fascinating report.
In the report, they rank the top 50 most social industries and, to my surprise, Banking ranked 3rd, behind Search Engines-Portals and Advertising & Marketing. Why was I surprised? Because, in the numerous banking conferences I attend, there seems to be few of them who are actively using social media, either personally or as a company. Recently, for example, I was a presenter at the Fiserv PIP Conference on Social Media in Banking. This was a followup to the morning session when Fiserv CMO Don MacDonald spent an hour talking about this very subject. When I asked how many of the 30 or so people who attended my session used Twitter, for example, only 2 attendees raised their hand. And yet, according to this report, Banking also ranks number 3 in the use of Twitter.
So why the disconnect? Perhaps it's because the people who attend these sessions at conferences are looking for help and the active users are back at the office, tweeting away like madmen. Anyone else have a theory on this? I'd love to hear from you.
Thursday, October 7, 2010
Monday, September 13, 2010
Boomers and Engagement Banking- two trends converging?
A couple of recent posts last week caught my attention.
The first was a MarketingProfs post. They, along with many others social media sites, highlighted a Pew Research study that found the fastest growing demographics among social media users is adults age 50+. In one year, use of social media by these online users doubled to 46%.
The second was the launch of a new site called Banking on the Future jointly by Sapient Nitro, Geezeo, and Brett King. The premise is that we (bankers) are entering a new era they call Engagement Banking. This will go well beyond the traditional branch relationships by using Technology to engage customers in many different ways.
While separate items, they appear to be the converging of two very similar trends. Boomers are moving to the social media space in droves, embracing this "new" way to engage their friends, family, and merchants. Bankers, or at least the one's looking to engage their customers, are adding services like Personal Financial Management tools and mobile banking. Interestingly, the focus for engaging customers, whether through social media or new financial management tools, has traditionally been aimed at the younger generation. Given the recent trends, that may not be true for long.
The first was a MarketingProfs post. They, along with many others social media sites, highlighted a Pew Research study that found the fastest growing demographics among social media users is adults age 50+. In one year, use of social media by these online users doubled to 46%.
The second was the launch of a new site called Banking on the Future jointly by Sapient Nitro, Geezeo, and Brett King. The premise is that we (bankers) are entering a new era they call Engagement Banking. This will go well beyond the traditional branch relationships by using Technology to engage customers in many different ways.
While separate items, they appear to be the converging of two very similar trends. Boomers are moving to the social media space in droves, embracing this "new" way to engage their friends, family, and merchants. Bankers, or at least the one's looking to engage their customers, are adding services like Personal Financial Management tools and mobile banking. Interestingly, the focus for engaging customers, whether through social media or new financial management tools, has traditionally been aimed at the younger generation. Given the recent trends, that may not be true for long.
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