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Issue 6 / February 2009 Social media revisited
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BS: What has happened in the last twelve
Social media revisited
months in social media and how do you
see the trends moving forward?
KM: There’s been massive increases in
the volumes of people adopting social
networks in the last couple of years, not
Ben Schreiner interviews Keith MacDonald, Partner Capco
just in the UK, but particularly in places like
the US, Canada and Australia. Social Media
is now becoming part of the mainstream
Active internet users usage of Source: Growth in the different
and not just the preserve of students and
young people.
Asoctciviae li nmteerndeiat utsoeorsls u isa ignec oref saosciniag l m edia
social media platfor

ms as
gathered by Universal McCann
A year ago Perspectives
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ntially over time
Tools are becoming more sophisticated and
featured an interview with
What is social media / Web 2.0? specialised and will enable the aggregation
Maz Hardy on the Facebook
of online banking functionality.

Reach Over Time
generation.
Social media is a term used to describe commonly used Internet- and
s
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100%
mobile-based tools for sharing and discussing information. The term most often
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Ben Schreiner, Head of
Tools are becoming more sophisticated
refers to activities that integrate technology, telecommunications and social
a
v 80%

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Innovation, Group Architecture interaction, and the construction of words, pictures, videos and audio.
For example, Tu Cuentas (You Count) o
60%
h
and Business Improvement
from Spain’s Banco Bilbao Vizcaya


w 40%
Argentaria (BBVA), compares your profile
l
e
speaks to Keith MacDonald Blogs Short for Web logs – online journals or diaries hosted with all the other BBVA customers, in
p
20%
about some of the progress
on a Web site order to give you alerts and offers with
e
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0%
in social media in Financial
great precision, but it goes a lot further
Collective intelligence Any system that attempts to tap the expertise of a
%
Wave 1 – Sep 2006 Wave 2 – June 2007 Wave 3 – M a rch 2008
than this through aggregation services,
Services during the past year.
group rather than an individual to make decisions
budgeting services, investment services
Read blogs/weblogs Download a podcast
Mash-ups Aggregations of content from different online sources
and alerts. In addition it allows you to Start my own blog Create a profile on a social network
Keith MacDonald is a partner
to create a new service
access Tu Cuentas services using
Leave a comment on a news site Subscribe to an RSS feed
Blackberry, mobile and internet
Watch video clips online
of Capco, leading the firm’s
Retail Financial Services and
Peer-to-peer networking Sometimes called P2P – a technique for sharing files platforms. It even allows you to use bits
(music, videos, or text) over the Internet
of Tu Cuentas services as widgets,
Wealth business internationally.
which you can pick up and drop into any
He is responsible for
Podcasts Audio or video recordings – a multimedia form of a
other Web applications. So you can drop
BS: How are Financial Institutions using The second category is the big financial
blog or other content
social media? institutions who are trialling different
developing Capco’s thought
your bank balance and alerts onto a
Google personalised home page.
technologies – getting involved in online
leadership in all aspects of
RSS Really Simple Syndication – allows people to
KM: From a financial services perspective
communities, sharing information and
retail financial services.
subscribe to online distributions of news, blogs,
there are two main categories of social
learning from the experience. For example
podcasts or other information
media:
American Express is trialling social media in
One of the trends in social media is the way
Social networking Systems that allow members of a specific site to
There are new entrants with new business the small business segment as is ING Direct
banks and insurance companies are getting
models, such as Zopa and Virgin Money, in the US mortgage market.
learn about other interested groups
involved in online communities and opening
enabling services such as person-to-
Web services Software systems that make it easier for different
up conversations with their customers
person lending. Such new business models
systems to communicate with one another
to rebuild some of the trust that’s been
are now co-existing alongside the traditional
lost – for example providing advice on
automatically in order to pass information or
ways of doing business.
indebtedness. There’s evidence to suggest
conduct transactions
that some customers find advice and
Wikis Systems for collaborative publishing. They allow
support easier to access through an
many authors to contribute to an online document
online channel.
or discussion.
12 / Perspectives on the future Perspectives on the future / 13
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