Home / Technology / Never mind the social media, here’s the *******

Never mind the social media, here’s the *******

In an interesting challenge to my own views, James Gardner at BankerVision posts a retort to the idea that social media and social networks are important to banks, by saying it’s all irrelevant … unless I’m mistaken.

Based upon the reaction, I guess he’s trying to create a storm, and has managed to do so.

In case you didn’t see it, here is my response:

"For the record James, I was not recommending that banks get into social media, but that they get into social banking.

There’s social media – blogs, podcasts, etc – and social networking – facebook, bebo, myspace, etc.

These are interesting but nothing to do with banking … sure blogs
and business networks are interesting, but it won’t make any money.

But social banking is the Zopa, Smartypig, Prosper and related
worlds. These worlds are changing financial business models and are
relevant and important.

Equally, social money is PayPal, m-payments, BBVA’s tu cuentas and more.  These are also changing payments business models.

Are you saying that all these latter examples are totally irrelevant
to banks, as that’s the bit I was talking about – not social media and
social networks."

I also posted a link to my latest podcast on the subject, from an official interview at last week’s BAI Show, and there are also many other comments worth reading such as Neil Robinson’s reference to First Direct’s new social media space, Little Black Book.

So well done James.  If your intent was to create a debate by saying "never mind the social media, here’s the *******", in true Johnny Rotten stylie, you succeeded!

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

Check Also

The real financial plans of the tech titans (#GAFA #BAT)

In my blog yesterday, I talked about the technology titans being liked and potentially trusted …