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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...

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  • From James Gardner:
    Thank you for clarifying… and my apologies for unintentionally misrepresenting your presentation. I have suffered the same lapse that so many others do: blurring the distrinction between between social media and social banking.
    Now, I’m not saying it is all irrelevant, but what I am saying is that banks need to be irrelevant before social media can work.
    I have no opinion on Social Banking, at least not yet.
    Hope you are having a good weekend.

  • From Chris Skinner:
    No worries James
    There’s nothing I love more than a ding-dong in a blog, and so I thought you were trying to start one (with tongue firmly in cheek of course, as I never thought you’d be saying it’s all irrelevant … and you do have some interesting perspectives on social banking btw, e.g. “I think that Zopa and Prosper are fundamentally in a position to change the way that the business of banking is done”.
    Totally, 100% agree with you.
    Meanwhile, Americans are so worried about P2P lending that the SEC is closing them all down!
    Just when they’re most needed during a credit crunch, duh?

  • From Claus Lehmann:
    Not all, as Lending Club has completed it’s registration process with the SEC
    Claus Lehmann