Social Banking: It's All About the Money and Customer Focus

ID Number: G00166073

6 April 2009

Stessa B Cohen Alistair Newton

Banks need to understand the types of social banking and how, despite a slow start, this new trend will bring a step change to the financial services environment.

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Table of Contents

Analysis

1.0

Traditional Banking Models Are Weaker in a Socially Networked World

1.1

Retail Delivery Architecture Supports Traditional Model

1.2

Identifying New Ways Consumers Want to Bank

1.2.1

The Evolution of a Social-Banking Approach to Banking

1.2.2

Types of Social Banking

1.2.2.1

Shared-Information Social Banking: Social Personal Financial Management

1.2.3

Flow-of-Funds Social Banking: P2P Lending and Saving

1.2.4

Social-Banking Approach Brings Together Shared Information and Flow of Funds

2.0

Where Social Banking Will Gain Traction First and Why

3.0

Myths About Social Banking

3.1		Social Banking Equals Bad Debts
3.2		Social Networking Is a Passing Trend, of Interest Only to Gen Y
3.3		Regulators Will Kill the Threat of Social Banking

4.0

Why and How Banks Must Take Notice of Social Banking

4.1		Initial Ignorance Among the Target Audience Will Slow Takeup
4.2		Decline of Consumer Trust and Satisfaction With Banks
4.3		Banks Are Not Perceived as Social Network Sites
4.4		Technology Required to Implement Social Banking
4.5		Once People Understand the Concepts, Growth Will Be Viral — and Fast
4.6		Banks Need to Plan for Social Banking

Recommended Reading

List of Figures

	Figure 1.	Traditional Banking Model

	Figure 2.	Social-Banking Approach: Complex Relationships

Banking Business Strategies
Social Computing and Social Networking
Online Banking

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Resource Id: 930214