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August 10, 2008

Comments

Nishad

I think places like Lending Club, Prosper and others with their P2P lending engine are better examples

Time Traveler

In my honest opinion, this is equivalent to indian stock-market websites like moneycontrol.com et.al

People will want to have the review of the products/offerings (like listed stocks), will follow the ratings/advices of the experienced customers (like stock tips/insider information) - even though the identities are hidden, the level of truth expressed is v.low and the views are majorly of the businesses themselves (like the listed cos.) trying to influence/bias the customers towards the products (stock picks)

I envisage, if the marketing of this site is done enough so that it becomes a door-to-door name, this site will become one of those crib-pot websites where only the negative reviews will be sought-after and will have some element of reliability in them.

My personal take anyways.

Kira

Hi-

Just came across your post and this has been a hot topic among my Gen-X and Gen-Y colleagues as of lately. Interesting to see some other opinions on this phenomenon. Websites such as www.wesabe.com and www.geezeo.com seem beg to differ since their popularity is on the rise. See this article from WSJ., last year: http://online.wsj.com/article/SB118177906703834565.html

I think from my observation it is picking up because younger demographics are less apprehensive about the information they share through social networks.

K.

Tad

It's definitely won't be an easy task and time consuming, but look at the facebook - took them 2 years even to get noticed and now it's the largest global social network. Everybody needs a bank at one point of their life, let's just hope for quality content that will help to take right decisions at the right time.

kookiecutter

Different from sites like Facebook, I don't think you would be expected to put a complete true-to-life personal profile. Like writing reviews on Amazon or posting comments on this site, you would keep your personal identity to a minimum.

In my opinion, the whole point of a site like that is so that you can research which product best suits you, from a factual standpoint and from experiential standpoint. Even the best e-commerce stores are ones that have customer reviews. Why should a banking product be any different?

Suzanne Obermire

I rely on online reviews when I make restaurant, product choices and other buying decisions. I don't see why the same concept can't be extended to banking (which, as an industry needs a bit more transparency and customer input, don't you think?). So, I see this site as a good thing. The key, of course, is for consumers to embrace it and use it (read: make reviews).

Now, my only question to you is--why am I referred to as "eSuzanne" in your post? I do appreciate the link to my post on this same topic, in any event :)
Suzanne

Noclegi Ustka

Also apreciate your link Susan - Noclegi Ustka

neil srinivasan

Latest EIU survey predicts that knowledge management will the single most important aspect for financial institutions (both internally and externally).

Internally, to build strength in their capabilities and provide agile service to customers. Externally as it will help shape customer behaviour. This it is expected that companies like Google, who manage information, will be face of financial products to customers(distributors is the right word though). Customers will you such portals to choose the products of their choice.

Travel, Hospitality & entertainment today is already reached there (makemytrip.com, bookmyshow.com).

The challenge in financial services is really to do with risk management. Unlike other industries, Financial services (and banks in particular) are more fundamental to the global and local economy. Thus they have a equally important role along with regulators in managing risks. This brings additional dimensions such as KYC norms, money laundering, default rates, etcs., which are not associated with other industries.

I m assuming that by another decade, such social networking sites will be an effective alternate channel for banks and financial institutions. (today internet banking is in a very similar situations in emerging economies)

Finally, i would like to compliment you for bringing you an important topic for discussion.

Cheers..

valrossie

The banks are attempting to come into compliance with the Federal Financial Institutions Examination Council (FFIEC)'s regulations that require them to provide customers with multiple layers of authentication. Today, 50 percent have operational MFA for retail online banking and 40 percent have it for small business banking, but those numbers will jump to 90 percent by year's end, Celent's report says. About 60 percent have MFA for corporate banking today, and that figure will increase to 95 percent by the end of the year, according to the report.
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valrossie
viral marketing

Indian share expert

Social networking is the in thing and that is the reason sites like Orkut or facebook are commanding such high premium and they can even look upto the fact that they can even get listed at world bourses including stock market India which comprises of BSE and NSE.

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