Social Business in a Global Banking Marketplace
Colleen Burns 120000C4RP firstname.lastname@example.org | | Tags:  social_business industry banking boxley_llewellyn
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Spending several months in Beijing recently, I noticed a marked difference from prior visits 10 years ago. And that difference is - similarity! The similarity to western cities was everywhere - traffic, commerce, living, and travel. In fact, while traveling on a crowded subway in Beijing, I learned quite a bit about social media.
The screens of hundreds of mobile phones packed around me were alive with texting, social web sites, online payments and e-commerce shopping, world news and videos. (It's not really snooping if you can't read the language, is it?) My unscientific study confirmed the scientific ones - social business plays everywhere. Workplace collaboration is equally strong here, with a younger workforce grabbing new tools, often localized for China, to plan dinner and IT infrastructure with equal savvy.
China has had the long period of an export market, and is now moving into an increasingly strong consumption market. Look for the next rise, more Chinese innovation, to include social business. As the technology world moves into the third era of computing - systems that learn - China will be one of the innovators.
Worldwide, increases in connectivity and lower data costs have opened up the web to a hungry set of customers. Banks and businesses are rapidly "going global", too, and the collaboration within a sprawling set of office locations demands social tools.
So how do banks of the future prepare to serve China’s growing consumer base and the global marketplace overall? By tapping into social business insights. Banking customers expect a more personalized experience while interacting with banks. Fast growing markets like China, with increasingly connected social customers, seek products and services customized to their preferences. However, understanding their customers’ needs and providing an enhanced and consistent experience is challenging. Without customer insight, a bank’s ability to optimize resources and customize offers is limited.
To harness global markets, banks need to go deeper. The best positioned banks will look beyond market data to get to individual customer data integrated across channels and touch-points. Customer interactions hold the key to delivering customized offers in real-time to increase marketing effectiveness and improve revenue and profitability.
Social business is the new language of commerce. I could not enjoy Beijing without taxi card translations on my phone, location services to guide me, and my community of expats making life fun. What does this mean for banking? To help energize this journey, I recently hosted a discussion for influencers in the financial community with Citibank. In the webcast, we cover strategies and take a look at what’s happening in the financial marketplace with customer insights, business models and managing risk.