6 Top Daily News on Social Media in Financial Services (10 December 2012): crowdsourcing is booming in APAC, Citi Awards for Innovative entrepreneurs, Bank Simple’s Customer Advocacy.
Since 2007, we’ve curated the best social media in financial services news and initiatives worldwide. We aim to publish on daily basis our selection of the top social media news in our regulated finance industry.
This is our selection for Monday 10th December 2012. Please flag any missing major news and share your comments here on our blog, or via twitter (@Visible_Banking).
Netflix CEO Reed Hastings disclosed information through his Facebook page and may face problems with the Securities and Exchange Commission on the use of social media to leak important company news. Tesla Motors CEO Elton Musk sided with Netflix saying that it is untrue to consider a press release a more public venue than social media.
- On July 3, Hastings revealed that Netflix hit $1 billion hours-views in June.
- CNBC News had 175,000 viewers and Fox News had 59,000 on December 6
- Stock closed at $67.85 on July 2 and increased a percent the next day, $68.49
- On July 3, the stock jumped an unusual 6%, $72.04
- David Hyman: “Netflix delivers close to a billion hours of streaming movies and TV shows to its consumers every month.”
Six entrepreneurs from the Philippines were awarded as the most innovative micro entrepreneurs of 2012 and received scholarships to entrepreneurial training and a three-year micro insurance coverage. During the event, the CMA Alumni Network was also launched to support and strengthen businesses.
- 3 entrepreneurs from Luzon, 2 from Visayas, and 1 from Mindanao excelled among 100 nominees and received PHP700,000 as well as entrepreneurial training scholarships, plaques, and additional PHP10,000
- 12 other qualified finalists received Php10,000 and a plaque
- Citi Awards is given to entrepreneurs with more than 3 billion assets, a remarkable growth in sales and profits, and a contribution to community development
- 90 Filipinos micro entrepreneurs were recognized and awarded
- Sanjiv Vohra: “Microfinance and microenterprise play an important role in the development of any economy and society.”
- Amando Tetangco: “As we mark our 10th year of cooperation, we celebrate this strong testament of the importance of client focus in microfinance.”
Contrary to many people’s assumptions, crowdsourcing is becoming a trend in Asia and is secretly assuming leadership. While many large countries are in recession, Asian economies are growing and will continue to do so. Thus, more people should capitalize on this opportunity.
- Indian Crowdsourcing users earn 40 times more than the average American with the top three Indian users earning $17 million and more than $4 million in the last 12 months, taking home more than an average of $1 million a year
- The average salary in India is $1,410 but crowdsourcing users can earn $10,000 a month
- Internet penetration in Asia is only 27.5% which translates to 1.1 billion users. India alone has 12%, accounting to 137 million users. America has 79%.
- Alex Lynch: “Australia appears to be taking a leading and global role in crowdsourcing and is perfectly positioned to capitalize on any crowdsourcing boom”
Bitcoin-Central landed a deal with Acoba and France’s Mutuel Bank to become a payment service provider, making it the first digital currency exchange to operate as a bank. Many virtual bullion fans will be thrilled as the organization will be able to accept direct deposits and convert cash into Bitcoins soon.
Four important lessons in customers relations using social media has emerged from an experiment called ‘The Great Social Customer Service Race’. These lessons give valuable insights to companies big or small on how they handle customer service using social media.
- Listen for your brand on Twitter without the ‘@’
- Prioritize on what type of problems are you going to respond to in a quick manner
- By using listening software, you can track service requests to respond accordingly
- Record all interactions and communications with customers
Closing of accounts in Chase can be pinpointed to the bank’s unfriendly online banking interface, dreary customer support and a horde of confusing fees, making Simple (BankSimple) a better alternative. Simple has no unnecessary fees, has 40,000 ATMs nationwide, and has a straightforward online and mobile support.
- Chase charges $10 to $12 per month and can be avoided by meeting $1,500 minimum balance, depositing $500 monthly, and holding a $5,000 average daily
- Simple has 40,000 ATMs nationwide
- Jean Kim: “This is the happiest I’ve ever been after a breakup (from Chase)”
So, are you involved in any of the initiatives mentioned today in our top news on social media in financial services? Are you working on similar projects at your financial institution? We invite you to share your views and your own top social media news on our comment section or via twitter.