6 Top Daily News on Social Media in Financial Services (13 December 2012): Monitize partners Mint to offer PFM integration in mobile banking apps, bitcoin debit cards coming soon, La Caixa taps SoLoMo with online community.
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 Thursday 13th December 2012. Please flag any missing major news and share your comments here on our blog, or via twitter (@Visible_Banking).
La Caixa launched the first online community named premiaT that aims to help generate customer loyalty and drive direct sales from an international financial entity. The bank also offers applications that feature a wide range of customer services.
- The Reus system is aimed at the 30,000 consumers and 1,200 retailers
- PremiaT will begin with 233 active promotions; 60 from bars and restaurants, 53 from clothes and accessories shops, 52 from decorating, household appliance, and decorating appliance, 35 from spas, beauty salons, and health centers, and 33 from leisure and travel establishments
- For promotion, up to 30% discount on fashion items, up to 50% discount for individual items and services, and 40% discount for newly fitted tires are given
- La Caixa was named Most Innovative Bank in 2011 at the Global Banking Innovation Awards, beating 200 other banks from 40 countries
- MORE STATS…
Paymium, a small French company based in Paris, has plans of making Bitcoin handling easier by issuing debit cards early next year. These debit cards will be linked to payment accounts that will accept the alternative currency. This technical innovation has the potential to introduce competition to traditional banking systems that lack innovation.
- Bitcoins are electronic currency that uses cryptography and peer-to-peer networking to transfer funds around the world securely
- Bitcoins charges a fraction of a cent for sending transactions and free for receiving them
- Pierre Noizat: “The ultimate goal is to offer banking services at a lower cost than the traditional banking system.”
- Pierre Noizat: “Bitcoin is not the next currency. It first has to prove itself as a high-performance, reliable transaction network first.”
Majority of the CEOs of the top 100 companies in Australia do not take advantage of social media due to fear of harming their own reputations and the companies they represent. They fail to tap to Twitter, therefore closing themselves from one of the most powerful communication tools in the world, which can one day become a dominant source of information.
- Personal Twitter accounts from top 100 companies: Rupert Murdoch, David Thodey, Richard Goyder, Colin Goldschmidt, Stuart Grimshaw, Magnus Nicolin, and Ken Brinsden.
- Majority of the CEOs of Australia’s top 100 companies do not get social media
- Survey revealed that only a quarter of the hundred companies have Twitter and only 7 CEOs have twitter accounts, four of which are active
- A social media study in the US revealed that almost 90% of the 180 CEOs interviewed understand the opportunity for reaching customer with social media and the risk to corporate reputation and product branding
- Only a third of the US study respondents use social media to monitor potential risks to their businesses
- MORE STATS…
Intuit Monitise offers banks the chance to integrate Intuit’s leading personal wealth management solution, Mint, into their mobile banking offerings. With Mint as a part of the bank’s mobile banking app, it could greatly help in the budding digit wallet competition of banks. Monitise are also looking to enhance their mobile commerce and mobile payment promotions.
- Last week, Monitise had closed a $150 million deal of funding after the news of acquiring one of its competitors, Clairmil
- Carl Tsukahara: “One advantage for the financial institutions is the info they have about a customers’ financial health.”
- Carl Tsukahara: “If I [as a customer] have a mobile offer for a purchase, I can look at my accounts, and see if I can afford this… A standalone wallet can’t do that.”
The Central Bank of Nigeria (CBN) launched its strategy to take over Nigerians who make business transactions outside the banking system in order to further enhance financial stability. Survey revealed that 39.7% of Nigerians are financially excluded. The bank aims to reduce the financial exclusion rate with 7 key interventions.
- EFInA survey revealed 39.7% or 34.9 million of financially exclude Nigerians
- 32.5% or 28.6 million Nigerians bank formally including adults who use financial services
- 10.5% or 9.2 millions of the adults do not use financial services or products
- 17.3% or 15.2 million use unregulated financial institutions
- 39.7% or 34.7 million adults use neither formal and informal financial services
- The Maya Declaration is committed to reduce the financial exclusion rate from 39.7% to 20.0%
- Lamido Sanusi: “Nigeria, through its Maya Declaration is committed to reduce its rate of financial exclusion from 39.7 percent in 2012 to 20.0 percent of the population by 2020 through the implementation of seven key interventions.”
- Lamido Sanusi: “In addition to implementation of seven key interventions, the bank will continue to adopt some specific models to help drive financial inclusion like transformation of the payment system.”
Sanjeev Kapur of Citibank India talks about the success of the ‘Dil vs Bill campaign and the reason behind the steady increase of Citibank’s brand value through social media. DNA Money conducted an interview leading answers to questions about social media banking and its effect on consumer value.
- The campaign to offer EMIs to over 500 merchant outlets at no extra cost was launched in Twitter and Facebook
- Mind preference moved up to 15% from the previous month
- Due to Tweet a Cloud campaign, the bank was also among the top 10 Twitter conversations for over 53 hours continuously
- The bank’s Facebook page also reached 4.1 million users and 465,000 followers
- Currently, over 60% of transactions are online
- Sanjeev Kapur: “To achieve this, we integrated three different online and offline marketing mediums, which included social media, radio and malls in Mumbai and Delhi via skyvertising.”
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.