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Banking 2.0: 10 “good” reasons not to embrace social media

In the last 15 months, I had the opportunity to participate to many industry leading conferences in the US and in Europe. I am always delighted to share my vision and my passion for social media with my peers.

Fact is there are still too few bankers who get social media and web 2.0. And there are still too few social media champions and evangelists in the banking industry.

Social media is not a big threat to the banks, it is a Great opportunity to connect with people and show we care. During my presentations, I use the same words over and over again: customer advocacy, transparency, honesty, engagement, Reward.

But is it enough to convince the whole industry? Probably not. I decided to adopt a different approach. I plan to identify all the reasons not to embrace social media.  I identified 10 “good” reasons so far, but it is just a start.

I invite you to contribute: please feel free to leave a comment and flag any additional reasons!

10 “good” reasons not to embrace social media now
1. We have already tried!
2. UGC is too risky
3. No clear ROI
4. Limited Marketing budget, limited resources
5. Only good for small financial institutions and direct banks
6. The mighty Press Office and L&C departments
7. Personal branding & external blogging: loosing our best people
8. Wait! Our new online channel will deliver everything… eventually
9. Intranet 2.0 & Enteprise Search: confidential documents made visible
10. Focus on the basics: investment portfolio, single view of the customer…

Video reponse
I plan to shoot a short video for every single “good” reason listed in this post (including the ones you flagged in your comments).

My goal is to challenge all of them, and demonstrate we don’t have a choice anymore: social media must be part of your digital media / online marketing strategy.

Banking 2.0 V-News on Dailymotion

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Written by Christophe Langlois

Based in London, Christophe is an entertaining social media keynote speaker and a trusted advisor to the global financial services industry on the topics of social media, social business and digital innovation.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is 'Social Media Senior Managing Consultant' at IBM Interactive Experience. He's also a Digital Advisor at the Financial Services Forum and the Moller Centre (part of the Churchill College in Cambridge).

Christophe's views on VisibleBanking.com are his own, not necessarily his employer's.

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VRL KnowledgeBank invites Christophe Langlois, Founder of Visible-Banking.com, to speak at Retail Banking Innovations APAC 2008 in Singapore

Banking 2.0: social networking, we have already tried!