Published: 6th Feb 2017

Open Finance: Democratising FS in the age of social media

Social media is creating a revolution in Financial Services.

- true team

Customers of even the most traditional banks now expect instant responses, whilst start-ups with innovative products are stealing a march on their bigger, more traditional forebears by connecting directly with their audiences at scale.

Mass use of Facebook and Twitter is only the most visible element of this change. The forces of open and connected technology are turning this most closed of sectors upside down. Emerging forms of banking, saving, lending, trading and investment are ripping up the rulebook.

So what can we learn from those inside the industry?  For Bristol’s first ever Social Media week, our panel of experts and delegates representing traditional organisations and innovators in Financial Services set out to understand exactly this.  

We had a huge topic to navigate, and many questions to answer. What does Open Finance mean for brands and consumers?  Are we on the brink of FS utopia?  Is regulation halting progress?  Are the public equipped for greater financial autonomy and personal responsibility?

5 key areas framed our discussion:

1. It’s good to share. Or is it?
Brands in other categories use social for content marketing or to meet service needs. But FS companies face more regulation that can limit their ability to engage customers on social platforms. And their brands aren’t always the most exciting. So where’s the fit?

2. The ties that bind us
Is regulation helping customers or hindering them? How do we marry rapidly evolving digital expectations with a culture of stifling and impenetrable regulation?

3. Trust and influence
Trust in Financial Services, and even other institutions, is still struggling to recover from 2008. What does that mean for providers seeking to build trust in the age of social media? What are the new rules of influence? How will this impact the recruitment of younger generations? 

4. Who’s disrupting who?
Is the industry really effecting change, or simply holding on to the coat tails of consumers and technology?  How genuine is the innovation we’ve seen so far, and how do we keep customers at the centre of our thinking?

5. Are machines taking over?
Are robots the future? What are the benefits and challenges that come with automation? Will it be relationships or algorithms that rule the sector?

For access to the full report on a session that covered everything from trust and influence to innovation and Artificial Intelligence please contact Tim or give us a call on 0117 927 7750. 

- true team