For Marketing Leadership Professionals (Length: 13 pages)

May 6, 2008

Disruption Looms For Financial Services

Social Media Entrants Show Marketers A New Way For Brand Differentiation

by Brian Haven

with Jaap Favier, Evadne Cokeh

Executive Summary (This is a document excerpt)

A new crop of financial services startups use social media tools like social lending and re-envisioned money management to enrich the experience around money management for consumers. As the quality of online financial services drives customer loyalty and advocacy, and customers of the major US banks are very active in social networks, marketers of financial institutions have a great opportunity to add community services to their portfolios. They should start with researching the needs and drivers of their target customers with ethnographic research and studying the adoption of services from the new entrants.

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