While doing my research for the Social Networking assignment, I decided to dig into current problems in organizations, specifically the downturn of financial institutions, and how would Social Networking approach help those institutions to deal with their problems. In order to make any future predictions, it is necessary to take a look in the past. While doing it, I came across an article
Will Social Networking “Rock and Roll”
Financial Institutions? http://www.idc.com/downloads/05.12.08_social_networking.pdf
which gives an analogy of Rock & Roll music, as it exploded in 1950’s among younger generation, but for the older it seemed not very appealing. Nevertheless, new successful trends are the profit makers and should be adapted by professional organizations, in order to be successful. As of Social Networking, it seems that a history repeats itself, is another transforming phenomena with an introduction of MySpace, Facebook, which are primarily used by younger generation and which seemed at first were not very appealing for the older one. The article presents reasons for future benefits, providing analogies from the past trends in financial institution services and proposes social networking as a new successful business model, which would really help in improving future situation in financial sector.
2 comments:
Good article, but even these highly-paid analysts (one of whom is an old colleague of mine) end with more questions than answers:
"At some point in the future, we will know how social networking
evolved in financial services. Will it have a long lasting impact that
can influence a generation of tomorrow’s adults? Or will it have a
short, in the moment, burst of energy like a roman candle? Being
prepared for the former but not surprised by the latter is a prudent
course of action in 2008."
Thanks for your comment. In my opinion, nobody knows for sure what is going to happen in the future and how this proposal would affect financial sector, but, I believe, social networking trend with its cons and pros sides should provide better chances and opportunities in creating successful future business models for financial institutions.
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