New guidelines (dubbed 'The Social Media Charter') are being drafted by the Financial Conduct Authority which mean banks and finance companies can become certified after they have completed any changes required under the new guidelines. Paul Armstrong, HERE/FORTH's CEO, was asked by the FT about working with financial sector clients and the industry issues surrounding this type of client.
Yesterday we went to Wired Money 2014 to learn about the latest developments with P2P lending, cryptocurrencies, online security and new banking models - we weren't disappointed.
Here are three takeaways you may want to think about implementing (contact us if you'd like more information):
· Bitcoin has huge potential but an unknowledgeable masses : If it is to truly have the transformative power many believe it can – retail, businesses and the consumer has to a) understand it and b) want it. Start talking to your customers and seeing what you can create before you are stuck with systems and processes you’ve not had a hand in creating. As Khan puts it “…we are step 3 or 4 of 100.”
· Security can be fixed but remains a core issue for banks and retail - there are still many flawed approached to security that are holding companies back from giving better service and building real relationships with their customers. Smart companies will review practices and really invest in this area to break down barriers, change faulty procedures if they truly want security (and a happy customer). An interesting fact from the day was that ¼ of all students leaving college this year have no signature.
· "True" value is the key – I think it was mentioned in one way or another in almost every presentation. Currently banking is sufficient but it does not add value to the end user. Successful start-ups are focusing on the small things that seem to make a big difference. Have you navel gazed recently and seen what you can fix? Lee Sankey from Barclay’s named three small changes his team identified and rectified that have raised customer scores significantly. What are these things for your business?