Posted by Iker Ibanez
Following the previous post on Scoot, and how they are a truly born social company, it is interesting to compare how their evolution is in Social Media as compared to more established companies that are learning how to become social and adopting it on their way.
It is becoming more and more clear that Social Media is not only going to be the way to gain a more close and personal relationship with your customers, but also a full service channel that will probably start moving business out of your current electronic platforms. Some industries will be earlier adopters than others, and some examples of this can be found on the airline industry, where Malaysia Airlines is already offering flight search, booking and check-in can be done in a facebook app.
Security and privacy concerns will slow down the adoption for certain industries, namely the Financial Services, but yet there is already space for certain features to be offered in Social Media. Citibank recently launched a new facebook app that allows their customers group their reward points they obtain for purchases and use them for charity or a group gift. Rewards seems to be quite the right transaction for Banks to start servicing customers over Social Media, as its level of risk is far lower than traditional financial transactions.
It will be interesting to see and compare the adoption curve for established companies, specially on highly risk aware industries like Banking as compared to companies born social like Scoot, who have adopted Social Media in a very natural manner for literally every single internal process they are facing in the journey of setting up the airline: Recruiting, selecting their slogan and offering promotions. It will not be surprising to see that Facebook -their Google+ page is yet to be seen- will become their main sales and servicing channel when they start operating.
Will this be the trend followed by other industries and therefore, will Social Media replace -at least partially- online banking? I make my bet!