Innotribe@Sibos 2011 – Social Data session summary

21 Oct

As Matteo Rizzi kicked it off with a very concise and to the point mission statement for this session: “Turn social data into capital”.

The first igniter (as we call the contributors to Innotribe sessions) was Boxley Llewellyn (Director of Growth Initiatives – Financial Services Sector at IBM). He explained how the world is changing and how social data should be now considered as a priority, leading to this beautiful goal : ” every customer feels like the bank is designed just for them”

Daniel Marovitz  (Managing Director, Buzzumi) then took the audience on a totally different path. As he said: “what Innotribe is all about is coming at a problem from different angles, and the truth emerges”. So he took us on a quick history course of money and value, demonstrating that money is just an expression of emotion. He illustrated this with an example of how mackerels are being used as a currency in the US federal prison system (I’m sure this example will stick :-) ). He then  led to the conclusion that money and value is ultimately about information, and social data.

We then heard from Dion Hinchcliffe (Executive Vice President of Strategy, Dachis Group), who also described how the information around us and about us is exploding in terms of volume. So he asks us this questions: ” Is this actually valuable?”, “Is this manageable?”. While he demonstrated his opinion that, yes, it is valuable and manageable, he drew the attention to the fact that the problem is not information overload but filter failure – and how analytics can help in this filtering.

The session finished with Tom Coombes, (CEO, Cognito) who warned that “brand is not what you say about you, it is what people say about you”, and then provided some examples (including his own company) of analytical tools that can help make value from social data.

We also had  Darius Miranda (Vice President Social Business Strategist, WELLS FARGO) and  Pol Navarro (Head of Direct Channels and Innovation, Banco Sabadell) in the audience who provided additional perspectives from the experience in their banks. Chris Skinner (Chairman of the Financial Services Club), the Innotribe chroniqueur, helped steer the discussion to make it relevant to the bankers in the audience.

Here is the summary video, enjoy!

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