Smartypig Blog

What is The Future of Banking and The Social Web?

Fri, 13 Jun 2008 05:00:00 GMT

Banks, as of late, have claimed simple service adjustments such as online banking and bill pay as being a foray into the Social Web. And while entities like Wells Fargo may be blogging, and doing a great job at it, their actual services are not socially enabled.

The reality is that online banking innovation, has to this point in time been an extension of the “branch” marketing mentality. Just putting their services where people are more apt to use them. We consider this basic customer service and not real innovation.

The Social Web is about creating community and joining others in the conversation, not simply putting out the same information in a different format.

Large American financial institutions have been slow to the game, but companies like Virgin Money (family and friend lending), Social Picks (online community for stock market investors to share investment ideas), Kiva (loans to entrepreneurs in developing countries) and our company, SmartyPig (web 2.0 social piggy bank), are using the Social Web premise of sharing and organizing to revolutionize financial services. With a majority of the next generation of banking customers online and sharing nearly every aspect of their lives with one another, it seems to be a decent bet that these services will not only grow, but become increasingly attractive to new consumers. Why? Because these individuals and families still trust their peers more than they trust A-list bloggers. They want to interact the way they do everywhere else on the Web.

The consumer advantages of the social web is the ability to bring others into your process. In these economic times, we need each other more than ever. Companies like those listed above allow you to enlist your family, friends and others you trust to help you along. A home loan? A real stock tip? Help reaching a savings goal? Scores of people out there you already know are ready and willing to get involved on a deeper more meaningful level. No more parents worried about how to talk to their kids about money, or kids worried about asking for a leg up from their parents. Social networking makes it all happen. It even makes it cool.

The financial services industry must concern itself with being more than a virtual teller, prophesying canned mortgage advice and half-heartily offering “educational” sites for children.

Financial decisions and realities are a major driver of how people look at and interact with the world. People want to really connect, beyond the bank, the branch and the basic blog. They want true innovation. As with everything else, innovation is the future of banking and financial services.

Twitter Contest Winners!

Thu, 12 Jun 2008 05:00:00 GMT

We selected the three $100 SmartyPig Gift Card winners randomly by throwing darts at 20 post-its on the wall after 10 minutes of correct answers from many Twitterers!

Watch the video:

Congratulations to lindsayress, jenharvey and pepsidave14!

The runners-up (or those who made it on the board) were spacecostsmoney, ericabiz, chrispunke, abrudtkuhl, charris1980, davereid, tompohl,jcbgrady, geekmommamashup, ericos, Kathy_L, robbyg, jensir, trutter, theGlenn, amywright, gocyclones.

Better luck in next month’s Twitter contest if you didn’t win this time!

$100 Gift Card Giveaway on Twitter: Part Two!

Fri, 06 Jun 2008 05:00:00 GMT

For the second time SmartyPig will be giving away three $100 gift cards on Twitter. Don’t miss out on your chance to win and boost your savings for that summer getaway, new HDTV, a head start on holiday gifts, or whatever you’re saving for. In our last Twitter contest, we picked the first three people with the correct answer and realized that wasn’t giving everyone enough of a chance to win. This time, we’ll be leaving the contest open for 10 minutes, so everyone has ample time to answer. This is how we’ll choose the winners:

After 10 minutes, we will be picking 20 random people with a number generator from the pool of correct answers.
We will then pin those 20 names into the 20 slots of a dartboard.
While blindfolded, we will throw darts and three lucky winners of a $100 SmartyPig gift card will be chosen.
We’ll post the process here on our blog, so everyone can see it!

Details:
1. Follow us on Twitter.
2. We’ll ask the $100 question on Thursday, June 12th.
3. Answer the question.
4. Tune in to our blog.

Remember - if you don’t already have a SmartyPig account, it’s FREE to set one up. Winner must be in the US.

Good Luck!