Helping the financial industry adopt social networking
FourSquare: How will financial services use it?
Is anyone using FourSquare? If so, what marketing opportunities will arise out of the use of FourSquare for the financial services industry?
Tags: FourSquare, broker-dealer, compliance, insurance, marketing, media, social
Views: 37
Replies to This Discussion
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Permalink Reply by Brian Maloney on -
I use FourSquare regularly (avid user since Dec 09; I'm a web app designer/developer at Socialware). I checked in at my favorite coffee shop a few months back and noticed an independent finserv/retirement planner had created/added a "place" for his office nearby. He comes to mind now every time I think about finally getting a plan in place for investment accounts and such. Don't know anything about the guy but I like that he stays current with technology.
Foursquare allows people to create tips -- not sure if he's added any to his location. Of course, negative "tips" can be added by anyone so create a place with caution. I believe FourSquare allows business owners to take control of the location via the website (no doubt a manual process with some sort of document verification). So there is likely a way to manage tips appended to a place should the need arise.
This advisor created a spot on Gowalla as well. Gowalla lets you add a brief description to the spot -- so users can read a quick blurb when they check in.
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Permalink Reply by Stephen Selby on -
Brian, I really like your point about the owner of a business entering a "tip" for his or her own business. I think you are on to something there. Lot's of potential interest from a compliance perspective!
I agree that FourSquare has a lot of "point of sale" potential. It seems that there is a lot "under the hood." For example, a person can only be recognized as the "mayor" of a location if significant data is retained about many people and places. How might that data be mined for financial services? Paid advertising? "Promoted" locations?
Brian Maloney said:I use FourSquare regularly (avid user since Dec 09; I'm a web app designer/developer at Socialware). I checked in at my favorite coffee shop a few months back and noticed an independent finserv/retirement planner had created/added a "place" for his office nearby. He comes to mind now every time I think about finally getting a plan in place for investment accounts and such. Don't know anything about the guy but I like that he stays current with technology.
Foursquare allows people to create tips -- not sure if he's added any to his location. Of course, negative "tips" can be added by anyone so create a place with caution. I believe FourSquare allows business owners to take control of the location via the website (no doubt a manual process with some sort of document verification). So there is likely a way to manage tips appended to a place should the need arise.
This advisor created a spot on Gowalla as well. Gowalla lets you add a brief description to the spot -- so users can read a quick blurb when they check in.
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Permalink Reply by doug cornelius on -
I'm skeptical about the benefit of FourSquare for financial services. Largely, because it is not a very location-driven business.
If you do see the benefit, you need to balance that with the risks and additional burdens you will encounter. There is the record-keeping aspect. A tip is going to be considered advertising. Even creating a venue is going to be considered advertising.
Do you need to keep track of who checks into your venue? Do you need to keep track of who is the mayor?
I like FourSquare (I have 20 badges in my collection), but don't think it's a good fit for financial services.
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Permalink Reply by Susan Weiner, CFA on -
Interesting conversation. I'm averse to using FourSquare for privacy reasons.
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Permalink Reply by David Rosen on -
How about checking into a state of financial being? TechCrunch had a panel recently on how the concept of check-ins is expanding into "states of mind." Perhaps it could be applied to "one step closer to retirement" or "paid off student loans" or "paid off mortgage." Things that people feel proud of and encourage others aiming for the same in a community. Just think of the badges you could create for those milestones!
Here's a link to the TechCrunch panel: http://vodpod.com/watch/4147834-filtering-check-in-tweets-checking-...
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Permalink Reply by Stephen Selby on
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David, Interesting point. I believe this sort of check in under development. The first commercial application will focus on TV viewing. i.e. checking in while watching various shows or sporting events. The idea about checking in for states of mind or at significant life events is interesting. Do you think changes in states of mind occur frequently enought to merit check-ins?
David Rosen said:How about checking into a state of financial being? TechCrunch had a panel recently on how the concept of check-ins is expanding into "states of mind." Perhaps it could be applied to "one step closer to retirement" or "paid off student loans" or "paid off mortgage." Things that people feel proud of and encourage others aiming for the same in a community. Just think of the badges you could create for those milestones!
Here's a link to the TechCrunch panel: http://vodpod.com/watch/4147834-filtering-check-in-tweets-checking-...
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Permalink Reply by Pete Chiccino on -
I don’t believe that FourSquare will have much if any impact in the financial space, this is really a location based services and the trend for FI's is to move people online or mobile it feels to me like a backwards step. I do see FourSquare playing a part in retail situations if its adoption rate continues and it doesn’t get brushed aside as a fad..might be a little before its time…
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Permalink Reply by Stephen Selby on
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The consensus seems to be that location based social will not be a major force in financial services marketing.
Two follow up questions:
1. Is this true for all market segments? or might there be a different impact depending on different target markets? For example will college students and the middle class react differently to location based social than the middle affluent / affluent markets?
2. Any potential here for event driven marketing?
I am very interested in your input!
Thank you,
Stephen
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Permalink Reply by David Rosen on
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In terms of frequency, I could imagine a circle of friends or a support community checking in about getting closer and closer to a financial goal through regular saving. That would result in relatively frequent updates to keep momentum and excitement going. One thing's for sure...if someone creates a badge for paying off a 30-year-mortgage, it better be big and well designed! I heard there used to be "mortgage BBQ" parties, where friends would come by to see you put your last mortgage bill on the grill and celebrate. This way everyone in your network could join in.
Stephen Selby said:David, Interesting point. I believe this sort of check in under development. The first commercial application will focus on TV viewing. i.e. checking in while watching various shows or sporting events. The idea about checking in for states of mind or at significant life events is interesting. Do you think changes in states of mind occur frequently enought to merit check-ins?
David Rosen said:How about checking into a state of financial being? TechCrunch had a panel recently on how the concept of check-ins is expanding into "states of mind." Perhaps it could be applied to "one step closer to retirement" or "paid off student loans" or "paid off mortgage." Things that people feel proud of and encourage others aiming for the same in a community. Just think of the badges you could create for those milestones!
Here's a link to the TechCrunch panel: http://vodpod.com/watch/4147834-filtering-check-in-tweets-checking-...
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Permalink Reply by David Rosen on
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Very interesting. So it could lead to people leaving tips related to financial advice. Maybe there will be "Johnny Appleseed" types that go around town leaving tips like, "do you know that $2 in coffee/day leads to X thousand in compounded earnings in 10 years?" Would be a cool augmented reality skin.
Brian Maloney said:I use FourSquare regularly (avid user since Dec 09; I'm a web app designer/developer at Socialware). I checked in at my favorite coffee shop a few months back and noticed an independent finserv/retirement planner had created/added a "place" for his office nearby. He comes to mind now every time I think about finally getting a plan in place for investment accounts and such. Don't know anything about the guy but I like that he stays current with technology.
Foursquare allows people to create tips -- not sure if he's added any to his location. Of course, negative "tips" can be added by anyone so create a place with caution. I believe FourSquare allows business owners to take control of the location via the website (no doubt a manual process with some sort of document verification). So there is likely a way to manage tips appended to a place should the need arise.
This advisor created a spot on Gowalla as well. Gowalla lets you add a brief description to the spot -- so users can read a quick blurb when they check in.
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Permalink Reply by Stephen Selby on
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Pete,
What social media trends are on your radar?
S
Pete Chiccino said:I don’t believe that FourSquare will have much if any impact in the financial space, this is really a location based services and the trend for FI's is to move people online or mobile it feels to me like a backwards step. I do see FourSquare playing a part in retail situations if its adoption rate continues and it doesn’t get brushed aside as a fad..might be a little before its time…
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Permalink Reply by Karolina Reiss on -
I think that the simplest application of FourSquare will be executed by commercial banks first, whereby they will lure customers to use teller-free branches and ATMs (which pose lower overhead costs than a staffed bank branch) in return for a discount on their monthly account maintenance fee or cash back dollars.
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