Podcasts

Building financial communities with Vanessa DiMauro

  • More financial firms are building communities to deepen customer relationships.
  • Communities can provide tangible benefits to banks, investment firms, and financial media companies.
close

Email a Friend

Today’s financial firms aren’t your father’s financial firms.

Vanessa DiMauro is the CEO of Leader Networks, a research and consulting company that helps companies create and grow online communities. In a world of increasingly commoditized financial services, financial communities give their sponsors a whole new level of competitive differentiation. Consumers are demanding more from their financial relationships and financial communities are a way to deepen those relationships, bringing the digital experience back to a human one. She recently published her research on the keys to community readiness and growth.

Vanessa and I discuss why financial firms are building and maintaining communities and the challenges in doing so. She provides us some very interesting insight into the ingredients necessary to build a successful community and her view on future trends in community building.

Subscribe: iTunes I SoundCloud

Below are highlights, edited for clarity, from the episode.

Why financial firms are building communities

Recently, financial firms have perked up and began thinking more critically about building financial communities. That’s because of the critical differentiator these communities can provide by making the relationship with the firms’ customers more intimate. New regulation has made this more accessible and new rules have opened the door for financial firms to provide proactive thought leadership and disclosure in the context of communities.

Who within financial firms is responsible for the communities?

Most frequently, the remit and budget for a community typically fall under the CMO or chief digital officer. The most successful communities have a key stakeholder group because they have impact on R&D, products and services, IT, and very importantly, on customer care. They all need skin in the game because a community that’s designed to just be a marketing or amplification channel aren’t that successful.  Customers come for content and stay for each other.

Where are financial communities headed?

There’s a lot of untapped opportunity for financial services firms to use communities, technology, and the evolving customer relationship to experiment with customer loyalty. To blend automation and a human face. Roboadvisors are a good example of the combination of collaboration and automation. Imagine banking apps that give customers access to the community straight from the apps, to give a full user experience that blends collaboration and content.

0 comments on “Building financial communities with Vanessa DiMauro”

Podcasts

‘Combining our customer-first focus and local brand’: Inside Seattle Bank’s partnership with Google

  • Google's new bank accounts are being launched in partnership with banks around the U.S.
  • Seattle Bank, a community bank serving Puget Sound, is collaborating with Google to launch a new Google Plex account.
Zachary Miller | November 26, 2020
New banks, Podcasts

Building the Marcus brand: Goldman’s 2021 vision for its consumer banking product

  • Marcus by Goldman Sachs, Goldman’s consumer banking product suite, reached $96 billion in deposits in the third quarter of 2020.
  • Goldman will grow the Marcus product suite in 2021, encompassing checking, wealth management, savings and personal finance management.
Suman Bhattacharyya | November 25, 2020
Data, Podcasts

‘With Boost, we had to break things’: Experian’s Gregory Wright

  • Credit bureaus are moving along the value chain.
  • Experian's chief product officer joins the podcast to talk about lessons the firm has learned from Silicon Valley.
Zachary Miller | November 23, 2020
New banks, Podcasts

Step’s CJ MacDonald on building a bank for teens

  • CJ MacDonald cofounded gyft, which was acquired by First Data in 2014.
  • He's back with Step, a banking platform targeting teens with age-appropriate services and financial education.
Zachary Miller | November 09, 2020
Finance Everywhere, Podcasts

‘The migration to a more connected platform is the gateway to growth for banks’: Publicis Sapient’s David Donovan

  • In his financial services practice, David Donovan works with most of the largest banks in the world.
  • He delivers his views on where embedded finance is headed and why it's so important to get right.
Zachary Miller | November 03, 2020
More Articles