Oracle: The financial services' do or die - networked consumer relevancy

The internet has changed the way consumers conduct business. Prior to making a purchase, consumers use social networking groups on the internet to obtain vendor recommendations, product reviews, and tips on good deals. They also use a variety of Web 2.0 technologies and tools — from blogs to chat rooms and social networking sites — to tell others about their experiences with companies. Such prevalent peer-to-peer consumer interaction has changed the way companies can attract new customers and retain existing ones.
Companies can no longer employ traditional marketing techniques to lure new customers.

Instead, they need to gain an understanding of how consumers use the internet as a purchasing tool, pay attention to how companies are perceived on the internet, and leverage today's social networking tools to find innovative ways to engage the consumer.

This is particularly true for the financial sector, which was hit hardest by the globally depressed economy and has seen customer trust and satisfaction decline to new lows.

To persevere today and be successful tomorrow, the financial sector must embrace the new social networking paradigm to find new ways to go to market.

Contents:
- Financial institutions face a historic turning of the tide
- Consumer in control
- Why do consumers want control?
- What does this mean for financial institutions?
- Does this new world represent opportunity or risk for financial institutions?
- Succeeding in the social marketplace