By Christopher Rollyson  Branch disruption enables unusual opportunity for bank executives who consider transforming their relationships with clients. More generally, retail banking provides an excellent example of an Industrial Economy industry whose services are facing commoditization and weakening profits due to the waning of the Productized Channel of Value. In 2013, bank branch networks are under intense scrutiny because they are expensive, and client visits have been falling steadily for several years as e-banking and m-banking adoption have accelerated. Astute banks will use branches to transform their client relationships by leveraging the Social Channel. Here’s how they will do it. Continue reading Bank Branch Disruption Enables Unusual Opportunity [updated]
By Christopher Rollyson  Next Door Chicago is a newish concept for State Farm Insurance that’s a great example of social business in insurance. It differentiates the firm by interacting in the Social Channel. The Lincoln Park/Lakeview community center and coworking space is notable because its DNA is empowering people to improve their lives through financial education. Next Door offers free coworking space and wifi, classes on financial management that are free of product pitches, free events (some financial, some art showings and other diverse events), free conference rooms and an energetic environment. Only the optional coffee bar is paid.
Next Door’s main online presence is oriented toward free membership. Members can book space, sign up for classes and hold events. Here’s IDEO’s case study on the concept and design process. Continue reading Social Business in Insurance: State Farm’s Chicago Coworking Space
By Christopher Rollyson  The social business Organization Audit serves as the second half of the due diligence process that is the foundation of the social business strategy. The first part is the ecosystem audit by which the firm has assessed the external digital world that’s relevant to its business. However, this is only half the picture: now we need to assess the firm’s capabilities to engage the ecosystem, so this is an internal analysis.
By conducting external and internal due diligence, we arrive at a social business strategy that optimizes the what the ecosystem values most highly with the firm’s ability to deliver. The social business strategy marries the ecosystem audit with the organization audit to determine optimal sharing scenarios (pilots).
The social business Organization Audit begins with a basic core competency analysis, drills down to stakeholder issues & actions and synthesizes these steps into several “trial pilots” that it will then vet through several other steps: social business good practices uses the ecosystem as a filter to learn from other firms’ similar initiatives, resource analysis gauges employees’ knowledge, experience and skills, and organization analysis uncovers organizational strengths and weaknesses that could affect pilots.
Continue reading The Social Business Organization Audit and Social Business Strategy
By Christopher Rollyson  When CSRA released the Social Network Roadmap in Q2 2008, we were a unique voice speaking at conferences about enterprise adoption. Due to my prior work helping enterprises adopt disruptive technologies like distributed computing, Web applications, service-oriented architecture and Web services, it was easy to see what enterprise adoption would look like, so I designed Social Network Roadmap several years before most of the market was ready to use it. Our client work has enabled us to test, tweak and expand the roadmap since then. As 2012 draws to a close, enterprises have experimented, adoption of social technologies (“social media”) among most stakeholders has set records, and executives wonder how they can coordinate social business across the enterprise. To realize “compounded” enterprise social business benefits it’s important to understand the social business life cycle, so here is a brief treatment. Continue reading The Enterprise Social Business Life Cycle [updated]
By Christopher Rollyson How to Outperform by Managing the Social Business Risks that Slow Your Competitors
 By understanding the dirty dozen social business risks, you can make fewer mistakes than your rivals and get more done for less money, so this may be one of the most valuable posts you read this year. Having advised executives in adopting disruptive technology since the 1980s, I have learned that hidden assumptions sabotage early adopters’ investments and delay desired business outcomes. Happily, early adopters can significantly diminish social business risks by looking for them and mitigating them with agile development methodologies. CSRA’s client work has shown that using a risk mitigation approach is the most effective way to increase social business return on investment.
Continue reading The Dirty Dozen Social Business Risks
By Christopher Rollyson  Banks are under intensifying profit pressure, so all are reexamining the size and value of bank branch networks. In How Many Bank Branches Do We Need in the U.S., posted in Celent Banking Blog, Bob Meara offers a brief discussion of the concept of “branch flexing,” as coined by Oliver Wyman to describe optimization. It’s no surprise that banks are questioning their massive branch expansions during the 2000s, especially in light of increased capital requirements and regulatory costs, which increase cost of operations. Moreover, margins are razor thin as interest rates are at historic lows.
What does this mean for branches? I’ll offer a surprising alternative. Continue reading Reflecting on the Size and Value of Bank Branch Networks
By Christopher Rollyson  Putnam Investments has been a financial services social business pioneer for many years, so here I’ll summarize their pioneering initiatives that show that regulated financial services firms can communicate with clients and prospects in many-to-many social venues without going astray. True, it helps having a CEO that was the first CEO from a mutual funds firm on Twitter.
The point remains, imagination and inertia are preventing financial services firms from engaging with clients and prospects in digital social venues, not regulators. Here’s how it’s done. Continue reading Financial Services Social Business Pioneer: Putnam Investments
By Christopher Rollyson  The Social Channel of Value explains our era’s drivers of economic transformation and how leaders can use them to strengthen their careers, organizations and communities. Profound shifts in human beings’ means of production restructure society and business because they alter the amount of “value” human work can create as well as the type of “products” that encapsulate people’s work. Individuals and organizations that notice, observe and understand these shifts early on can improve their relevance and competitiveness. Many of those that do not respond quickly enough go down with the ship.
Since the Social Channel is so important, I have published the Social Channel Trilogy, which is summarized here. Find even more information on the Social Channel home page. Continue reading The Social Channel of Value [Executive Summary]
By Christopher Rollyson  Social business policy (social media policy) engagements are some of the most interesting, revealing and critical engagements CSRA has done. Of course, organizations’ main motivation for creating social business policies is protecting themselves against possible legal threats caused by employee interactions online; however, a far greater threat is overemphasizing the legal threat and sabotaging employee engagement online. Well researched and crafted social business policy increases trust between the employer and employees—and among employees, leading to more appropriate online interactions, which burnish the firm’s reputation. Here, I’ll outline how you can use the process of creating the policy to manage legal exposure while increasing employees’ trust and productive social business activity. Continue reading Social Business Policy: Boosting Legal Safety and Employee Engagement
By Christopher Rollyson  The Digital Social Ecosystem Audit shows you where to interact to produce the best outcomes at the minimal cost, so it is critical to social business initiatives. CSRA launched its “Ecosystem Audit” process in 2008, and we’ve conducted them for many businesses and brands, which get to know the digital world around them in an unprecedented way. Think of the ecosystem audit as an xray of the social ecosystem. Try operating without it ;^) – but most firms do!
Here I’ll offer my insights into client outcomes as well as how we’ve evolved the process and why. You will get some practical pointers about how you can do your own. Continue reading The Digital Social Ecosystem Audit The Key to Optimal Interactions
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Branch disruption enables unusual opportunity for bank executives who consider transforming their relationships with clients. More generally, retail banking provides an excellent example of an Industrial Economy industry whose services are facing commoditization and weakening profits due to the waning of the Productized Channel of Value. In 2013, bank branch networks are under intense scrutiny because they are expensive, and client visits have been falling steadily for several years as e-banking and m-banking adoption have accelerated. Astute banks will use branches to transform their client relationships by leveraging the Social Channel. Here’s how they will do it. Continue reading Bank Branch Disruption Enables Unusual Opportunity [updated]