Social media star killed the banking experiment

I wanted to put this post up quickly to record the progress / collapse of this finance industry social media project from NAB and to continue my commentary on this important SMM watershed. Charis Palmer at The Better Banking Blog has tried to explain the challenges of the NAB UBank MyFutureBank experiment from a bankers’ perspective. The commentary and discussion from social media experts Gavin Heaton and Stephen Collins that follows the post are interesting reading. Here is the first paragraph, click for the rest of the post.

Why bankers are wary of social media – By Charis Palmer, The Better Banking Blog

Here’s a scenario for you. You’re a consultant, blogger and social media “guru” (there seems to be more and more of them popping up these days). Your business involves advising banks and the otherwise less informed on how to cut it in the big bad world of the Interweb. You have plenty of good arguments to convince your corporate clients why they should be embracing all things Web 2.0, so you’re a little bit irked that they don’t immediately ‘get it’. Still, they pay well, so you persist. After all, for as long as they don’t get it, you have a business.

Click here to read Why bankers are wary of social media

(Update: Here are two posts on this topic by Crikey Blogger Trevor Cook. One with his opinion about the fallout and another with several other post-mortems.)