Wednesday, September 30, 2009

Social Media Enabled Core Processors

I just read an article at that featured Tim Barker from Here's what Tim said relative to social media:

"...Firms need to get it out of their heads that its not just about marketing to these people but responding to their questions and providing services."

I think those of us that understand social media would wholeheartedly agree. But that is not the point of this post. As a banker I have worked on many core processor installations/conversions, including Metavante, Fiserv and Jack Henry. And that got me wondering how cool it would be to have a module built in within the core processor that would automatically scan Twitter or Facebook or any other social media platform, for key words that affect my bank. These comments can then be automatically routed to a customer service rep for response - directly from the core processor console. No third party apps, no cumbersome multiple platform searches, no problems.

It sounds like is working down this road. It will then only be a matter of time before core processors start incorporating similar functionality. This can be very powerful in enabling banks on social media platforms. The conversation power would be tremendous. And because it is built into the core processor banks will more easily adopt social media as a core practice versus the occasional dabble which does no one any good.

Stay tuned!


  1. Jesse,

    Like you, I've been dealing with core providers for most of my career on some level. Core providers aren't known for innovation. I'm not sure if it's the chicken or the egg - banks take what they're given by their core, and core's give what they're asked to give. It's what I like to call the perpetual cycle of anti-innovation.

    For those FI's looking to monitor social media for brand awareness, there are a plethora of tools available on the market that would likely blow the doors off anything a core might invent in-house. Here are just a few examples that I'm familiar with:

    Techrigy SM2
    Crimson Hexagon Voxtrot
    Infegy Social Radar
    Spiral16 Spark

    Innovative financials are already reaching beyond what's "typical" with social media, PFMs and other innovative services.

    Scott Oppliger

  2. Thanks Scott. I agree with your comments.

    I am seeing these core processor firms finally stepping up and buying third party providers in order to attempt a seamless integration of a best in breed add-on with the core. There is nothing more frustrating than integrating solid third party products with a core and creating inefficiencies due to the lack of integration.

    Let's hope that as things move forward, rather than reinvent the wheel, these core processor go out and buy the expertise.

  3. Hello,
    Businesses have emerged within the virtual universe as social media marketing companies.

    social media marketing company