MarketSquare

Data Exploration and Information Retrieval in the B2C Marketing Department of the Financial Times

2015-01-20T11:52:00.002+00:00

An in-depth research into how members of the marketing team explore and analyse data to gain insight, with design recommendations for dashboard reporting tools.

UX Research Proposal

2013-01-13T19:51:00.001+00:00

1 INTRODUCTION

1.1 Title:

Recreating the positive user experience associated with tablet business/productivity apps in computer business/productivity software.

1.2 Question:

To what extent can the positive user experience associated with tablet business/productivity apps be recreated in computer business/productivity software?

1.3 Background:

The backdrop to my proposed research lies in the current transformation of the personal computing industry. Commercial research of North American and Western European markets indicate an increasing preference by consumers for tablet devices over desktop and notebook computers (Reisinger, 2012). IDC forecast tablet sales to grow by 123.23% between 2012 and 2016 (Mainelli and Song, 2012) with PCs and notebooks growing by 7.1% in comparison (Kobie, 2012), albeit from a significantly larger base. NPD DisplaySearch forecasts that, in 2017, 416 million tablets will be sold, surpassing notebook sales of 393 million (Himuro and Shim, 2012). The factors driving this trend are of interest not only to the IT industry but also the academic community, particularly within the field of user experience (UX) design.

Besides differences in their respective physical form, the user interface (UI) and mode of interaction also differ between tablets and traditional computers. I hypothesize that these differences in design produce distinct UX attributes that can be identified and measured. The extent to which computer business/productivity software can be designed for the UX associated with tablet business/productivity apps can thus be evaluated.

The decision to focus the research on business/productivity software is based on market data – the top paid Mac software on the App Store[1], after OS X, are Pages and Numbers while the second best-selling PC software on Amazon is Microsoft Office (“Amazon Best-Sellers,” n.d.). This implies that the most popular usage of computers is for productivity and if tablets are seen as substitutes, the UX of business/productivity apps may be an influential factor.

1.4 Objectives:

My objective is to identify and measure the attributes that contribute to the positive UX of tablet business/productivity apps and determine the degree to which they can be replicated in a traditional computing environment.

To achieve this, I will need to:

Identify the two most popular tablet apps in the business/productivity category, in order to gather data that is broadly representative of usage patterns.
Evaluate the apps to identify and define their positive UX attributes and associated UI features.
Assign metrics to each UI feature to determine its relative value.
Determine the extent to which the UI features can be supported in computer software.

1.5 Products:

The products of the research will be a set of UX attributes and associated UI features of tablet business/productivity apps, and factors supporting or preventing their implementation in computer software.

1.6 Beneficiaries:

The intended beneficiaries of the research products are developers of computer software that run on Mac OS X Mountain Lion (“Apple - Here’s everything you need to know about OS X.,” n.d.) and Windows 8 (“A new look for Windows 8 - Microsoft Windows,” n.d.), both of which possess aspects of tablet UX design paradigms.

2 ACADEMIC CONTEXT

2.1 The Need for UX Evaluation:

The UX body of knowledge is not mature and incremental research is required as the nature of the relationship between users and interactive products evolves from functionality to emotiveness (Hassenzahl and Tractinsky, 2006). Whereas traditional computers might have been founded on such usability goals (Rogers et al., 2011) as accomplishing tasks efficiently and effectively, the popularity of tablets is driven by broader UX goals (Rogers et al., 2011) like satisfaction and enjoyability.

The shift from usability to UX parallels the progression of human needs from physiological to self-actualisation (“Maslow’s hierarchy of needs,” 2011). However UX does not diminish usability; it encompasses and extends it (Mahlke and Thuring, 2007, cited in Kujala et al., 2011). As users have both a contextual need to accomplish tasks with minimal problems and an innate need to be challenged, appreciate beauty, esteemed by others, etc., it is proposed that interactive products should be designed to fulfil the former, pragmatic goals as well as the latter, hedonic goals (Hassenzahl and Tractinsky, 2006). Given a choice between a product that only meets pragmatic goals and one that meets both pragmatic and hedonic goals, user preference tends to be for the latter and there is a positive correlation between a product’s perceived hedonic quality and its perceived pragmatic quality (Schrepp et al., 2006).

It is suggested that products which generate a sustained positive UX are likely to engender customer loyalty (Kujala et al., 2011), therefore if computer software is perceived to have lower hedonic quality than tablet apps, that could negatively affect its relative demand.

2.2 Challenges of UX Evaluation:

The success factors for technology products go beyond their technical functionality and efficiency of task performance; they also include the emotions, thought processes and attitudes experienced when the products are being used, which in turn inform the users' actions. As such, these factors need to be identified and measured to establish a benchmark against which the product can be evaluated (Beauregard et al., 2007).

The subjective nature of UX implies that a definitive evaluation of UX quality is improbable, since individual perception is a synthesis of the natural context of use (Kujala et al., 2011), mental model and resultant gulfs of execution and evaluation (Rogers et al., 2011) and personal values. This questions the plausibility of the speculation that UI could be engineered to derive positive evaluation from users (Schrepp et al., 2006); a more achievable goal would be designing UI features conducive to a positive UX (Hassenzahl and Tractinsky, 2006). How successful such features are can then be measured from either the product or the users’ perspective (Khan, 2012).

Additionally, the benchmark for perceived UX quality shifts as technology and human behaviour evolves (Beauregard et al., 2007), demonstrated by the impact of the consummerisation of IT on the expectations of business software users. Hence UX evaluation should be on-going, ideally.

2.3 Existing Research Products on UX Evaluation:

Research using the AttrakDiff2 tool (“AttrakDiff,” n.d.) shows that hedonic and pragmatic factors are equally influential to typically task-motivated business software users (Schrepp et al., 2006), supporting the near-universal relevance of personal development, “Stimulation”, and personal image projection, “Identity” (Hassenzahl, 2006), to the UX of interactive products. The paucity of rich explanations by users constrains the research’s capacity to inform future product development, however. Gathering data in a controlled environment, in a single usage instance also excludes data about environmental influences, and the evolution of UX over time (Kujala et al., 2011).

In a survey measuring the general UX of mobile phone users (Khan, 2012), it was concluded that context-independent methodologies and metrics are unavailable. However Semantic Differential Methodology (SDM) was demonstrated as viable for measuring UX during use (Beauregard et al., 2007; Schrepp et al., 2006) and retrospectively (Khan, 2012). Consideration should be given to which adjective pairs for bipolar scales are relevant to the product, either through literature review (Khan, 2012) or collection of primary data.

The UX Curve is proposed as a cost-effective method of evaluating the nature and causes of UX changes over time (Kujala et al., 2011), drawn freehand or with online tools like iScale (Karapanos et al., 2012). The retrospective evaluation yields qualitative data from the selective memories that shape “long-term” UX perception and user behaviour (Oishi and Sullivan, 2006, cited in Kujala et al., 2011). The UX Curve’s advantage over SDM is it draws out the UX attributes that are most significant to users rather than selecting from a pre-determined list. Conversely, the qualitative data analysis is more complex but this can be alleviated by mapping coded themes to established categories (Khan, 2012).

A research on evaluating the UX quality of Intel-based systems suggests a three-step approach to guide UX design and evaluation: ranking product “features and usages” desired by users; selecting associated UX attributes and devising metrics for them; and establishing quality benchmarks (Beauregard et al., 2007), although it was unclear how the first step was achieved in the UXQ Benchmark Dashboard Study. The “platform approach” taken, encompassing the whole ecosystem from hardware to software, is generalizable; the inseparability of app UX from a tablet’s physical form necessitates the consideration of how software fits into hardware and operating systems.

3 METHODS AND TOOLS FOR ANALYSIS AND EVALUATION

3.1 Apps Selection:

The two most purchased Tablet business/productivity apps on Google Play will be selected. Although the iPad is the leading platform, it would be difficult to contact app users for participation without access to their social media profiles.

3.2 Participant Selection:

The Google+ page of each app will be visited to identify users.
A demographically-diverse sample will be invited to participate, following the Research Ethics Checklist guideline to: exclude those under 18 years or deemed vulnerable; explain purpose of research and relevant procedures; seek express consent. No material reward will be offered to participants.
10 demographically-balanced willing participants per app will be selected, with long-term usage of 6-12 months (Karapanos et al., 2010). Participants will be informed of their: unrestricted freedom to withdraw; views represented accurately; personal data held confidentially in accordance with the Data Protection Act, including data destruction upon withdrawal; fair treatment in accordance with the Equality Act.

3.3 Methodology and Tools:

Initial data about perceived attractiveness (Hassenzahl et al., 2003, cited in Schrepp et al., 2006) will be gathered using SDM in AttrakDiff2 (“AttrakDiff,” n.d.). This will be used in validating UX Curve data.
UX Curve templates (Kujala et al., 2011) will be created for evaluating attractiveness, pragmatic, hedonic stimulation and hedonic identity qualities (Hassenzahl et al., 2003, cited in Schrepp et al., 2006) of the apps, using DrawUX (“DELUX DrawUX,” n.d.). Inflection points will be annotated with descriptions.
Descriptions will be coded to identify UI features and associated UX attributes. The research scope is limited to positive UX so negative attributes will be ignored.
UX Curve attractiveness data will be validated with SDM data and clarification will be sought for any variation.
Regression analysis will be applied to determine the extent to which pragmatic and hedonic UX attributes determine attractiveness in line with the model of Hassenzahl et al. (2003), cited in Schrepp et al., (2006). This is to establish the influence of each UI feature on preference.
The UI features are ranked in order of influence and those that can be implemented within the hardware and operating system environment of Windows PCs and Apple Macs are collated.
The collated UI features and associated UX attributes are presented as the first and second steps of the three-step guide to UX design and evaluation (Beauregard et al., 2007).

APPENDIX 1: REFERENCE LIST

A new look for Windows 8 - Microsoft Windows [WWW Document], n.d. windows.microsoft.com. URL http://windows.microsoft.com/en-US/windows-8/new-look (accessed 12.13.12).
Amazon Best-Sellers [WWW Document], n.d. Amazon Best Sellers. URL http://www.amazon.com/best-sellers-software/zgbs/software (accessed 12.17.12).
Apple - Here’s everything you need to know about OS X. [WWW Document], n.d. Apple. URL http://www.apple.com/osx/what-is/ (accessed 12.13.12).
AttrakDiff [WWW Document], n.d. AttrakDiff. URL http://www.attrakdiff.de/en/Home/ (accessed 12.15.12).
Beauregard, R., Younkin, A., Corriveau, P., Doherty, R., Salskov, E., 2007. Assessing the Quality of User Experience. Intel Technology Journal 11, 77–87.
DELUX DrawUX [WWW Document], n.d. . URL http://www.cs.tut.fi/ihte/projects/delux/drawux.html (accessed 12.8.12).
Hassenzahl, M., 2006. Hedonic, Emotional and Experiential Perspectives on Product Quality, in: PhD, C.G. (Ed.), Encyclopedia of Human Computer Interaction. Idea Group Inc (IGI), p. 269.
Hassenzahl, M., Tractinsky, N., 2006. User experience – a research agenda. Behaviour & Information Technology 25, 91–97.
Himuro, H., Shim, R., 2012. Tablet Shipments to Surpass Notebook Shipments in 2016 - DisplaySearch [WWW Document]. NPD Display Search. URL http://www.displaysearch.com/cps/rde/xchg/displaysearch/hs.xsl/120703_tablet_shipments_to_surpass_notebook_shipments_in_2016.asp (accessed 12.13.12).
Karapanos, E., Martens, J.-B., Hassenzahl, M., 2012. Reconstructing experiences with iScale.pdf. International Journal of Human – Computer Interaction.
Karapanos, E., Zimmerman, J., Forlizzi, J., Martens, J.-B., 2010. Measuring the dynamics of remembered experience over time. Interacting with Computers 22, 328–335.
Khan, K., 2012. User Experience in Mobile Phones by Using Semantic Differential Methodology. Proceedings of the European Conference on Information Management & Evaluation 143–150.
Kobie, N., 2012. IDC slashes PC sales forecast as tablets take over | News | PC Pro. PC Pro.
Kujala, S., Roto, V., Väänänen-Vainio-Mattila, K., Karapanos, E., Sinnelä, A., 2011. UX Curve: A method for evaluating long-term user experience. Interacting with Computers 23, 473–483.
Mainelli, T., Song, J., 2012. IDC Raises Its Worldwide Tablet Forecast on Continued Strong Demand and Forthcoming New Product Launches - prUS23696912 [WWW Document]. International Data Corporation. URL http://www.idc.com/getdoc.jsp?containerId=prUS23696912#.UMnau7ZBnhZ (accessed 12.13.12).
Maslow’s hierarchy of needs [WWW Document], 2011. . Teachers Toolbox. URL http://www.teacherstoolbox.co.uk/T_maslow.html (accessed 12.17.12).
Reisinger, 2012. PC Sales Forecast: Will Windows 8 End the Slump? - Windows. CIO Insight.
Rogers, Y., Sharp, H., Preece, J., 2011. Interaction Design: Beyond Human - Computer Interaction, Third. ed. John Wiley & Sons Ltd, West Sussex.
Schrepp, M., Held, T., Laugwitz, B., 2006. The influence of hedonic quality on the attractiveness of user interfaces of business management software. Interacting with Computers 18, 1055–1069.

APPENDIX 2: APPLE APP STORE

[1] See Appendix 2 as URL is unavailable for referencing.

Overview of a UX Design Process

2013-01-13T19:49:00.000+00:00

Three colleagues and I worked on a project to design a portable interactive museum guide, which would enhance the experience of museum visitors. A design is only effective if it meets the needs of its intended users; hence our starting point was to develop an understanding of the needs of museum visitors. This was accomplished by going to museums and observing visitors and their activities, using Robson’s framework to provide structure. We gained insight into the physical environment, the variety of visitor profiles and the nature of their interaction with the museum exhibits as well as with each other. On a secondary note, we also gained insight into how current portable museum guides are used in order to identify what works well and what requires improvement. Our observation data were complemented by two sets of structured interviews, the second conducted with visitors either during their visit or at the end of it. We aimed to increase the validity of our data through triangulation: data triangulation was achieved by gathering data from the British Museum and the V&A Museum; investigator triangulation was achieved by gathering data independently; and methodological triangulation was achieved by using observation and structured interview techniques.

This yielded a variety of quantitative and qualitative data that had to be analysed and interpreted in order to define a clear set of functional and non-functional requirements for the guide. A hierarchical codebook was developed to pick out the key themes from the qualitative data and, along with the quantitative data, were collated and analysed in a spreadsheet, using graphical representation to identify dominant themes and patterns. The results of the analysis determined our primary and secondary personas as well as the requirements specification. The visitor attributes with the highest values were representative of a large section of surveyed users and therefore were used for the characteristics and goals of the primary persona. Similarly, the secondary persona was derived from recurring attributes. The functional and non-functional requirements were chosen to support the characteristics and goals of the personas, a deductive process of specifying requirements that enable the successful and satisfactory completion of a given goal. We accomplished this by drawing on our creative thinking, general knowledge and established principles of Interaction Design such as affordance, visibility and consistency. While these translated well into usability goals, addressing user experience goals was less certain as they are purely subjective; the degree to which our design was satisfying, enjoyable or helpful could only be determined in the evaluation phase.

Given the popularity of smartphones, and thus apps, among our personas, it was used as the interface metaphor for our design. It provided a familiar structure in terms of having a Main Menu, Search function and page navigation. This also extended to the Map and Navigation functions. A mixture of four interaction types were used in the design. These included instructing the guide by selecting menu options on a touchscreen, conversing by typing in search queries, manipulating by physically waving the guide when using the NFC function and exploring by using the map and navigation functions. The primary interface type considered for the guide was touch, with the ability to tap and swipe offering flexibility and intuitiveness. Although gestures may be interpreted differently from one culture to another, which is of particular significance given the different nationalities of the personas, we believe a gestural interface such as touch is sufficiently global in adoption to minimise the use of incorrect mental models that do not match the proposed conceptual model. A haptic interface was also considered but decided against because we believe vibrotactile feedback would not necessarily enhance the museum experience and might cause dissatisfaction if visitors that did not require the function had to take extra steps to turn it off.

The conceptual design involved placing each persona in a scenario and developing a storyboard to capture the sequence of events. The main focus of the storyboard was on the screen of the guide; as it was a portable touchscreen device carried about by each visitor, the interactions taking place on the screen were of greater relevance than environmental factors. However, the boards that captured the navigation activities focused on the environment, as it was necessary to consider the physical layout of the museum.

Based on our initial data gathering and analysis, the two most important activities carried out by the personas were making a selection from a curated list of the top exhibits in the museum and using a map with navigation for directions to a specific exhibit. Hence these two elements were more fully developed in the detailed design. We opted for a paper prototype, as it was an effective way of not only depicting the content and layout of each screen but also simulating visitors’ interactions with the guide by changing the sequence of the screens in response to a given input.

The low-fidelity nature of a paper prototype was ideal for our purposes as it was practically free and could be easily created and modified without requiring technical or artistic skills. Designing the prototype in PowerPoint as opposed to hand sketching enhanced our ability to visualise each screen and efficiently explore alternative ideas. In terms of functionality, detailed design emphasises depth over breadth and therefore the prototype was vertical as it modelled the complete sequence of activities for each element. Since an actual portable interactive museum guide was not being built, we did not have to formally consider if the prototype was throwaway or evolutionary; however we still viewed it as a throwaway prototype as it was only used for concept development and not the final product.

The final phase of the design process was the evaluation although in principle, the cycle of requirements gathering, design and evaluation is iterative until the final product is ready. To this end, we elicited the support of four test users whose profiles were close to the personas. The aim of the evaluation was to detect design flaws that conflicted with the desired usability and user experience goals, garnering feedback that could subsequently be used to improve the design or explore alternatives.

Disruptive Innovation

2012-05-22T20:38:00.003+01:00

Information technology is innately in a constant state of flux, both driven by research/ideas breakthrough and pulled by consumer demands. As such, technology companies who have been dominant in one generation are not guaranteed to repeat their success in subsequent generations. Clayton Christensen, Professor of Business Administration at Harvard Business School, calls this the innovator's dilemma, whereby companies are only able to make evolutionary changes to their products or services rather than revolutionary changes. This is because their knowledge and perspective are restrained by their current market and they are unable to perceive the relevance of newer technologies.

A current example is the decline of RIM's Blackberry smartphones in the face of the massive popularity of Apple's iPhone as well as Google's Android phones. Blackberry had enjoyed prime status as as the standard corporate mobile communications device. It earned the nickname 'crackberry' for its seemingly addictive email and messaging capabilities which were enhanced by its widely praised keyboard. It also had robust back-end security features, making it ideal for corporate IT.

In contrast, the iPhone was launched as a consumer device and initially dismissed as a contender in the corporate market. However the advent of the consumerisation of IT, whereby employees are allowed to bring their own preferred devices - without the cost being borne by their employers - and supported by the corporate IT infrastructure changed the tide in the iPhone's favour.

Due to the success of the Blackberry's keyboard, RIM were reluctant to develop a touchscreen-based smartphone even though the market was shifting in that direction. Its business focus also meant RIM did not emphasise Blackberry's multimedia and entertainment capabilities so as not to dilute the brand and alienate their established corporate market. In hindsight, this further eroded their market share.

In order to foster an environment of continuous innovation, successful companies have to adopt Steve Job's famous line, "stay hungry, stay foolish". Given the barriers highlighted in the innovator's dilemma, a starting point would be the creation of an entrepreneurial culture where employees are encouraged to develop new ideas and rewarded when such are feasible. This is exemplified by Google's 20 percent time, with engineers given time off their regular responsibilities to work on their dream projects, potentially leading to technological breakthroughs and/or new markets. Some of the better known products of the initiative include Gmail, AdSense and Sky.

Even where a company-wide culture of entrepreneurship is lacking, a separate unit could be formed and charged with researching and developing new products or services, such as Xerox PARC which developed the graphical user interface (GUI). Incidentally, Xerox PARC exemplifies the innovator's dilemma; the parent Xerox Corporation failed to recognise the disruptive potential of the invention because it was evaluated through the prism of their phenomenally successful photographic equipment business. They could not connect the dots to foresee the GUI/PC eventually eroding their traditional market in a matter of decades. Hence it is not enough to form separate R&D units; they need to be given commercial status in order to monetise their innovations, perhaps as a separate brand from their parent company.

Conversely, asset-rich companies could use their shares and/or cash to acquire newer, smaller companies in a new market. An example is SAP's acquisition of Success Factors to gain a foothold in the growing enterprise social network market, another product of the consumerisation of IT and which differs from their ERP and business analytics suite. Additionally, SAP Ventures have invested in Box (cloud storage) and Lithium Technologies (social CRM), bolstering their ability to compete against Salesforce.com's cloud services. Initially, Salesforce.com was a niche player being more suitable for SMEs, a market that was not very attractive to SAP. However as cloud computing and the software-as-a-service (SaaS) model has taken off, large enterprises such as Hewlett Packard have been forgoing expensive software licences and their associated infrastructure and personnel costs to adopt Salesforce.com's services, at the expense of SAP, Oracle and similar companies.

Social Banking Proposal for First Direct

2012-04-01T23:05:00.001+01:00

BACKGROUND

The growth in social media usage, particularly social networks, has presented First Direct with the opportunity to engage with customers in more personal ways than would be possible through their corporate website. As the leading social network, Facebook’s user base has grown from six million to eight hundred and forty-five million users in seven years (Facebook, 2012a) with four hundred and eighty-three million daily active users (Facebook, 2012b). Crucially users spend considerably more time on Facebook than any other website with research on the U.S. market, with which the U.K. shares several characteristics, showing each visitor spends six hours and fifty-one minutes per month on the site (Nielsenwire, 2012).

Following the creation of their Facebook page, First Direct’s fan base has grown from August 2011 at a monthly average of 45 percent, currently peaking at 13,600. Similarly, the number of fans who actively engage with their page has grown at a monthly average of 40 percent (Facebook, 2012c). The most popular age group is the 35-44 years old range (Facebook, 2012d), which is in line with their customers’ average age of 43 years old, as identified by Garrett et al. (2007, p.16).

CURRENT POSITION

The ICDT Model (Angehrn. A, 1997, p.362) can be used to evaluate First Direct’s current social media strategy and plot the course for the next stage of its development.

At its most basic level, the Facebook page extends their corporate website as a platform for informing existing and potential customers about new products and services. It is particularly effective because updates are ‘pushed’ to fans’ news feeds even when they have not made the effort to search for information on their website.

However they are making a more strategic use of the platform by cultivating a vibrant community of users who interact with First Direct as well as with one another. The quality of their communication with existing and potential customers lies at the heart of their success and as Communications Manager Matthew Higgins, quoted in Garrett et al. (2007, p.7), said “we are really a communications organisation first, and a bank second”. The rapport contributes to the building of positive relationships with the users. Their sense of ownership of First Direct’s products and services, shaped by their opinions, makes users more likely to recommend the bank to others in their social network. Since 33 percent of First Direct’s customers come from personal recommendations (Garrett et al., 2007, p.6), this holds a high strategic significance.

FUTURE DIRECTION

As their customer engagement on Facebook matures, there is an impetus for First Direct to steer their activities towards the third and fourth quadrants of the ICDT Model, delivering downloadable products to customers and facilitating their financial transactions. I term this ‘social banking’.

Li and Bernoff (2011, l.1109), of Altimeter Group and Forrester Research respectively, devised the POST method for planning an effective social media strategy. It is a framework for analysing the people, objectives, strategy and technology which an organisation’s social media efforts will revolve around.

PEOPLE
The fundamental question is, are customers ready to move beyond posting updates on Facebook to engaging in commercial transactions? Anderson et al (2011, p.4) estimate that the global market for social commerce in hard goods, excluding services, will grow from US$5 billion in 2011 to US$30 billion by 2015. The key to unlocking the potential of this market will be to focus on the relational dimension of commerce rather than approaching it as a regular e-commerce channel, a point highlighted by Cecere et al (2010, p.14). This is underscored by U.S. retailers such as Gap and Gamestop who have closed their floundering Facebook storefronts (Lutz, 2012). Conversely the CEO of 8^th Bridge, a social shopping software provider, countered with the examples of Ticketmaster and Delta Airlines’ integration of a social experience into their Facebook storefronts (Gerten, 2012).

It is equally important to understand how customers currently use social media in order to align the bank’s strategy with their tendencies. Forrester’s Social Technographics Profile of the age range of First Direct’s core customers (Empowered, 2012) shows 77 percent use social networking sites, ranging from maintaining a profile to regularly generating content (Li and Bernoff, 2011, l.794), with overlaps between the different groups. Paul Say, Head of E-Marketing, has further observed that “the pipeline of new customers is increasingly dominated by…digital natives” as quoted in Garrett et al. (2007, p.2). Hence a large percentage of their customers are conceivably on Facebook and there is the potential to deliver relevant social banking services to them.

OBJECTIVES
Li and Bernoff (2011, l.1118) identified five primary objectives of companies’ use of social media which centre on communications and marketing: listening, talking, energising, supporting and embracing. For First Direct’s purposes, I suggest a sixth objective: transacting. The goal is to move into the distribution and transaction spaces by delivering banking products and services on Facebook, where customers are investing their online time. This is particularly desirable given the competitive threats posed by products including Facebook Credits (Facebook, 2012e) and PayPal Send Money (Facebook, 2012f) or a potential Facebook app for Barclays Pingit (Barclays, 2012).

The advent of social commerce mirrors that of e-commerce in the nineties, with its related opportunities and threats. As Wenninger (2000, p.3) noted, “e-commerce would create opportunities for banks to strengthen their relationships with customers, sell additional services, and prevent encroachment on their business activities by the technology companies and other nonbank financial service providers…” and “[banks] will be caught off guard by the changes, unable to anticipate new forms of competition…”. Although social commerce can currently be characterised as a sustaining technology (Christensen, cited in INM354, Session 8, s.8), which maintains the performance trajectory of e-commerce, it possesses future disruptive potential by changing the method and process of payments.

First Direct could develop an app for sending and receiving money between Facebook friends, paying for products on ‘liked’ storefronts and making in-app purchases. The app would operate as a digital wallet which can either be linked to users’ current accounts or preloaded with cash. Its unique selling points would be payment security, the confidence inspired by a regulated financial institution, speed and ease-of-use. While product purchases on Facebook is a nascent market, there are immediate opportunities for peer-to-peer transactions including personal lending, gifts and international money transfer. These can be processed using the bank’s existing infrastructure and therefore at minimal cost to users.

Breaking into the in-app purchases market would be a significant challenge, particularly with Facebook Credits as the monopoly virtual currency. However it is weakened by its inability to be converted to cash or exchanged with other users, as noted by Cyran (2011). This provides an opportunity to link the credits to offline transactions, which can be achieved through partnerships with app developers or directly with Facebook. American Express pioneered this strategy by allowing customers to redeem their Membership Rewards points to purchase virtual goods from Zynga (American Express, 2010), the largest social games publisher and Facebook’s biggest single source of income (Nuttall, 2012). First Direct could bulk-purchase credits from Facebook and offer it as a benefit on the First Directory product (First Direct, 2012a) as well as a reward for using the virtual wallet.

Traditional products could be repackaged with social features. Taking a step beyond customers recommending First Direct to their friends through their Facebook page, a version of the Regular Saver Account (First Direct, 2012b) offered on Facebook would allow friends to pool their monthly savings together and earn a higher interest rate on a pro-rata basis. A secure app would enable them to monitor transactions and balances without having to log on the Internet banking website (First Direct, 2012c). The concept is an adaptation of rotating credit associations such as the ‘Esusu’ traditionally practised in Nigeria, where members make regular contributions to a fund which they all take turns to benefit from (Microfinance Nigeria, 2010). Successfully implemented within applicable guidelines of the Financial Services Authority, this would be a revolutionary transformation of First Direct’s business network, based on the Venkatraman Framework of IT-enabled business transformation (cited in INM354, Session 1, s.7). It would expand their customer categories from individuals (personal and corporate) to communities with associated economies of scale while creating a new social network channel in addition to telephone, mobile and Internet banking.

STRATEGY
Blanchard (2011, p.16) emphasised that social media does not exist in its own silo but rather plugs into the business. Hence the effect of these innovations on First Direct’s relationships with customers must be aligned with their corporate strategy. The success of their push into social banking will rest on every employee, from executive management to customer sales representatives.

First Direct’s products, services and innovations are geared towards one outcome – offering customers what the bank knows they want (First Direct, 2012d) and what their customers want on Facebook is to build relationships and interact with others in their network. The provision of distribution and transaction services which empower these social interactions will make First Direct a valued partner in customers’ everyday life, further realising their vision of being ‘more than just a bank’ (First Direct, 2012d).

In order to measure the success of the social banking strategy, they will need to establish key performance indicators (KPI) that will be used to determine their return on investment (ROI). The Balanced Scorecard (BSC) developed by Kaplan and Norton (cited in Hung-Yi, 2012, p.307) is an ideal framework for the exercise as it combines four financial and non-financial measures: Finance, Customer, Internal Process and Learning and Growth. A study on constructing a strategy map for banks using KPIs grouped into the four BSC perspectives (Hung-Yi, 2012, p.316) identifies Customer as the central BSC perspective and Customer Satisfaction and Customer Retention as the central KPIs. Success in key nonfinancial measures precedes success in key financial measures, that is, they will increase ROI by knowing what their customers want and giving it to them.

The study further reveals that “increasing the sales volume of products and services by promoting both efficiency and effectiveness of sales tends to drive the retention of existing customers, the enhancement of customer satisfaction and the improvement of sales performance” and sales performance “receives the strongest influence from management performance”.

The conclusion is that in order to empower customers’ social interactions with social banking, thereby improving the bank’s capacity to satisfy and retain them, the executive management need to implement measures to maximise the performance of customer sales representatives. Hence while customer satisfaction and retention attributable to the social banking app will be the primary indicators of success, the strategic improvement path (Hung-Yi, 2012, p.317) to their achievement starts with implementing the right management mechanisms to train, equip and motivate the sales representatives who will be promoting the product to customers and supporting them in its use.

TECHNOLOGY
The question of which platform to use is already answered – Facebook’s uniqueness over other popular social media sites such as Twitter, LinkedIn and YouTube is its provision of tools for sharing more than just information and knowledge; users can share their life journeys and experiences in a rich format and this accounts for its market dominance. Consequently First Direct’s core customer demographics of 35-44 year olds are already active on this platform. Furthermore the interactivity and security features necessary for the social banking app require the technological robustness of Facebook for its deployment.

What need to be determined are the technology partners that will design and build the social banking app. Li and Bernoff (2011, l.1207) caution against selecting the company with the lowest bid or the most features. It is of greater importance to choose a company with a suitable track record of app development, vision to stay ahead of the rapidly changing technological landscape and clear understanding of the First Direct brand as well as their objectives.

It will be important to get the user experience right, ensuring the app’s interface maintains consistency and seamlessly integrates with those of the mobile, Internet and telephone channels (Bussmann et al., 2011) while blending with the underlying Facebook architecture.

The degree of sophistication (exploiting the specific characteristics of Facebook) and customisation (providing individualised services to users of the app) will also need to be considered (Angehrn and Meyer, 1997). The app should deeply integrate with such core Facebook Platform technologies as Social Plugins (Facebook, 2012g), Graph API (Facebook, 2012h) and Platform Dialogs (Facebook, 2012i) for it to make the most of the social network site. This would have the added benefit of giving users individual control over how it is used and shared, enhancing its value proposition.

CONCLUSION

The growth rate of Facebook users and the length of time spent on the site not only underscore its preeminent position over other social media destinations but also its successful weaving into the fabric of society. As First Direct’s Generation X customers are actively using social media professionally and personally, the ranks of Generation Y professionals who have grown up with the Internet and social technologies (cited in INM354, Session 9, s.4) will continue to swell. Given that they are the pool that their new customers are drawn from (Garrett et al., 2007, p.2), it is imperative that the bank continuously innovates to ensure their products and services are adapted to customers’ lifestyle and technological competence.

They have an opportunity to define a new era of social banking that could revolutionise the sector and establish First Direct as the bank for the ‘social generation’. To be more than just a bank, they must benchmark themselves against their customers and not just their competitors.

REFERENCE LIST

American Express (2010), American Express and Zynga Announce Strategic Relationship To Make Virtual Goods And Game Cards Available For Purchase Using Membership Rewards Points [online], http://about.americanexpress.com/news/pr/2010/zynga.aspx%20 (Accessed 31 March 2012)
Anderson, M., Sims, J., Price, J. and Brusa, J. (2011) Turning “Like” To “Buy”: Social Media Emerges As A Commerce Channel [online], Booz and Company, http://www.booz.com/media/uploads/BaC-Turning_Like_to_Buy.pdf%20 (Accessed 15 March 2012)
Angehrn, A. (1997) ‘Designing Mature Internet Business Strategies: The ICDT Model’, European Management Journal, vol.15, no. 4, pp.361-369
Angehrn, A. and Meyer, J. (1997) ‘Internet Strategies: Insights From The Banking Sector’, Information Systems Management [online], http://www.calt.insead.edu/eis/icdt%20documents/banking.pdf%20 (Accessed 01 April 2012)
Barclays (2012), Barclays Pingit [online], http://www.barclays.co.uk/PersonalBanking/P1242603570446?WT.mc_id=301RDpingit (Accessed 31 March 2012)
Blanchard, O. (2011), Social Media ROI [online], http://0-lib.myilibrary.com.wam.city.ac.uk/Open.aspx?id=300146&loc=&srch=undefined&src=0 (Accessed 03 March 2012)
Bussmann, J., Hyde, P. and Sandrock, J. (2011) ‘Banking On Social Media’, Strategy and Business, Issue 63, Summer 2011 [online], http://www.strategy-business.com/article/11202 (Accessed 15 February 2012)
Cecere, L., Owyang, J., Li, C., Etlinger, S. and Tran, C. (2010) Rise Of Social Commerce: A Trail Guide For The Social Commerce Pioneer [online], Altimeter Group, http://www.slideshare.net/loracecere/rise-of-socialcommercefinal%20 (Accessed 15 March 2012)
City University (2012a) INM354 Information Systems Planning and Strategy, Session 8, ‘Innovators Dilemma’, London, City University
City University (2012b) INM354 Information Systems Planning and Strategy, Session 1, ‘Analytical Framework’, London, City University
City University (2012c) INM354 Information Systems Planning and Strategy, Session 9, ‘Creativity, Innovation And The Future’, London, City University
Cyran, R., (2011) Facebook Virtual Currency Starts To Reap Benefits’ Reuters, 08 March 2011 [online], http://blogs.reuters.com/breakingviews/2011/03/08/facebook-virtual-currency-starts-to-reap-benefits/%20 (Accessed 31 March 2012)
Empowered (2012) What’s The Social Technographics Profile Of Your Customers? [online], http://empowered.forrester.com/tool_consumer.html%20 (Accessed 26 March 2012)
Facebook (2012a) Timeline [online], http://newsroom.fb.com/content/default.aspx?NewsAreaId=20%20 (Accessed 11 March 2012)
Facebook (2012b) Fact Sheet [online], http://newsroom.fb.com/content/default.aspx?NewsAreaId=22 (Accessed 11 March 2012)
Facebook (2012c) first direct [online], https://www.facebook.com/firstdirect (Accessed 18 March 2012)
Facebook (2012d) first direct likes [online], https://www.facebook.com/firstdirect/likes%20 (Accessed 18 March 2012)
Facebook (2012e) Facebook Credits [online], https://www.facebook.com/help/?page=224696390875622 (Accessed 31 March 2012)
Facebook (2012f) PayPal Send Money [online], https://apps.facebook.com/paypal_sendmoney/?fb_source=bookmark_apps&ref=bookmarks&count=0&fb_bmpos=5_0 (Accessed 31 March 2012)
Facebook (2012g) Social Plugins [online], https://developers.facebook.com/docs/plugins/%20 (Accessed 01 April 2012)
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Facebook (2012i) Dialogs Overview [online], https://developers.facebook.com/docs/reference/dialogs/ (Accessed 01 April 2012)
First Direct (2012a), First Directory [online], http://www1.firstdirect.com/1/2/banking/first-directory (Accessed 31 March 2012)
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First Direct (2012c), Internet Banking Log On [online], https://www1.firstdirect.com/1/2/balances;jsessionid=0000DzUm0bGq0gk8R61pAYVmT3c:11qmofn39?BlitzToken=true&fsdtSideMenuState=0 (Accessed 01 April 2012)
First Direct (2012d), Discover First Direct [online], http://discover.firstdirect.com/?WT.ac=FSDT_HEAD_DFD1000 (Accessed 01 April 2012)
Garrett, A., Dave, R., Wilson, H. and Clark, M. (2007) First Direct Comes of Age [online], Cranfield University School of Management, http://www.som.cranfield.ac.uk/som/dinamic-content/media/Yvonne/First%20Direct%20case%20Nov07.pdf%20 (Accessed 14 March 2012)
Gerten, W. (2012) ‘Facebook Shopping Apathy? Smart Plays On F-Commerce’, Forbes, 17 February 2012 [online], http://www.forbes.com/sites/ciocentral/2012/02/17/facebook-shopping-apathy-smart-plays-on-f-commerce/%20 (Accessed 20 February 2012)
Hung-Yi, W. (2012), ‘Constructing A Strategy Map For Banking Institutions With Key Performance Indicators Of The Balanced Scorecard’, Evaluation and Program Planning, vol. 35, no. 3, pp. 303-320
Li, C and Bernoff, J (2011) Groundswell: Winning In A World Transformed By Social Technologies, Second edition, [Kindle version], Boston, Harvard Business Review Press
Lutz, A. (2012) ‘Gamestop to J.C. Penney Shut Facebook Stores: Retail’, Bloomberg, 17 February 2012 [online], http://www.bloomberg.com/news/2012-02-17/f-commerce-trips-as-gap-to-penney-shut-facebook-stores-retail.html%20 (Accessed 20 February 2012)
Microfinance Nigeria (2010) Esusu: Expanding Nigeria’s Financial Services Frontier [online], http://www.microfinancenigeria.com/other-news/esusu-expanding-nigeria%E2%80%99s-financial-services-frontier/ (Accessed 01 April 2012)
Nielsenwire (2012) December 2011 – Top U.S. Web Brands [online], http://blog.nielsen.com/nielsenwire/online_mobile/december-2011-top-u-s-web-brands/%20 (Accessed 11 March 2012)
Nuttall, C. (2012) ‘Revenues Test Reality Of Zynga’s Empire Building’, Financial Times, 19 February 2012 [online], http://www.ft.com/cms/s/2/a111299a-5939-11e1-9153-00144feabdc0.html%20 (Accessed 20 February 2012)
Wenninger, J.(2000) ‘The Emerging Role Of Banks In E-Commerce’, Current Issues In Economics And Finance, vol. 6, no. 3 [online], http://ftp.ny.frb.org/research/current_issues/ci6-3.pdf (Accessed 10 March 2012)

RareList

2012-02-22T18:25:00.000+00:00

RareList (http://www.rarelist.co.uk/) is a classified ad website, a platform for uniting buyers and sellers of rare books and similar items. As such, it stands or falls on its ability to provide a user-friendly listing process, powerful search tools, smooth trades and a thriving community of like-minded enthusiasts.

The wide range of information that can be completed for each listed item could help potential buyers evaluate its quality and suitability. However completing all the details could also be a daunting task, making the Book Wizard a useful feature. It simplifies the listing process into four short steps which cover the essential information while giving sellers the option of adding more details at a later point. On the other hand, the use of inconsistent names on different sections of the website, such as Book ID versus RareList Ref or Category versus Item adds an element of confusion for users.

Potential buyers are able to fine-tune their search criteria to find specific items or conversely, use a title keyword to generate a result of loosely matching items. While the search tools offer an efficient way of finding desired items, they might be more effective if they provided the ability to search the text in item descriptions. This would enable potential buyers who do not have enough information to locate listed items with keywords, even if those words are not contained in the title.

The trading process is brief, with an email automatically generated to notify a seller of a buyer’s interest and actual trades settled outside the system boundary. Replying a message without logging into RareList reduces the activity cycle required to begin the payment and delivery process.

The building of the RareList community starts with membership registration, which only requires a valid email address and username. However the inability to search for members by User ID makes it difficult to find those who have changed their usernames. More significantly, the unavailability of a tool to delete membership profiles could discourage potential users from registering in the first place.

New members are credited with one pound which can only be used within the system, that is, a virtual currency. This encourages members to explore aspects of the system that might have been otherwise ignored, such as upgrading to a premium membership in order to use the auction facility or list a larger number of items.

Participation is further encouraged by rewarding members whose forum posts are deemed valuable with ten pence while those introducing a new member who subsequently upgrades to premium are credited with three pounds. With payments made in virtual currency, the earnings can only be spent within the system thereby generating a virtuous cycle of transactions which enhance the user community. On the other hand, the option of withdrawing the credits in real currency using PayPal would have a wider appeal and provide a stronger incentive.

As a connector of buyers and sellers, RareList is an effective tool but tweaking its underlying system would increase its value to its users.

The Strategic Role of IT at the Financial Times

2011-11-16T15:30:00.001+00:00

The Financial Times Limited (FT) is a business news and information organisation. Its objective is to provide news, comment, data and analysis to the global business community (Financial Times, 2011b). Although the FT is incorporated as a newspaper publisher (Companies House, 2011) and its object includes the printing, publishing and circulation of newspapers (Memorandum of Association of The Financial Times Limited, 1^st December 1981, clause 3(B)), its products are not newspapers. Rather, the newspaper is a vehicle used to deliver its products, which are business news and information. Hence I will be analysing the extent to which IT plays a strategic role in the FT’s delivery of business information to its global audience as opposed to the strategic role of IT in its publication of newspapers. The impact of IT on advertising will also be included in the analysis, as subscribers and advertisers are the FT’s sources of revenue.

Hindle (2010, l.6229) described strategy as ‘matching external demands with internal capabilities.’ Recent or ongoing IT projects which impact external stakeholders indicate the FT’s strategic focus, a deductive process discussed by Robson (1997, p.5). Since launching a paid meter access model for FT.com in 2007, the FT has been developing additional digital circulation channels including a mobile website, smartphone apps and tablet apps (Financial Times, 2011, e). The realisation of the financial and technical resources required to support multiple mobile devices has led to a tactical change and a HTML5 web app is being developed for all platforms (Financial Times, 2011, d). Editorially, the newsroom has been integrated to ensure all journalists work in print and online (Barber, 2011). Thus it can be inferred that the FT views the digital distribution of its content as a strategic growth area. The competitive context of this strategy can be examined using Porter’s five forces framework, cited in Avison and Fitzgerald (2006, p.57), and five corresponding questions proposed by Applegate et al. (2007, p.41).

Laudon and Laudon (2011, p.38) claimed that newspaper readership is declining as online news consumption expands and Standage (2011, a) asserted that newspaper ‘readers have shifted their attention to other media, quickly followed by advertisers.’ In 2008, the Internet surpassed newspapers as Americans’ source of news (Standage 2011, b) and a severe drop in advertising revenue since 2006 has sharply reduced profits at U.S. newspapers (Pressure on the Presses n.d.). Business news providers need to develop their digital distribution channels to remain competitive and sustain revenue from subscribers and advertisers. It is necessary for business survival due to industry-level changes (Laudon and Laudon, 2011, p.46). The FT’s industry rivals include the Wall Street Journal (WSJ), Reuters and Bloomberg. Figure 1 presents the latest audience statistics[1] for the firms, indicating competitors have significantly larger online readership than the FT. Hence digital distribution does not differentiate the FT from its rivals and therefore does not change the basis of competition.

Figure 1
Average Daily Global Audience

On the other hand, the FT’s reputation for authority, integrity and accuracy (Financial Times, 2011, b) could be a source of competitive advantage. Online and mobile access to premium content which users are willing to pay for increases entry barriers for news distributed through social media and aggregators such as Twitter and the Huffington Post. Barber (2011) described the FT’s response to new entrants as commitment to journalistic quality, development of online subscription business by charging for content and restriction of aggregators’ access to proprietary information. IT is used to erect a ‘paywall’ which compels business users, who value accurate information and authoritative analysis, to subscribe to the FT digitally and this strategy contributed to a nine percent growth in audience from May 2010 to May 2011 (Financial Times, 2011, a).

Digital channels enable users to engage with one another. Christie, quoted in Behling (2011), states “there is an appetite for FT readers to talk to other FT readers,” and this is being harnessed to build a user community. The loyalty engendered by an online community could create a barrier for competitors, as claimed by Applegate et al. (2007, p.45). The FT has embedded user interaction in its website by integrating reader comments at the end of each article. The ability of the audience to exchange opinions directly on the website increases the immediacy of their communication and thus the vibrancy of the community. On-site interactions are complemented by the use of third-party sites to build its community. The Social Media Hub, comprising Facebook, LinkedIn, Twitter, YouTube and Flickr channels, expands membership of the FT community beyond active subscribers and drives traffic to FT.com. Reuters makes similar use of external social media and on-site user comments to engage its audience, seventy-nine percent of whom do not visit rival financial websites (Reuters, 2011a). However interacting on third-party sites with varied content from several sources potentially makes users more likely to divert their attention away from the FT.

The nature of the relationship between the FT and its sources of news and data could be transformed by social media. Fortune Global 100 companies’ use of Twitter, Facebook and YouTube stands at sixty-five percent, fifty-four percent and fifty percent respectively (Burson-Marsteller, 2010, p.3). Laudon and Laudon (2011, p.38) mentioned that businesses are increasingly using social networks to engage with their customers. The direct communication between companies and stakeholders potentially bypasses news organisations, shifting the balance of power to corporations. However corporations’ use of social media could be a source of raw information on which news organisations build their analysis and commentaries. As Standage (2011, b) reported, ‘non-journalists are acting as sources for a growing number of news organisations...’ The FT ‘follows’ organisations including the European Commission, NASDAQ and Research In Motion (Twitter, 2011) which gives it instant access to official news updates.

The interactive features of the Internet add value to the FT’s news, comment, data and analysis while enabling the creation of new products or services. The IT infrastructure deployed to give users digital access to content also transform the FT into a research tool. The indexing and storing of data enable users to search information archives and retrieve relevant results, extending the financial value of its markets data and news analysis beyond the shelf life of newsprints. Furthermore, twenty-five percent of FT readers take six or more international flights a year and sixty-seven percent conduct business internationally (Financial Times, 2011a). Globally mobile customers are able to derive maximum value from their subscriptions by having digital access to FT content from foreign countries.

Data on customer preferences and behaviour is a valued resource which could be sold to market research firms, as discussed by Applegate et al. (2007, p.48), or used for targeted advertising. The FT creates a profile of each customer by analysing his/her registration data, preference data, behaviour on FT.com, behaviour on other FT group websites, behaviour across the web and broader profiling. The profile is used to attract advertisers to target their campaigns at specific audiences, a strategy claimed to be almost four times more effective than un-targeted advertising (Financial Times, 2011c). Additionally, the audience demographics inform the development of specialist products such as FT Alphaville and MBA Newslines.

The use of non-proprietary Internet technologies lowers customers’ switching costs, a postulation made by Applegate et al. (2007, p.47). Although it aids market penetration, the ability to use the same technology to access content from the FT’s competitors reduces the potential to lock in customers, unlike proprietary technologies such as Bloomberg Terminal. Conversely, subscribers can construct a customised investment portfolio on FT.com, using markets data to track performance, follow related news, create interactive charts, build equity screens and configure market alerts. This raises the switching costs for customers who have invested time and effort in creating their portfolio. However, the feature is not compelling enough to lock in customers as websites such as Reuters, Yahoo Finance and MSN Money offer comparable, free services.

The FT’s competitive advantage lies in the quality of its business news and information rather than its use of IT for content delivery. Digital distribution is not a differentiator yet it increases the FT’s capacity to meet the current and future needs of its customers. The industry-level changes require the development of online and mobile channels to reach customers and attract advertisers. Nevertheless the statistics in Figure 1 reveal that the FT newspaper has 1.4 times the circulation and 2.8 times the readership of FT.com while subscription-based WSJ newspaper has 1.3 times the readership of free Bloomberg.com. Even as digital distribution gains momentum, the larger subscription and advertising revenues of newspapers underline their continued importance. Thus newspapers are unlikely to be completely replaced after the penetration of smartphones and tablets, as well as users’ reading habits, reaches critical mass. As Barber (2011) stated, the FT’s “task is to ensure the newspaper evolves in step with the mobile and digital products.”

REFERENCE LIST

Applegate, L.M., Austin, R.D. and McFarlan, F.W. (2007) Corporate Information Strategy and Management, Seventh edition, New York, McGraw-Hill/Irwin
Avison, D. and Fitzgerald, G. (2006) Information Systems Development: Methodologies, Techniques and Tools, Fourth edition, Berkshire, McGraw-Hill Education
Barber, L. (2011) ‘Adapt or Die: The Future of News and Newspapers in the Digital Revolution’, The Fulbright Lecture, London, 14 September 2011, [online] http://aboutus.ft.com/2011/09/14/lionel-barbers-fulbright-lecture-the-future-of-news-and-newspapers-in-the-digital-revolution/ (Accessed 28 October 2011)
Behling, E. (2011) ‘Financial Times Pushes Social Media’, Ellie Behling’s Blog, 14 February [online] http://emediavitals.com/content/financial-times-pushes-social-media (Accessed 12 October 2011)
Bloomberg (2011) Bloomberg Mobile Audience, [online] http://www.bloombergmedia.com/digital/bloomberg-mobile/audience/ (Accessed 25 October 2011)
Bloomberg (2011) Bloomberg.com Audience, [online] http://www.bloombergmedia.com/digital/bloomberg-com/audience/ (Accessed 25 October 2011)
Burson-Marsteller (2010) The Global Social Media Check-up: Insights from the Burson-Marsteller Evidence-Based Communications Group, [online] http://www.burson-marsteller.com/Innovation_and_insights/blogs_and_podcasts/BM_Blog/Documents/Burson-Marsteller%202010%20Global%20Social%20Media%20Check-up%20white%20paper.pdf (Accessed 30 October 2011)
Companies House (2011) Select and Access Company Information, [online] http://wck2.companieshouse.gov.uk (Accessed 15 October 2011)
Financial Times (2011a) Financial Times Premium Audience Grows with Addition of Mobile Apps, [online] http://aboutus.ft.com/2011/10/05/financial-times-premium-audience-grows-with-addition-of-mobile-apps/ (Accessed 15 October 2011)
Financial Times (2011b) Financial Times, [online] http://aboutus.ft.com/corporate-information/ft-company/ (Accessed 15 October 2011)
Financial Times (2011c) FT User Profiling – Targeting to Make Campaigns Work Harder, [online] http://www.fttoolkit.co.uk/2011mediakit/FT_user_profiling_targeting.html (Accessed 30 October 2011)
Financial Times (2011d) FT Web App – Technical Q&A, [online] http://aboutus.ft.com/2011/06/07/ft-web-app-technical-qa/ (Accessed 15 October 2011)
Financial Times (2011e) History, [online] http://aboutus.ft.com/corporate-information/history/ (Accessed 15 October 2011)
Financial Times (2011f) The FT’s Average Daily Global Audience (ADGA), [online] http://www.fttoolkit.co.uk/2011mediakit/ft_adga.html (Accessed 28 October 2011)
Hindle, K. (2010) ‘Implementing Business Change’, in D Paul, D Yeates and J Cradle (eds.) (2010) Business Analysis, Second edition, [Kindle version], Swindon, British Informatics Society
Laudon, K.C. and Laudon, J.P. (2011) Management Information Systems: Managing the Digital Firm, Twelfth edition, Essex, Pearson Education
Plambeck, J. (2010) ‘Newspaper Circulation Falls Nearly 9%’, New York Times, 26 April, [online] http://www.nytimes.com/2010/04/27/business/media/27audit.html (Accessed 29 October 2011)
Reuters (2011a) About Us, [online] http://sales.reuters.com/mediaguide/about/1 (Accessed 30 October 2011)
Reuters (2011b) Reuters China Media Guide, [online] http://cn.sales.reuters.com/mediaguide/audience/1 (Accessed 25 October 2011)
Reuters (2011c) Reuters India Media Guide, [online] http://in.sales.reuters.com/mediaguide/audience/1 (Accessed 25 October 2011)
Reuters (2011d) Reuters Japan Media Guide, [online] http://sales.reuters.co.jp/mediaguide/audience/1 (Accessed 25 October 2011)
Reuters (2011e) Reuters UK Media Guide, [online] http://sales.reuters.co.uk/mediaguide/audience/1 (Accessed 25 October 2011)
Reuters (2011f) Reuters US Media Guide, [online] http://sales.reuters.com/mediaguide/audience/1 (Accessed 25 October 2011)
Robson, W. (1997) Strategic Management and Information Systems, Second edition, London, Pitman Publishing
Standage, T. (2011a) ‘Making News Pay: Reinventing the Newspaper’, Economist, 7 July, [online] http://www.economist.com/node/18904178 (Accessed 28 October 2011)
Standage, T. (2011b) ‘Bulletins from the Future’, Economist, 7 July, [online] http://www.economist.com/node/18904136 (Accessed 28 October 2011)
Twitter (2011) Financial Times follows 418 People, [online] https://twitter.com/#!/FinancialTimes/following (Accessed 30 October 2011)
Wall Street Journal (2011) Wall Street Journal Global Media Kit, [online] http://wsjmediakit.com/global (Accessed 25 October 2011)
Wall Street Journal (n.d.) Pressure on the Presses, [online] http://online.wsj.com/public/resources/documents/NEWSPAPERS0903.html (Accessed 30 October 2011)

[1] http://www.fttoolkit.co.uk/2011mediakit/ft_adga.html

http://aboutus.ft.com/corporate-information/ft-company/

http://wsjmediakit.com/global

http://www.nytimes.com/2010/04/27/business/media/27audit.html

http://sales.reuters.com/mediaguide/audience/1

http://sales.reuters.co.uk/mediaguide/audience/1

http://in.sales.reuters.com/mediaguide/audience/1

http://cn.sales.reuters.com/mediaguide/audience/1

http://sales.reuters.co.jp/mediaguide/audience/1

http://www.bloombergmedia.com/digital/bloomberg-com/audience/

http://www.bloombergmedia.com/digital/bloomberg-mobile/audience/

Proposed EU Regulatory Changes to Derivatives Trading: What Could This Mean for Sungard's Stream Ubix?

2011-01-23T21:10:00.018+00:00

The key theme of the on-going overhaul of financial markets, and derivatives trading in particular, on both sides of the Atlantic is transparency. In response to the opacity of the derivatives products at the centre of the financial crisis, regulators are working on a raft of new rules that will give them better oversight of the markets. Consequently, institutions in the financial ecosystem are gearing up for the changes which lie ahead and this is creating massive opportunities for IT system providers such as Sungard. Exchanges, multilateral trading facilities (MTF), clearing houses as well as banks, brokers and traders have to adapt their IT systems to comply with the new regulatory environment.

At A Glance: EU Plans For Trading Overhaul, published in City A.M. on 09 December 2010, summarises the regulatory changes to derivatives trading proposed by the EU. Each category of regulation – market structure, pre- and post-trade transparency, data consolidation, commodity derivatives markets, transaction reporting and supervisory issues – opens up new market opportunities for Stream Ubix, Sungard's real-time and flexible back-office system for listed derivatives providing global clearing for multi-entity companies. I will attempt to highlight some of these below:

Market Structure

The movement of derivatives trading from over-the-counter (OTC) to clearing houses, exchanges and MTF would potentially increase the type and volume of transactions on the platform.
The increased powers of supervisors to intervene and demand detailed information from holders of contracts makes the delivery of up-to-date information in real-time even more imperative.
Increasing the regulatory requirements for MTF to bring them in line with exchanges could open up their trades to Stream Ubix, assuming this is not the case already.

Pre- and Post-Trade Transparency

Barring the remainder or stub of an order sent to dark pools from remaining in the dark could make the data accessible.
The requirement for real-time reporting of post-trade share prices, reducing the deadline from three minutes to one minute, could drive more business to the platform with Stream Clearvision providing straight-through-processing.
Extension of post-trade reporting rules to cover more asset classes would also benefit Stream Ubix, with Fame Futures providing the data feed.

Data Consolidation

Amending MiFID to require executed transactions to be reported through an approved venue might also have implications for the structure and format of the reports; Stream Ubix's flexible report customisation through Report Writer would minimise the cost and effort required to make the changes.

Commodity Derivatives Markets

The obligation for traders to report positions by categories would make full use of Stream Ubix's intraday open positions feature.
The requirement for central clearing of off-exchange, physically settled contracts which are similar to exchange traded contracts and standardised would allow them to be managed on the platform.

Transaction Reporting

Widening transaction reporting to supervisors to all financial instruments traded on platforms would also potentially increase the type and volume of transactions processed on Stream Ubix.

Supervisory Issues

The mandatory recording of client orders for a minimum of three years would benefit from from the platform's Oracle-based, modular structure, with transaction data exported to external database management systems.

The final regulatory changes remain unclear and certainly, there are several competing financial software providers such as Portware, GoldenSource or GlobeOp which are positioning themselves to take full advantage of the changes. Nevertheless, SunGard are in a great position to leverage the strengths of Stream Ubix and the entire Stream platform, providing visionary leadership and technological innovation in the front-, middle- and back-office processing sector.

Wish List for the Phone of the Future

2009-07-04T10:04:00.009+01:00

The pace of technological innovation in mobile phones over the past decade has been astonishing. Even the most imaginative futurologist in 1999 would have been amazed at the diverse range of powerful communication, productivity and multimedia features now crammed into the small devices in our pockets.

Gazing towards the next 10 years, it would be great to see these features emerge in mobile phones:

Battery that is constantly recharged kinetically (when moving around)
Artificial Intelligence that simulates a human personal assistant (e.g. when an anniversary comes up, searches for a selection of gifts based on the event and the celebrant; tell it you want to go on a holiday and it books the flight and hotel based on your tastes and budget and also plans your itinerary for sightseeing, nights out, etc.)
Bluetooth virtual reality glasses to watch HD movies and play games
Client device functionality with application processing and data storage done on remote servers (cloud computing)
Universal remote control functionality, using DLNA
Social network application that detects people with matching criteria in the same vicinity, using bluetooth or wi-fi (e.g. strangers with similar interests on a bus are alerted about each other and can choose to strike a face-to-face conversation)
P2P file distribution using bluetooth or wi-fi (e.g. multimedia files transferred from several phones near-by without requiring phone network or mobile internet)
Realtime translator (microphone picks up the foreign language audio and the translated speech is relayed through the speaker)
Full range stereo speakers for high fidelity sound (e.g. using carbon nanotubes)

Of course, the wish list can stretch as far as the imagination will go but these would be an exciting starting point for the next wave of mobile phone innovation!

Less Speculation, More Production

2009-05-25T19:55:00.015+01:00

Vivian: And you don't make anything…

Edward: No.

Vivian: … and you don't build anything.

Edward: No.

For all the wealth Edward created as a private equity investor in the movie Pretty Woman, Vivian was puzzled by the notion of any economic activity that didn’t involve producing goods or services. Given the unrestrained speculation that precipitated the current economic crash, it is clear that production, not speculation, needs to lie at the heart of sustainable economic growth.

Every asset class – equities, bonds, commodities, currencies, real estate – has a true economic value that is based on its productive use. However, asset bubbles arise when speculative value outstrips economic value, that is, speculation becomes unhinged from production. As is the case in the current credit crisis, derivatives can fuel the unhinging. While derivatives are used to hedge the risk of losses on investments, it is their use as purely speculative instruments that pushes asset prices to unsustainable levels; levels which are not justifiable by their economic value. Broadly speaking, long-term investment decisions are based on the value that can be derived from the productive use of an asset and as such, investors are only prepared to pay what it is worth. On the other hand, short-term investments tend to be driven by speculation and consequently, such investors are prepared to pay the market price of an asset, regardless of its economic value.

One of the basic rules of trading is to be emotionally detached from investment decisions. However, the nature of speculative investment makes it highly susceptible to the human emotions of greed and fear, which lie at the heart of boom and bust cycles. Perhaps a key role of financial market regulation is to encourage long-term investments over short-term trades, keeping a leash on the market's tendency to get overblown by greed and imploded by fear.

A lot has been said about the sub-prime crisis, with US banks more than willing to give mortgages to people who could not afford them for the simple reason that they could parcel the mortgages up into complex credit derivatives and sell them to international investors. These investors did not buy the derivatives because they understood the structures or could identify their economic value, but because they were willing to gamble on making attractive short-term returns. In retrospect, investment strategies that focused on facilitating productivity and growth in the real economy could have avoided the financial famine we are currently contending with. Sure, the returns would be lower and the economy would be less flushed with cash but the growth would be sustainable and economic slowdowns would be less severe.

Financial services is one of the core engines of the real economy and its fulfilment of this strategic role will always be jeopardised by unchecked speculation. Every investment has a risk factor and as such, there is always a degree of speculation involved. However, sound investment decisions involve a clear understanding of the economic value of a product or service. Economic growth based on speculating on price movements can only have one outcome. Even Vivian would understand that.

Quickfire: Robbing the Rich, Paying the Poor

2007-11-18T09:29:00.001+00:00

It seems credit cards are always in the news for the wrong reasons - so-called rate tarts card hopping to take advantage of 0% balance transfers, insolvent consumers juggling debts from one card to another or irresponsible financial institutions dishing out cards like confetti. However, handled correctly, credit cards can be a tool to turn the table and cream money from financial institutions...twice!

Credit cards typically have an interest-free period of over forty days so as long as the balance is cleared every month, they do not cost anything to use. On the other hand, paying household bills and daily expenses from a bank account continuously decreases the balance and hence the interest earned each month. So, rather than flashing the credit card at every opportunity being financially reckless, it actually makes sense to shift as much expenses as possible to the card and leave the bank balance untouched. That way, maximum interest can be earned on the bank account and zero interest paid on the credit card as long as the balance is cleared at the end of the month.

Given that financial institutions constantly devise new ways of extracting pennies from their customers to boost their multi-billion pound profits, it is about time the spending public went on the offensive and start helping themselves to their institutions' largesse!

Quickfire: MicroPlace

2007-11-02T19:10:00.001+00:00

A couple of weeks ago, I had one of my brainwaves (which have been becoming infrequent these days, I might add). I thought about the viability of a P2P finance e-commerce venture; the logic was to create an eBay-like website where ordinary individuals could lend money to each other, with lenders bidding to offer the most favourable interest rates. See, payments could be made and received through services such as PayPal and Google Checkout, and, and, and people could borrow any amount for any length of time, and, and, and they would no longer have to be held to ransome by their banks, and, and, and there would be world peace...

Just as my eyes were lighting up with glee at my newfound goldmine, it crossed my mind that eBay and Google would not be so keen to lend their payment infrastructure to the venture when they could set it up themselves and keep all the profits.

Well, I was right! I just read a BBC News report about MicroPlace, an eBay company that facilitates microfinance investments from everyday investors to the world's working poor. The e-commerce website acts as a broker-dealer linking investors to microfinance organisations across the world, with investments made through PayPal or a regular bank account. eBay are not keeping the profits though; they will be using it to fund their socially beneficial activities. Who says business is all about shareholder value, eh?

I guess my brainwave was not just vapour afterall. Wonder if Google would be willing to play ball...

From Underdogs to Nintendogs

2007-10-25T20:53:00.001+01:00

In the high stakes battle for market dominance in the rapidly growing $37.5 billion video games industry, few gave Nintendo a fighting chance against Sony and Microsoft. Back in 2005 when Sony and Microsoft were unveiling the jaw-dropping technical specifications of the PlayStation 3 and the Xbox 360 respectively, Nintendo’s underpowered Wii left analysts and gamers alike scratching their heads. Fast forward to 2007 and according to the latest data from VG Chartz, a video game market research company, the Wii has cornered 42.4% of the global next-generation console market, ahead of the Xbox 360’s 40.5% and the PlayStation 3’s 17.1%. Their lead in the next-generation portable game market is even more dramatic, with the Nintendo DS enjoying 67.8% market share while the Sony PlayStation Portable trails at 32.2%.

The turnaround in Nintendo’s fortunes has not been missed by investors and at the close of market on 25 October 2007, Nintendo had a market capitalisation of Y9,407bn ($82.46bn), making it the third-most valuable company in Japan and dwarfing Sony’s Y5,200bn ($45.35bn) despite being a much smaller company.

The meteoric rise of the company is a lesson in visionary leadership and market innovation. After being consigned to irrelevance in the previous two rounds of the console wars, Satoru Iwata, Nintendo CEO, spearheaded a new strategy of expanding the gaming population. The premise was simple: enable everyone to enjoy games regardless of age, gender or gaming experience. They identified three paradigms that needed to be challenged which laid the foundation for their current success:

Video games are entertainment mainly enjoyed by children and young male adults; females and senior citizens hardly play.
Nintendo is for kids.
Great majority of software is short-lived; long-lived software is hard to make.

Defining a new target market of females and senior citizens was a bold departure from convention, where the smart money had always been on the core market of 18-35 year old males. However, it enabled them to eschew the complex and expensive hardware required by traditional gamers, making the Wii a bargain at $250 compared with $350 for the Xbox 360 ($480 for the Elite version) and $350 for the PlayStation 3 ($500 for the premium version). Similarly, the DS Lite retails for $130 while the PlayStation Portable costs $170. The reduced complexity of Nintendo’s hardware also makes game development easier, quicker and cheaper, giving their software a price advantage over the competition.

While the technical specifications of the hardware are relatively low, they have innovative designs which maximise the user experience. Wii’s groundbreaking controllers, ranging from the Nunchuk to the Balance Board, offer gamers more involving ways of interacting with the virtual world. The dual screen design of the DS similarly makes gameplay more engaging and stimulating.

Rather than rely on lifelike graphics and animation to wow gamers, Nintendo has focused on developing simple yet novel games that have a high replay value and appeal to a wider audience. Games such as Brain Training and Nintendogs on the DS have proven a big hit with senior citizens and young girls respectively, and the Wii Sports titles are extremely addictive for gamers of all ages and genders. Not surprisingly, 51% of Wii gamers and 53% of DS gamers are females, compared with 11% of PlayStation 3 gamers, according to a Financial Times report.

Given the runaway success of the Wii, it is inevitable that Sony and Microsoft will be fighting back. Their first response has been to reduce Nintendo’s price advantage, with both companies releasing lower priced versions of their consoles albeit with less storage capacity. In addition, they are developing a wider range of controllers and other accessories as well as a broader range of games to expand their core market. All three companies are also investing in an online games network to offer their respective customers games download and multiplayer services.

With Sony and Microsoft playing catch up, the challenge is for Nintendo to maintain their innovation momentum in hardware and software design, continually redrawing the landscape of the video games industry. If that is achieved, they are bound to remain the top dog for years to come.

Quickfire: The Non-Dom Dilemma

2007-10-24T14:03:00.001+01:00

Alistair Darling's pre-budget report has stopped the music at non-domicile residents' tax party. Those residing - but not domiciled - in the UK for seven years or more are now faced with a flat rate of £30,000 per annum or alternatively, paying the additional tax that is due from their overseas income and capital gains. This could lead to three scenarios:

They grit their teeth and show Alistair the money, in which case nothing changes.
They decide the new tax regime makes their non-dom status pointless and so move to the UK permanently after considering other cost of living factors. In which case, demand for housing, transport, schools and other infrastructure increases, albeit minimally.
They decide the new tax regime makes their non-dom status pointless and so move out of the UK completely after considering other cost of living factors. In which case, firms have to fill the gaps and job opportunities open up for domiciles, albeit minimally.

Given the combination of factors that make the UK an attractive destination, I suspect both non-doms and Mr. Darling will be baring their teeth but only one will be a smile...

Social Technologies – Opportunities and Threats

2007-04-28T14:28:00.001+01:00

One of management’s greatest challenges is harnessing the full potential of their workforce to maximise productivity. Given the wealth of skills and knowledge that are possessed by employees, it is expedient to empower each individual and make their resources accessible to the whole organisation. Social technologies such as blogs and wikis provide tools which enable collaboration and information sharing among employees. However their deployment needs to be managed strategically in order to mitigate the associated risks.

The exponential growth in popularity of social networking sites such as MySpace and Blogger is producing a generation of young adults adept at sharing information in a format that is easy to access and understand. As they enter the workforce, businesses can harness their collaboration and communication skills by setting up a blogging system for individuals or teams. Blogs of activities, projects and problem resolutions create a knowledge resource that can be readily accessed in the absence of the employees concerned. Due to their less formal structure, blogs are simpler to set up and maintain than more rigid content management systems and thus employees would be keener to adopt them.

Similarly, the advent of Wikipedia has led to the growth of wikis as a popular tool for collaboration and knowledge sharing. Editable web pages can be updated by employees working jointly on a project or creating a knowledge base such as FAQs. A significant advantage of blogs and wikis is the reduction in the use of emails and file attachments, which can be unwieldy and create duplicate information.

However several IT and management policies need to be instituted before social technologies are deployed. A key challenge is the protection of the confidentiality of sensitive information. Clear policies need to be in place to guide the types of information that can be published on blogs and wikis while different levels of access need to be defined for viewing or editing such information. This also necessitates monitoring to ensure strict compliance with the policies.

There needs to be a robust quality control mechanism in order to maintain a high standard of accuracy and currency of information. While the collaborative use of blogs and wikis increase the likelihood of errors being detected and information kept up-to-date, team leaders or line managers need to take overall responsibility for the sites.

Employees might be less motivated to update the sites if it is perceived as an additional task. Conversely, they might be less efficient in their time management if they have to take time off their core tasks to update the sites. Thus the ideal implementation would be the integration of blogs and wikis into their workflow like other information systems.

The utility of social technologies is in their accessibility; hence careful thought should go into how information is stored as well as how it is retrieved. Blogs and wikis could be deployed in conjunction with enterprise search technologies which would index the information and speed up the retrieval of relevant results by searching for concepts rather than keywords.

Money Talks, Carbon Walks

2006-03-15T20:58:00.008+00:00

A commercial intercourse with Africa opens an inexhaustible source of wealth to the manufacturing interests of

Great Britain

, and to all which the slave-trade is an objection.

[I]t lays open an endless field of commerce to the British manufacturers and merchant adventurers. The manufacturing interest and the general interests are synonymous. The abolition of slavery would be in reality an [sic] universal good.

Olaudah Equiano, a freed slave campaigning for the abolition of the slave trade in the late 18^th century, understood that the slave trade was as much an economic issue as it was a moral one. Hence the campaign for its abolition would need to stretch beyond moral reasoning and embrace economic interests. Over two centuries later, a combination of ethical obligations and financial incentives is once again spurring the global community into action.

The adverse changes in the environment triggered by the burning of fossil fuels have been a focus of continuing debate within scientific, political and business circles. There is a growing consensus that modern society’s insatiable appetite for energy is eroding the climate’s delicate balance, with wide-ranging effects from rising temperatures and sea levels to devastating tsunamis and hurricanes.

However, while the moral case for preserving the environment for future generations is compelling, the socioeconomic costs of reducing greenhouse gas emissions hinder the implementation of corrective measures. In E&E TV's OnPoint interview program aired on 13 December 2005, Margo Thorning, managing director of the International Council for Capital Formation, argues that European governments do not have the political will to impose energy taxes high enough, across all sectors of the economy, to force energy use down. “We found, using a broad macroeconomic analysis, that the gross domestic product of four major EU countries would be significantly reduced [if they imposed taxes high enough to hit their targets],” says Ms. Thorning. “So the economic consequences of actually trying to hit the targets are quite significant.”

The Kyoto Protocol establishes a mechanism for international trading in emissions as well as project-based mechanisms including the Clean Development Mechanism and Joint Implementation. These provide a strong incentive for economies to invest both domestically and internationally in clean energy. In addition to energy savings that would be achieved, some of the cost could be recouped by trading their emissions credits. The EU estimates that with its Emissions Trading Scheme, the cost of meeting its Kyoto targets should be between €2.9 billion and €3.7 billion annually, less than 0.1 per cent of GDP. The cost of meeting the targets without the scheme could spiral to €6.8 billion annually.

Economic activities are based on scarcity in relation to supply and demand, so placing a limit on carbon emissions provides the price mechanism on which a carbon market can be built. Using the cap-and-trade system, the EU ETS rewards energy-efficient companies while simultaneously sanctioning companies that breach their carbon emissions quota. This encourages companies to develop processes and technologies that reduce carbon emissions, to the mutual benefit of both the economy and the environment.

Rapidly developing economies such as China and India – major sources of emissions growth – are excluded from emissions targets under the Kyoto Protocol. The Development Research Centre of China’s State Council forecasts 8 per cent GDP growth annually from 2006 to 2010. The country’s energy requirement, dominated by coal and oil, is set to keep pace with its GDP growth. “If China alone just develops on business as usual, no special environmental policies or changes, all the coal plants that it will build in the next 20 years will make it impossible to reach any of the targets to prevent the worst damage from climate change,” says Vijay Vaitheeswaran, energy and environment correspondent for The Economist in the 18 October 2005 episode of OnPoint.

The CDM provides the financial incentives for technologically advanced countries to share their emission-saving technologies with less developed countries that do not have emissions targets. The savings resulting from the technology transfer can be credited towards their own emissions targets. Mr. Vaitheeswaran adds that rich countries like the US can bear the cost of developing new technologies such as IGCC, which is a way of producing cleaner energy from coal: “We can make [these technologies] commonplace and then the Chinese and the Indians will adopt [them].”

Certainly, the US federal government, who still shuns the Kyoto Protocol, is not convinced of the viability of emissions trading. However, their agreement to participate in further talks on international cooperation on climate change signifies willingness to confront the issue as long as the economy is not harmed. Meanwhile, less suspicious state governments are jumping on board, with nine Northeastern and Mid-Atlantic states participating in the Regional Greenhouse Gas Initiative.

While environmental activists continue to pressurize governments and businesses to fulfill their moral obligations, the sound of the cash register just might convert boardroom executives into eco-warriors. Like Olaudah Equiano figured, actually.