Reuters & Social Networking

by mike on March 3, 2007

Reuters announced this week that they intend on building a social network aimed at finance professionals such as traders and fund managers. The service will only be available to Reuters subscribers a hopes to land a large % of their 70,000 finance professional users.

What’s going to be interesting is how they integrate this new service and what value it provides. Social networking for the sake of social networking doesn’t work. What Reuters has going for them are the services and users they already have. They should talk to their users and figure out how a social network would help finance professionals do their jobs better. Maybe sharing trading strategies, offline networking, finding jobs or sharing research methods. A few other issues that come to mind are keeping information private and potential conflicts-of-interest, especially when you have firms acting in multiple capacities.

It’s nice to see some innovation in this space. I’m doubtful that Reuters will get this right the first time, but happy they are trying.

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