social media for financial services

Social Media for Financial Services- Best Practices

Ayse Kok

AGENDA

General Overview of Social Media Use- 2011 Social Media in Financial Services Report

Global Banking from the Perspective of Social Media- A Pragmatic Approach for Using Social Media

Suggestions for Using Social Media Based on Best Practices

General Overview of

Social Media Use

Social Media Channels Used by Bank Customers

2011 Social Media in Financial Services Report

Social Media Adaptation within the Next 2-3 Years

No one thinks that it is going away completely.

Departments Governing Social Media Initiatives

Social Media Strategies

Reasons for Using Social Media Platform

Yearly Change in Social Media Budget

Global Banking from the Perspective

of Social Media

Best Practice Examples/ Deutsche Bank

• * Australia: NAB* US: USAA, GEICO, 53* Germany: Deutsche Bank* Russia: Alfa Bank* Switzerland: Credit Suisse* UK: Fidelity International, Lloyds TSB - Our Social Network

Best Practice Examples/ Credit Suisse

All social media tools integrated in one place

Blogging about the banking community general or social responsibility projects

Best Practice Examples/ Blog

Best Practice Examples/ Blog

FOLLOWERS?

UK (60%) 9.7% 1,000+38.3% <50

TOTAL(100%) 9.1% 1,000+47.1% <50

Know your followers/fans!

Best Practice Examples/ Twitter

How Much Do You Think You Know?

Aviva suffered a massive backlash on social media site Twitter last night against its placement of an advert for income protection (IP) showing a motorbike accident during ITV's popular period drama Downton Abbey. The advert aims to show how IP can safeguard customers' standard of living in the event they are unable to work, for example due to an accident. But angry viewers labelled it "depressing" and said it spoiled their enjoyment of the eagerly awaited start of the second series of the hit show.

Facebook Trends: March 2010-2011

March, 2010

Pages: 276Fans: 2,589,203Applications: 20

Top 10

# Fans: 2,295,379 (88%)New Fans: 112

March, 2011

Top 10

# Fans: 6,759,373 (64%)New Fans: 1,348

Pages: 626Fans: 10,411,227Applications: 75

Source: http://Visible-Banking.com/VBFW

September, 2010

Top 10

Pages: 428Fans: 4,787,405Applications: 37

# Fans: 3,612,235 (75%)New Fans: 459

Utilizing the Power of the Crowd

CHANGE THE BRAND PERCEPTION

2.9 (1.1) Million

IMPROVE AVAILABLE PRODUCTS

CREATE NEW PRODUCTS & SERVICES

263 (17) Ideas

Citibank: Social Credit Card

ThankYou Point Sharing www.facebook.com/citibank

Basically, the bank aims to urge its card holders to spread the word around them on the likes of Facebook or Twitter about the card and its perks, and reward them for doing so. Citi’s new long term social strategy involves monthly contests on Facebook and to support the launch, an initial contest to become a ‘Social A Lister’.

Chase: Use of Facebook for Social Responsibility Project

Kbank- Foursquare Promotional Offers

Best Practice Examples/ Podcast

Best Practice Examples/ Video - Web TV & Webcast

Best Practice Examples/ Web Initiatives

Prepare for RetirementLearn all you need to know about planning for retirement: How much you need to save, the best investments for reaching your savings goals, the advantages of tax-deferred investing and making your money last once you retire

Best Practice Examples/ Web Initiatives

What is the Little Black Book?It's somewhere that first direct customers can share their best experiences. It can be anything from an unforgettable meal, or a gem of a hotel, to a brilliant day out for kids, or a tradesman that has done them proud.

Suggestions for

Using Social Media Based on

Best Practices

General Suggestions for Using Social Media

1. Raising awaress about the brand name

2. Humanizing the brand3. Serving customers 4. Leading generation

Source: Analytics Demystified and the Altimeter Group

1. Raising Awareness about the Brand Name

objective: thought leadership- in 140 or fewer characters

expert advice

Source: Analytics Demystified and the Altimeter Group

objective: thought leadership, increasing brand awarenesscorporate social responsibility

Social media for social good

Philanthropy & community service

messages

Source: Analytics Demystified and the Altimeter Group

2. Humanizing the Brand

objective: humanizing the brand

increased transparencySource: Analytics Demystified and the Altimeter Group

3. Serving CustomersIncrease your happiness index through social listening

objective: customer service

timely problem solutionSource: Analytics Demystified and the Altimeter Group

4. Leading Generationobjective: leading generation

Different promotions

Source: Analytics Demystified and the Altimeter Group

objective: increase your networkrecruitment

Source: Analytics Demystified and the Altimeter Group

Social Media Optimization

Design your social media sites as content aggregators and communities

Source: Analytics Demystified and the Altimeter Group

Use your social media sites for publishing micro-content.

Source: Analytics Demystified and the Altimeter Group

Video Types

• Orientation booklets• Product reviews• Organizational tours• Interviews (employee/customer suggestions)• News• Promotions

Source: Analytics Demystified and the Altimeter Group

thought slides

1 week700+ views

Source: Analytics Demystified and the Altimeter Group

thought slidesdo humanize your brand.

Display your corporate citizenship by documenting your volunteering activities

Source: Analytics Demystified and the Altimeter Group

tools to quantify influence, impact and scope

Source: Analytics Demystified and the Altimeter Group

what to measure?- Site traffic- Click rate- Network growth- P2P discussions- Number of individuals talking about it- Benefits received through use of promotion codes

Source: Analytics Demystified and the Altimeter Group

Business objective Measurement DefinitionPromoting conversations Voice sharing Percentage of brand referrals in all social

channels - %

Building relationships with followers/fans Percentage of individuals who post a comment or sent an invitation to connect - %

Access to conversation Percentage of visitors who contributed to discussions about specific areas - #

Increasing brand reputation Motivating followers/fans to share their feelings about the brand

Number of individuals who showed positive feelings in a specific time period- #

Defending the impact of the followers/fans Impact of individuals through social media channels- %

Fan impact Direct or indirect contribution of followership

Providing support Resolution rate Percentage of customer complaints that have been resolved through use of social media

Resolution time Time required to respond to a customer complaint via use of social media channel

Satisfaction score Scor index showing customer satısfaction level

Making innovation faster Subject trends Specification of product/service topics by following conversations on social media

Feeling rate Rate of positive/neutral/negative comments

Idea impact Percentage of positive feelings that have been conveyed on social media due to a new product or serviceSource: Analytics Demystified and the Altimeter Group