Date post: | 26-Jun-2015 |
Category: |
Technology |
Upload: | matthew-dooley |
View: | 609 times |
Download: | 1 times |
Why Banks need to become social. Isola5on or integra5on? Ma: Dooley Director, Connected Thinking Ltd Former Head of Digital Experience, Global Commercial Banking, HSBC Future of Digital Finance Hong Kong, 24 November 2011
Welcome to the Social Era
Agenda 1. Why social media? 2. Social Media in Asia 3. Cases: Isola5on or Integra5on?
Forced Par5cipants: • BP • HSBC
Willing Par5cipants: • First Direct • Amex
4. What should you do?
Why should you care?
• Over 750m social users • 22% of all 5me online • #1 ac5vity on the web • Impacts SEO • Impacts credibility
Sources: Facebook, Neilson, Socialnomics, SEOmoz
Social media = people • Connec5ons • Conversa5ons • Rela5onships
• 90% trust peer recommenda5ons • Only 14% trust ads
People trust people not ads
People influenced by social media
Social ads deliver! • 3x Ad recall • 3x Awareness • 4x Purchase Intent
• 93% of marketers use social media for business
Asia is more social
The Players • Facebook dominates • Local players dominate
North Asia
Usage • North Asia for video
watching/sharing • South Asia for social
networking.
Source: Edelman & Comscore
Source: Asian Banker Research
Social Media Growth in Asia
Social Media Growth • Highest growth as you
travel North
Emerging Asia • Mobile driving growth
and ac5vity • More ac5ve on social
sites
Most corpora>ons and industries are very reluctant to enter into social media world
A genuine fear where conversa5ons are
ü Open ü Not controlled ü Transparent, and ü Poten5ally viral
Social Media Cases:
Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK)
Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
BP’s First Disaster: Gulf Oil Spill
April 20, 2010
Q. What are your goals, what are you trying to accomplish by using social media?
BP’s Second Disaster: Social Response
Fake TwiKer Account: Brandjacked!
@BPGlobalPR • 55,000+ within one week
@BP_America • Under 7,000
VS
Viral success @ BP’s expense Traffic and headline news in one week • 55,000 Twi:er followers in a week • Online ar5cles • TV and print: Newsweek, CNN, Fox, CNBC
They even mone>sed their success
• Spoof “BP cares” design
• Sell t-‐shirts with proceeds to the cause
Today, BP on twiKer
• Invested in 5me and resources
• 32,000+ followers
• Planorm to drive traffic to BP sites and other relevant local sites
Social integra>on on BP.com
Crea5ng dialogue, ac5on, empathy, respect and community • Richer, engaging
content
• More transparent and relevant
• Links to wider network of sites
on wide network of “relevant” sites
BP owned Relevant non BP sites
Response & issue related sites
and woven into “new corporate DNA”
Social Media Cases:
Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK)
Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
HSBC introduces fees on student accounts
• Promised free GBP1,500 overdrao for 1 year
• But introduces 9.9% rate for Graduates
Ini5al HSBC response • “Every year the graduate fee changes so students can re-‐evaluate their borrowing needs.”
Students set up facebook campaign
Students go public for HSBC to reconsider
• More than 5,000 student go online to protest
• Daily news – online, TV, print
HSBC backs down
• Listens to students • Reverse/ refund fees
Revised HSBC response “….we have taken the decision to freeze interest charging”
Students 1: HSBC 0
Today, new offering to Graduates
• Promote their Graduate service on UK social media sites
Social integra>on on hsbc.co.uk
• Social Newsroom • Plus use Facebook, Twi:er, Youtube, Flickr
And at “heart” of their growth strategy
• Rumors: social media is at heart of business growth strategy
Social Media Cases:
Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK)
Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
• Truly digital with no branches • Seen as innova5ve and customer service orientated Today, • 84% ac5ve digital banking users • 89% of customer contact is digital • 53% of sales are now online • UK’s most loved brand!
Social is the rule, not the excep>on.
First Direct: A leading social bank
Social to listen
Social for insight and conversa5on
Social to amplify news
Social to inspire advocates
Social for more engaging ads
Social for brand engagement and teaser……
First Direct Buddy Video
FD’s iPhone Apps • First UK Bank to launch a “Bank on the go” app in January 2011
Social for trust, respect, and results
Social for product feedback, sugges5ons and test ideas
Social Media Cases:
Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK)
Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
Amex driving community and business
• 7 million registered businesses • Resources and network to grow • Connect peers • Celebrity experts provide advice
and discussion.
Small Business Saturday
Last Year Results: • 41 officials from 27 states
declared it a holiday. • 28% boost in sales in stores
accep5ng Amex • Largest ever small business
community on Facebook
A real grassroots movement!
American Express >es up with Foursquare: “Check in and save”
• Offer foursquare users "coupon less, hassle-‐free savings within the foursquare app.”
• AmEx card holders simply link their credit cards to foursquare and deals and discounts are automa5cally applied.
• Ini5al offers @ popular stores (H&M) and some restaurants in NYC
Isola>on or Integra>on?
1. BP Integra5on 2. HSBC Integra5on 3. First Direct Integra5on 4. AMEX Integra5on
So what should you do?
As a minimum
1. Social Media Monitoring – brands, products, compe5tors 2. Iden5fy your social stakeholders -‐ nominate a “Champion” and Commi:ee 3. Social Media Policy
Listen • Iden5fy unhappy
customers • Iden5fy their pain
points • Watch for customer
complaints • Look for advocates
Act & Respond • Fix problem or relevant
informa5on • Help your customer • Improve product/service • Improve process
Results • Be:er customer
rela5onship • Improved brand
reputa5on • Improved product/
service • New Ideas
Then, use social media to funnel sales traffic
Connect, build rela>onships, and track right through to sales
One final thought
ABS has launched a Facebook branch
Thank you! Email: ma:@connectedthinking.asia linkedIn: ma:hew dooley Twi:er: ma:ldooley