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Social media and retail banking Passing fad or business tool? 29 September 2011
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Social media and retail banking
Passing fad or business tool?
29 September 2011
Douglas Blakey, Editor Retail Banker Interactive
Introduction
Growth. It took Facebook just nine months to reach 50 million users, compared with 4 years for the internet and 13 years for TV
Market leading activity. Social media is the most popular online activity with people spending, on average, 4.6 hours per week
Business opportunity. The majority of firms will be spending 3-10% of their marketing budget on social media in the next five years
Why do we need to talk about social media?
Michalis MichaelManaging DirectorDigital MR
Sanat RaoVice President and Global Head, Business Development, Client Engagements and AlliancesFinacle, Infosys
Natalie CowenHead of Brand and CommunicationsFirst Direct
Sanat Rao
Vice President and Global Head, Business Development, Client Engagements and Alliances
Finacle, Infosys
FROM TOSHIFTWho will influence customers Who will influence customers
Banks, Advisors, Intermediaries Banks, Advisors, Intermediaries Customer CommunitiesCustomer Communities
Where will transactions occur Where will transactions occur Traditional ChannelsTraditional Channels Ubiquitous ExchangesUbiquitous Exchanges
What will your competition look like What will your competition look like
Traditional Banks, Financial Institutions Traditional Banks, Financial Institutions
Retailers, Telco’s, Aggregators, New Players Retailers, Telco’s, Aggregators, New Players
What will be the nature of customer interactions What will be the nature of customer interactions
Impersonal, Disconnected, Sporadic Impersonal, Disconnected, Sporadic
Personalized, Contextual, Real-time Personalized, Contextual, Real-time
Social Media Social Media -- Changing the wayChanging the waywe do our businesswe do our business……
Social Media as catalystSocial Media as catalystfor Banking Innovationfor Banking Innovation
Regulation & Compliance
Product Innovation
(Differentiated Customer
Experience)
Service Innovation
(Internal Collaboration for
effectiveness)
Process Innovation
(Create right product the first time)
Service InnovationService Innovation•• EducateEducate –– Social Networking, Blogging Social Networking, Blogging
and Microand Micro--Blogging channels, Wiki, Blogging channels, Wiki, Review sitesReview sites
•• EmpoweEmpower r –– Blogs/Wikis/Peer reviewsBlogs/Wikis/Peer reviews•• EmbraceEmbrace –– Interaction at the social Interaction at the social
medium of choicemedium of choice•• ExtendExtend –– Communities of advocatesCommunities of advocates
Social Media as catalyst for Social Media as catalyst for adopting Innovation adopting Innovation
Product InnovationProduct Innovation•• Design and Develop Design and Develop –– CrowdsourcingCrowdsourcing for partnership for partnership
developmentdevelopment•• DeliverDeliver –– Right social media channelRight social media channel
Social Media as catalyst for Social Media as catalyst for adopting Innovation adopting Innovation
Process InnovationProcess Innovation•• Design and Simplify Design and Simplify –– Benchmark against social mediaBenchmark against social media•• Rationalise and Orchestrate Rationalise and Orchestrate -- Internal Collaboration Internal Collaboration •• for productivityfor productivity
Social Media as catalyst for Social Media as catalyst for adopting Innovation adopting Innovation
Impact of being SocialImpact of being Social
SocialBanking
Generate Leads
Improve client
service
Deepen client
relationships
Differentiate from
competition
Generate leadsGenerate leads
Right message right audience Right message right audience –– 88% more leads88% more leads
• Leveraging communities to drive transactions
• Top performing members• Forums, blogs, trading
games• Rich information
Improve client serviceImprove client serviceInstant Feedback Instant Feedback
Deepen relationshipsDeepen relationshipsIncrease TrustIncrease Trust
Differentiate from competitionDifferentiate from competitionCustomer Centric CoCustomer Centric Co--creationcreation
Natalie Cowen
Head of Brand and Communications
First Direct
Why social media?
Our mission is to pioneer amazing service….no matter what the channel
To do this we need to take our brand and services to the places we know our customers and prospective customers are, this means embracing social media.
We know that our customers love social media:
255k of our customers have visited Facebook in the last day530k in the last week
58k have visited Twitter in the last day127k in the last week
67k have visited YouTube in the last day431k in the last week
How have customers engaged with us so far?
Lab
Talking Point
4,128
2,522 followers
172 subscribers
241,396 channel views
27,394 registered users1,936 live recommendations 9,411 users login more than once per month
6,040 comments
5,989 comments
4. Respond:We have responded by creating a presence in key social media channels (Facebook, YouTube & Twitter), and will continue to evolve these channels as well as other key forums.
We hope to encourage and facilitate word of mouth recommendation, with our customers empowered to share their experiences with prospective customers and act as brand ambassadors on our behalf.
3. Adapt:We needed to change our approach to communication.
Instead of continuing to expect people to come to us, we realised we needed to go to them. We needed to join the conversations in the places where they were actually happening and adapt our communication model to fit in the new social media society.
1. Listen:The 2009 ‘live’ campaign was our first step into social media – and primarily it was about listening to what people were saying about us in online environments and visualising this in an engaging way (showing, not telling).
We published the good and the bad and broadcast it through digital display spaces across London, and online.
Learning as we goNatural next steps
2. Learn:From the ‘live’ campaign we could see that conversations were happening in which we were a hot topic. But, we were not a part of these conversations and we had no presence in the forums in which these conversations were taking place.
We were missing valuable opportunities to join in the conversation and encourage the positive recommendation of our services through word of mouth.
What do we hope to achieve? And how will we judge our success?
Objectives• Continue to pioneer amazing service in a world where social media is the new word of mouth• Enable our people to do what they do best and have great conversations with customers in these
spaces• Create, share and engage via storytelling• Recruit new customers
Measures1. Engagement on social media platforms2. Customer satisfaction, brand awareness and consideration, recommendation
Some lessons we’ve learned
• Do your homework• Be prepared• Take action
Michalis Michael
Managing Director
Digital MR
Crawl before you Fly
Web listening
©2010 Digital-MR®
All Rights Reserved
If Web Listening is not yet an integral part of your Marketing, Operations and Product
Development Function….
Explore Define Target Design POC Execute Pilot Debrief
Customers?:•Consumers•Investors•SMEs
34
Business Benefits of Active Web Listening: Growth Vs Fear!
The fear/risk factor : What can happen to your company if you do not engage?
The opportunity: how much can you grow?
The Drill Down
Level 2. Brands within Feature
Level 1. Feature Ranking
Level 3. By Source
Brand ranking Within Customer Care
HSBCWithin Customer CareBy source
Top 8 featuresfor banking
Level 4. Sentiment of brand within
feature on specific source
Level 6. Individual Post
Level 5. List of Posts
The Drill Down cont.
All Negative Commentson Uswitch.com for HSBC’s Customer Care
The negative post of Katquin82 On UswitchFrom 27/01/10 readby 98 people
Sentiment for HSBC’sCustomer Care on Uswitch.com
A New Force for Business Insights
Active Web Listening + Private Online Communities (POC)
100‐500 Members in a Community, your extended marketing team for Co‐creation.100‐500 Members in a Community, your extended marketing team for Co‐creation.
Where are you on the curve and where do you want to go?
Source: www.collectiveintellect.com
Michalis MichaelManaging DirectorDigital MR
Sanat RaoVice President and Global Head, Business Development, Client Engagements and AlliancesFinacle, Infosys
Douglas Blakey, Editor Retail Banker Interactive
Natalie CowenHead of Brand and CommunicationsFirst Direct
This webinar will be available for replay at Retail Banker Interactive from 30 September 2011
The next webinar in this series is on Wednesday 26th at 15:00 GMT and looks at how technology is driving revolution in branch design. Please register at www3.gotomeeting.com/register/545690054 or follow the links at the Retail Banker Interactive site.
For more information contact:
