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Social Media and Finance Workshop Summary Presentation Transcript

  • 1. Social media and finance
    Key takeaways from one day workshop in London on 15 June 2010
    Andrew Carrier
    8 July 2010
  • 2. 2
    One day workshop focused on how to benefit from social media in the financial services industry
    Workshop leader
    @Visible_Banking: Christophe Langlois, Founder of Visible Banking, ex-SWIFT
    Speakers
    @Andy_Golding: Andy Golding, CEO at Saffron Building Society
    Richard Khan, Senior Global Digital Engagement Strategy Manager at Barclaycard
    @BrianMilligan: Brian Milligan, Associate Director, Group Centre and Corporate Affairs at Barclays
    @JPunishill: Jaime Punishill, Global Head of Wealth Online at Thomson Reuters (previously head of online at Citi in New York @AskCiti)
    @GroverXV: Gerard Walsh, Head of Web & CRM at Schroders Investment Management
    Format
    Presentations, including mini case studies
    Q&A
    Panel discussions
  • 3. 3
    Two big takeaways
    Value: There is tangible value to be derived from social media in finance and B2B, specifically in
    brand building / differentiation;
    First mover advantage leads to press coverage and interest
    You look more approachable / rebuild trust with customers
    interaction / product co-creation;
    client and employee advocacy; and
    efficiency .
    Effort: People won’t get it at first, so
    start small;
    be practical and pragmatic;
    align with commercial objectives; and
    don’t give up.
  • 4. 4
    Big takeaways: Social media still has the potential to associate innovation and trust with your brand.
    Value: There is tangible value to be derived from social media in finance and B2B, specifically in
    brand building / differentiation;
    First mover advantage leads to press coverage and interest
    You look more approachable / rebuild trust with customers
    “We wanted to use social media to distinguish ourselves in terms of how we came out of the financial crisis well.” - @BrianMilligan
    “Nowdays people love to hate big brands. They’re looking for advice from people like themselves.” – @Andy_Golding
    “Progressive leaves even off-topic or abusive comments on their Facebook wall in the interests of transparency.” - @Visible_Banking
  • 5. 5
    Big takeaways: It is a huge potential source of insight into your customers.
    Value: There is tangible value to be derived from social media in finance and B2B, specifically in
    brand building / differentiation;
    First mover advantage leads to press coverage and interest
    You look more approachable / rebuild trust with customers
    interaction / product co-creation;
    “We got senior management to say ‘this might be the greatest source of customer insight in real time we have ever seen’.” @JPunishill
  • 6. 6
    Big takeaways: Social media is a way to get your customers and employees on side.
    Value: There is tangible value to be derived from social media in finance and B2B, specifically in
    brand building / differentiation;
    First mover advantage leads to press coverage and interest
    You look more approachable / rebuild trust with customers
    interaction / product co-creation;
    client and employee advocacy;
    Open and honest dialogue is what you need to rebuild trust with customers” – Richard Khan
    “There’s no more logical universe for social media than investment management: it’s all about relationships.” - @JPunishill
  • 7. 7
    Big takeaways: It is very time and resource efficient.
    Value: There is tangible value to be derived from social media in finance and B2B, specifically in
    brand building / differentiation;
    First mover advantage leads to press coverage and interest
    You look more approachable / rebuild trust with customers
    interaction / product co-creation;
    client and employee advocacy; and
    efficiency.
    “At Saffron, we use a CEO blog for communicating with public, our members, finance journalists and staff. All at once.”- @Andy_Golding
    “What does Barclaycard do with social media? Enhance & protect our reputation, campaign amplification + listen & respond.” – Richard Khan
  • 8. Effort: People won’t get it at first, so
    • start small;
    8
    Big takeaways: You’ll need to convince people but social media scales easily, so start small.
    “We launched video by using it internally first. Now people get it.”- @GroverXV
    “The social media fight is the same fight as e-commerce 10 years ago.” - @JPunishill
  • 9. 9
    Big takeaways: The key is pragmatism, so draw up guidelines, reuse existing content and be practical.
    Effort: People won’t get it at first, so
    start small;
    be practical and pragmatic;
    “We had to find ‘the glue’ to hold our disparate social media activities together.” - @BrianMilligan
    “What’s a blog? If you already have a good newsletter, you can easily turn it into a blog.” - @Visible_Banking
    “Ask naysayers about probability and magnitude for each of their objections. It’s often business risk not regulatory. Business risk is for marketing and communications to tackle, not legal and compliance.” - @JPunishill
  • 10. 10
    Big takeaways: Don’t get carried away with the novelty; stick to clear and pre-existing business goals.
    Effort: People won’t get it at first, so
    start small;
    be practical and pragmatic;
    align with commercial objectives;
    “It’s about social business not social media or collaboration” - @GroverXV
    “The three Cs of successful social media strategy are: content, context and commerce.” - @JPunishill
    “You have to measure ROI according to existing business metrics. Number of followers, positive tweets won’t cut it.” - @JPunishill
  • 11. 11
    Big takeaways: The culture in B2B and in finance is not conducive to social media, but don’t give up.
    Effort: People won’t get it at first, so
    start small;
    be practical and pragmatic;
    align with commercial objectives; and
    don’t give up.
    “In B2B, it’s very difficult to get an online dialogue going.” - @Visible_Banking
    “Accept that you will have to devote a lot of time to evangelism – both internally and externally.” - @JPunishill
    “It was seen as geeky at first. Don’t give up” - @GroverXV
  • 12. 12
    There is tangible value to be derived from social media; it’s worth the effort.
    Value: There is tangible value to be derived from social media in finance and B2B, specifically in
    brand building / differentiation;
    First mover advantage leads to press coverage and interest
    You look more approachable / rebuild trust with customers
    interaction / product co-creation;
    client and employee advocacy; and
    efficiency .
    Effort: People won’t get it at first, so
    start small;
    be practical and pragmatic;
    and
    don’t give up.
    “84% of asset managers think social media will have a lasting impact on the financial services industry” - @GroverXV
  • 13. 13
    Thank you