Social Media: People First! @ MEFTEC 2009


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This is the presentation I delivered at the MEFTEC 2009 in Bahrain (February 2009).

I invite you to check my coverage on


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Social Media: People First! @ MEFTEC 2009

  1. 1. Christophe Langlois, Social Media: People First! February 2009
  2. 2. Bahrain: the Quest for the Tree of Life
  3. 3. Visible Banking: 100% Social Media <ul><li> (created in February 2007) </li></ul><ul><li>Stats (January 2009) </li></ul><ul><ul><li>700+ rss feed readers </li></ul></ul><ul><ul><li>350+ posts </li></ul></ul><ul><ul><li>55+ video interviews </li></ul></ul><ul><ul><li>10+ events covered </li></ul></ul><ul><li>The Visible Banking Page on Facebook (created in August 2008) </li></ul><ul><li>Stats (January 2009) </li></ul><ul><ul><li>220+ fans </li></ul></ul><ul><ul><li>55+ posted items </li></ul></ul>
  4. 4. Exclusive Content Source: (February 2009) Interviews Slides Directory
  5. 5. VB Services: Social Media for Banks Sources: endorsements, services, “ Christophe seems to have his finger on the pulse of the financial services industry. Visible Banking has become &quot;the&quot; source of information for innovations in the financial services industry.” Tim Collins, SVP-Experiential Marketing, Wells Fargo “ Christophe has written a very valuable and in-depth analysis of the site Fortis launched for entrepreneurs, He maintains a superb site,, where he educates us with real passion on web2.0 initiatives. It was a real pleasure to meet Christophe in real live, and I can recommend everyone in the banking industry with plans to launch a web 2.0 site to contact Christophe to discuss their idea.” Catherine Ossemerct, head of media-channels, Fortis “ Christophe is an industry leader and a true visionary. I've been reading his work for some time and had the pleasure of working with him at the Marcus Evans Online Retail Banking Services conference. Christophe served as the conference chair. He masterfully led the two-day event keeping attendees engaged and focused. His sharing of keen insight, opinion and direct connections to leading industry members was exceptionally valuable.” Michael Neil, Vice President, Online Strategy, Merrill Lynch Bespoke Internal Workshops – Executives Briefings & Discovery Sessions Social Media: Strategy – Audit – Balance ScoreCard Hands-on International Social Media Seminars for Financial Institutions
  6. 6. Social Media Will Support Your Strategy <ul><li>Customer Advocacy </li></ul><ul><li>Employee Advocacy </li></ul><ul><li>New Income </li></ul><ul><li>Efficiencies </li></ul>
  7. 7. Key Challenges & Concerns <ul><li>Where shall we start? What is going on in the market? </li></ul><ul><li>Tactical vs Strategic </li></ul><ul><li>Senior Management is reluctant </li></ul><ul><li>Risk of brand damage </li></ul><ul><li>Where is the ROI? </li></ul><ul><li>How do we measure success? </li></ul><ul><li>Limited budget & IT resources </li></ul><ul><li>Security / Integration </li></ul><ul><li>Web agencies don’t have a deep understanding of Banking </li></ul><ul><li>Too many vendors/Start ups: young, size, US based, SLA </li></ul><ul><li>Procurement </li></ul>Strategy ROI Technology
  8. 8. <ul><li>How much </li></ul><ul><li>do you know? </li></ul>
  9. 9. The Future of Online Finance... Now 850,000+ users + World Economic Forum 2.5million+ users 10 new videos / day The next way to invest Launches Ace Manager J2G is 2 Closes US office Partners with ANZ Launches BlobLive
  10. 10. <ul><li>How much </li></ul><ul><li>do you care? </li></ul>should you care?
  11. 11. Appreciate the Power of Social Media - NAB, Australia (October 2008) - HSBC, UK (June 2007)
  12. 12. People’s Expectations Have Changed
  13. 13. Shall We Embrace Social Media?... <ul><li>Credit crunch </li></ul><ul><li>Limited trust </li></ul><ul><li>New customer expectations </li></ul><ul><li>The power has shifted </li></ul><ul><li>Limited IT & marketing budget </li></ul><ul><li>Transformation programmes and iconic projects </li></ul><ul><li>Strategy - towards Customer Advocacy </li></ul><ul><li>… where shall we start? </li></ul>Transparency Show we have a soul Customer Advocacy
  14. 14. <ul><li>Social Media </li></ul>
  15. 15. 11 “Good” Reasons Against Social Media <ul><li>Credit Crunch </li></ul><ul><li>We have already tried! </li></ul><ul><li>UGC is too risky </li></ul><ul><li>No clear ROI </li></ul><ul><li>Limited Marketing budget, limited resources </li></ul><ul><li>Only good for small FIs and direct banks </li></ul><ul><li>The mighty Press Office and L&C departments </li></ul><ul><li>Personal branding: risk of loosing our best people </li></ul><ul><li>Our new online channel will deliver everything... </li></ul><ul><li>Intranet 2.0: confidential documents made visible </li></ul><ul><li>Focus on the basics: single view of the customer... </li></ul><ul><li>Source: (August 2008) </li></ul>
  16. 16. <ul><li>Definition </li></ul><ul><li>Social Media? </li></ul><ul><li>Web 2.0? </li></ul>
  17. 18. Banking 2.0: Technologies & Trends Inspired by the McCann Social Media Tracker Wave .3 SOCIAL MEDIA WEB 2.0 - UGC RSS Podcasts Photo & Video Widgets Micro Blogging Blogging Social Networking Virtual Worlds P-to-P Lending PFM Customer Reviews Ideas & Innovation Labs
  18. 19. The Four Kinds of Social Media Projects BTF – Intranet 2.0 Online Banking B-to-B projects B-to-C projects Risk Complexity OPEN Open Restricted Restricted Design & Launch Recruit Engage Measure
  19. 20. Market Size - from the Research Firms <ul><li>“ 26% of search results link to user-generated content.” Nielsen BuzzMetrics </li></ul><ul><li>“ More Americans will turn to online person-to-person (P2P) social lending networks to pay off credit card debt, with the amount borrowed for this purpose expected to grow from $38 billion in 2007 to $159 billion by 2012.” Javelin Research & Strategy, December 07 </li></ul><ul><li>“ By 2010, social-banking platforms will have captured 10% of the available market for retail lending and financial planning.” Gartner, February 08 </li></ul><ul><li>“ Enterprise spending on Web 2.0 technologies will grow strongly over the next five years, reaching $4.6 billion globally by 2013.“ Forrester, April 08 </li></ul>
  20. 21. Gartner: Most Companies will Fail... <ul><li>Business are going to have to adopt social media campaigns to interact and communicate with customers. </li></ul><ul><ul><li>over 60% of online Fortune 1000 companies will have connected with or developed an online community by 2010. </li></ul></ul><ul><ul><li>over 50% of companies that develop a social media campaign will fail, potentially having a negative effect on their brand. </li></ul></ul><ul><li>“ [Businesses] will rush to the community and try to connect, but essentially they won't have a mutual purpose, and they'll fail.&quot; </li></ul><ul><li>Source: Gartner Research (October 2008) </li></ul>
  21. 22. Social Media is all about people! <ul><li>Internally </li></ul><ul><ul><li>subject matter experts, social media champions, employees, community managers, editors </li></ul></ul><ul><li>Externally </li></ul><ul><ul><li>contributors, detractors, advocates, clients, prospects, prominent bloggers </li></ul></ul>Recommended: Interview with Matt Flannery, Founder & CEO of on
  22. 23. The Key to Success: Reward People Successful Social Media Initiatives, Buzz & WOM Active Communities Fun / Experience Visibility Exclusive Content Contest / Prizes
  23. 24. Turn your employees into Rockstars! <ul><li>Identify your employees passions and expertise </li></ul><ul><li>Give them visibility, your clients will relate to them </li></ul><ul><li>They will feel special & proud to work for your bank </li></ul><ul><li>Increase your Employee Advocacy and Retention </li></ul><ul><li>Attract the most talented individuals </li></ul>
  24. 25. <ul><li>Learn </li></ul><ul><li>Listen </li></ul><ul><li>Participate </li></ul><ul><li>Engage </li></ul><ul><li>Measure </li></ul>
  25. 26. Recommendations <ul><li>Learn - work with a subject matter expert </li></ul><ul><ul><li>Identify the best practices in banking Organize internal workshops </li></ul></ul><ul><li>Listen first </li></ul><ul><ul><li>Monitor online reputation, risk of brand dilution, and lack of ownership </li></ul></ul><ul><li>Create company pages on major social media sites </li></ul><ul><ul><li>Avoid brand jacking, go local, employees/champions </li></ul></ul><ul><li>Start where it makes sense </li></ul><ul><ul><li>Blog, social network, customer reviews, virtual island </li></ul></ul><ul><li>Do it right: be honest & transparent </li></ul><ul><ul><li>Drive recruitment, engage, REWARD </li></ul></ul><ul><li>Measure & set up realistic targets </li></ul><ul><ul><li>Traffic, Member base, activity, rss feed readers </li></ul></ul>Negative comments: from 75% to 22% ? Source: (Sep 2008)
  26. 27. Listen, Watch Trends, and Measure
  27. 28. ROI(s) 2.0: Blogging, SN, PFM and Ideas <ul><li>Blogging </li></ul><ul><ul><li>Drive Customer & Employee Advocacy </li></ul></ul><ul><ul><li>Drive natural search, increase CTR, reduce PPC </li></ul></ul><ul><ul><li>Increase share of voice, improve good vs bad ratio </li></ul></ul><ul><li>Social Networking / Customer Reviews… </li></ul><ul><ul><li>Increase propensity to buy, shorten product purchase cycle </li></ul></ul><ul><ul><li>Create P-2-P networks, excellent for profiling </li></ul></ul><ul><li>PFM </li></ul><ul><ul><li>Increase adoption of Internet Banking (IB) </li></ul></ul><ul><ul><li>Increase traffic to & time spent on IB </li></ul></ul><ul><ul><li>Target duo customers </li></ul></ul><ul><li>Idea Generation / Innovation Labs </li></ul><ul><ul><li>R&D: capture feedback, involve the market </li></ul></ul><ul><ul><li>Prioritize product launches, increase our success rate </li></ul></ul>Online Sales Online Marketing Brand Customer Advocacy Employee Advocacy Benefits
  28. 29. <ul><li>Blogging </li></ul><ul><li>Social Networking </li></ul>
  29. 30. Blogging: North America Leads the Way Consumer Commercial Senior Executives 03/2006 09/2006 11/2006 08/2006 2007 Q4/2007 More industry blogs:
  30. 31. Blogging Guidelines <ul><li>Technology / Interface </li></ul><ul><ul><li>Make it easy to subscribe to and spread the word </li></ul></ul><ul><ul><li>Make it easy to leave a comment (capture the email address) </li></ul></ul><ul><ul><li>Build it “search engines friendly” </li></ul></ul><ul><li>Content </li></ul><ul><ul><li>Be creative, find a topic of interest: don’t focus on products but emotions </li></ul></ul><ul><ul><li>Post on regular basis & respond </li></ul></ul><ul><ul><li>Involve your employees </li></ul></ul><ul><ul><li>Be transparent and honest </li></ul></ul><ul><ul><li>Don’t sell on your blog </li></ul></ul><ul><li>Advocay / Word of Mouth </li></ul><ul><ul><li>Leverage the popular social media sites like Youtube & Flickr </li></ul></ul><ul><ul><li>Promote your blog smartly: intranet, internet, online banking </li></ul></ul><ul><ul><li>Launch competitions (posts, videos...) </li></ul></ul><ul><ul><li>Engage with the prominent bloggers </li></ul></ul><ul><li>Reduce Risk </li></ul><ul><ul><li>Publish clear guidelines </li></ul></ul><ul><ul><li>Put in place a moderation process </li></ul></ul><ul><li>Credibility </li></ul><ul><ul><li>Involve your Senior Executives </li></ul></ul><ul><ul><li>Invite famous guest bloggers </li></ul></ul>
  31. 32. Social Networking: Focus on SME Market 02/2007 01/2008 – 08/2008 10/2007 Global survey on social networking:
  32. 33. Advanta: an Ambassador for the Sector Sources: , ,
  33. 34. Wells Fargo 2.0: Create Emotions Source:
  34. 35. Social Media: Best Practices Be original Involve your fans Make it easy to contribute Urge your members to promote your community Be seen as innovative Source: (January 2009) Source:
  35. 36. Expectations & Success Criteria -> First 6 posts avg 15 comments -> Now avg 5 comments
  36. 37. <ul><li>PFM </li></ul><ul><li>Virtual Worlds </li></ul><ul><li>Customer Reviews </li></ul><ul><li>Widgets </li></ul>
  37. 38. PFM 2.0: the Banks are Catching Up Banks “ It's nice to see a bank who's at least thinking about people in their 20s. That said, it's just so far from complete. Until banks provide an elegant system for pulling all your information together in one place, accurately showing your spending and cashflows so that you budget and save, and show you (objectively) ways you can save money, I'm not too worried.” Aaron Patzer, Founder & CEO, Source: (July 2008) Start ups / Communities / Vendors
  38. 39. Virtual Worlds: Provide Richer Experiences <ul><li>3D internet helps provide richer experience </li></ul><ul><li>Virtual worlds are becoming part of a global communication mix </li></ul><ul><li>Key Goals: financial education, recruitment, innovation, new product ideas & environments, customer support </li></ul><ul><li>Key questions </li></ul><ul><ul><li>What is your goal? </li></ul></ul><ul><ul><li>Who are you targeting? </li></ul></ul><ul><ul><li>Which metaverse? - Beyond Second Life - </li></ul></ul><ul><li>Bring your clients into these spaces </li></ul><ul><li>Useful Behind The Firewall (BTW) for collaboration </li></ul>
  39. 40. Customer Ratings & Reviews Source: db research (June 2008) Source: (Sep 08)
  40. 41. The Widget Economy is Real <ul><li>23% of social network users have installed an application </li></ul><ul><li>18% of bloggers have installed applications in their blog templates </li></ul><ul><ul><li>Source: McCann, Social Media Tracker Wave .3 </li></ul></ul><ul><li>615 million people (65% of the worldwide Internet users) viewed or engaged with a widget </li></ul><ul><ul><li>Source: ComScore June 2008 </li></ul></ul>Source: (Sep 2008) Source: (Sep 2008)
  41. 42. <ul><li>Learn </li></ul><ul><li>Listen </li></ul><ul><li>Participate </li></ul><ul><li>Engage </li></ul><ul><li>Measure </li></ul>
  42. 43. Q&A - Thank You for Listening <ul><li>I invite you to: </li></ul><ul><ul><li>Subscribe to </li></ul></ul><ul><ul><li>Join the Community on the Visible Banking Page on Facebook </li></ul></ul><ul><ul><li>Contribute to the “People First!” global survey on social networking: </li></ul></ul><ul><ul><li>Check “Banking 2.0: The Social Media Directory”: </li></ul></ul><ul><li>Christophe Langlois </li></ul><ul><ul><li>Cell: 0044 (0)7736 446 357 </li></ul></ul><ul><ul><li>Email: [email_address] </li></ul></ul><ul><ul><li>Linkedin: </li></ul></ul>
  43. 44. Christophe Langlois, Social Media: People First! February 2009