Social Media: People First! Visible-Banking.com @ MEFTEC 2009

Christophe Langlois, Visible-Banking.com Social Media: People First! February 2009

Bahrain: the Quest for the Tree of Life

Visible Banking: 100% Social Media
Visible-Banking.com (created in February 2007)
Stats (January 2009)
700+ rss feed readers
350+ posts
55+ video interviews
10+ events covered
The Visible Banking Page on Facebook (created in August 2008)
Stats (January 2009)
220+ fans
55+ posted items

Visible-Banking.com: Exclusive Content Source: www.Visible-Banking.com (February 2009) Interviews Slides Directory

VB Services: Social Media for Banks Sources: endorsements, www.linkedin.com/in/christophelanglois services, www.Visible-Banking.com/visible-banking-services-20.html “ Christophe seems to have his finger on the pulse of the financial services industry. Visible Banking has become "the" 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, join2grow.biz. He maintains a superb site, visible-banking.com, 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

Social Media Will Support Your Strategy
Customer Advocacy
Employee Advocacy
New Income
Efficiencies

Key Challenges & Concerns
Where shall we start? What is going on in the market?
Tactical vs Strategic
Senior Management is reluctant
Risk of brand damage
Where is the ROI?
How do we measure success?
Limited budget & IT resources
Security / Integration
Web agencies don’t have a deep understanding of Banking
Too many vendors/Start ups: young, size, US based, SLA
Procurement
Strategy ROI Technology

How much
do you know?

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

How much
do you care?
should you care?

Appreciate the Power of Social Media Myfuturebank.org - NAB, Australia (October 2008) Facebook.com - HSBC, UK (June 2007)

People’s Expectations Have Changed

Shall We Embrace Social Media?...
Credit crunch
Limited trust
New customer expectations
The power has shifted
Limited IT & marketing budget
Transformation programmes and iconic projects
Strategy - towards Customer Advocacy
… where shall we start?
Transparency Show we have a soul Customer Advocacy

Social Media

11 “Good” Reasons Against Social Media
Credit Crunch
We have already tried!
UGC is too risky
No clear ROI
Limited Marketing budget, limited resources
Only good for small FIs and direct banks
The mighty Press Office and L&C departments
Personal branding: risk of loosing our best people
Our new online channel will deliver everything...
Intranet 2.0: confidential documents made visible
Focus on the basics: single view of the customer...
Source: www.Visible-Banking.com/banking_20_vnews/index.html (August 2008)

Definition
Social Media?
Web 2.0?

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

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

Market Size - from the Research Firms
“ 26% of search results link to user-generated content.” Nielsen BuzzMetrics
“ 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
“ By 2010, social-banking platforms will have captured 10% of the available market for retail lending and financial planning.” Gartner, February 08
“ 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

Gartner: Most Companies will Fail...
Business are going to have to adopt social media campaigns to interact and communicate with customers.
over 60% of online Fortune 1000 companies will have connected with or developed an online community by 2010.
over 50% of companies that develop a social media campaign will fail, potentially having a negative effect on their brand.
“ [Businesses] will rush to the community and try to connect, but essentially they won't have a mutual purpose, and they'll fail."
Source: Gartner Research (October 2008)

Social Media is all about people!
Internally
subject matter experts, social media champions, employees, community managers, editors
Externally
contributors, detractors, advocates, clients, prospects, prominent bloggers
Recommended: Interview with Matt Flannery, Founder & CEO of Kiva.org on Visible-Banking.com

The Key to Success: Reward People Successful Social Media Initiatives, Buzz & WOM Active Communities Fun / Experience Visibility Exclusive Content Contest / Prizes

Turn your employees into Rockstars!
Identify your employees passions and expertise
Give them visibility, your clients will relate to them
They will feel special & proud to work for your bank
Increase your Employee Advocacy and Retention
Attract the most talented individuals

Learn
Listen
Participate
Engage
Measure

Recommendations
Learn - work with a subject matter expert
Identify the best practices in banking Organize internal workshops
Listen first
Monitor online reputation, risk of brand dilution, and lack of ownership
Create company pages on major social media sites
Avoid brand jacking, go local, employees/champions
Start where it makes sense
Blog, social network, customer reviews, virtual island
Do it right: be honest & transparent
Drive recruitment, engage, REWARD
Measure & set up realistic targets
Traffic, Member base, activity, rss feed readers
Negative comments: from 75% to 22% ? Source: www.YouTube.com (Sep 2008)

Listen, Watch Trends, and Measure

ROI(s) 2.0: Blogging, SN, PFM and Ideas
Blogging
Drive Customer & Employee Advocacy
Drive natural search, increase CTR, reduce PPC
Increase share of voice, improve good vs bad ratio
Social Networking / Customer Reviews…
Increase propensity to buy, shorten product purchase cycle
Create P-2-P networks, excellent for profiling
PFM
Increase adoption of Internet Banking (IB)
Increase traffic to & time spent on IB
Target duo customers
Idea Generation / Innovation Labs
R&D: capture feedback, involve the market
Prioritize product launches, increase our success rate
Online Sales Online Marketing Brand Customer Advocacy Employee Advocacy Benefits

Blogging
Social Networking

Blogging: North America Leads the Way Consumer Commercial Senior Executives 03/2006 09/2006 11/2006 08/2006 2007 Q4/2007 More industry blogs: www.Visible-Banking.com/banking20-socialmedia-directory.html

Blogging Guidelines
Technology / Interface
Make it easy to subscribe to and spread the word
Make it easy to leave a comment (capture the email address)
Build it “search engines friendly”
Content
Be creative, find a topic of interest: don’t focus on products but emotions
Post on regular basis & respond
Involve your employees
Be transparent and honest
Don’t sell on your blog
Advocay / Word of Mouth
Leverage the popular social media sites like Youtube & Flickr
Promote your blog smartly: intranet, internet, online banking
Launch competitions (posts, videos...)
Engage with the prominent bloggers
Reduce Risk
Publish clear guidelines
Put in place a moderation process
Credibility
Involve your Senior Executives
Invite famous guest bloggers

Social Networking: Focus on SME Market 02/2007 01/2008 – 08/2008 10/2007 Global survey on social networking: www.Visible-Banking.com/peoplefirst-socialnetworking.html

Advanta: an Ambassador for the Sector Sources: www.advanta.com , www.ideablob.com , www.bloblive.com

Wells Fargo 2.0: Create Emotions Source: www.blog.wellsfargo.com

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: www.Visible-Banking.com/2009/01/your-new-years-resolutions-on-vancitys-changeeverything-great-way-to-drive-traffic-and-engage-with-y.html (January 2009) Source: www.youngfreealberta.com

Expectations & Success Criteria -> First 6 posts avg 15 comments -> Now avg 5 comments

PFM
Virtual Worlds
Customer Reviews
Widgets

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, Mint.com Source: www.netbanker.com (July 2008) Start ups / Communities / Vendors

Virtual Worlds: Provide Richer Experiences
3D internet helps provide richer experience
Virtual worlds are becoming part of a global communication mix
Key Goals: financial education, recruitment, innovation, new product ideas & environments, customer support
Key questions
What is your goal?
Who are you targeting?
Which metaverse? - Beyond Second Life -
Bring your clients into these spaces
Useful Behind The Firewall (BTW) for collaboration

Customer Ratings & Reviews Source: db research (June 2008) Source: www.bankofamerica.com/reviews (Sep 08)

The Widget Economy is Real
23% of social network users have installed an application
18% of bloggers have installed applications in their blog templates
Source: McCann, Social Media Tracker Wave .3
615 million people (65% of the worldwide Internet users) viewed or engaged with a widget
Source: ComScore June 2008
Source: http://www.jwaala.com (Sep 2008) Source: www.fidelity.com (Sep 2008)

Learn
Listen
Participate
Engage
Measure

Q&A - Thank You for Listening
I invite you to:
Subscribe to www.Visible-Banking.com
Join the Community on the Visible Banking Page on Facebook
Contribute to the “People First!” global survey on social networking: www.Visible-Banking.com/peoplefirst-socialnetworking.html
Check “Banking 2.0: The Social Media Directory”: www.Visible-Banking.com/banking20-socialmedia-directory.html
Christophe Langlois
Cell: 0044 (0)7736 446 357
Email: [email_address]
Linkedin: www.linkedin.com/in/christophelanglois

Christophe Langlois, Visible-Banking.com Social Media: People First! February 2009

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Social Media: People First! Visible-Banking.com @ MEFTEC 2009

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