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Money Talks
 
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This presentation explores how people are discussing their finances online, bringing the story to life with real data. ...

This presentation explores how people are discussing their finances online, bringing the story to life with real data.

It goes into who is talking, about what, and how social media analysis can help the financial industry reach its consumers on issues they care about.

A presentation @abc3d, @andrewneedham and @rikineill gave at the Tangible Financial Seminar - Money Talks.

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    Money Talks Money Talks Presentation Transcript

    • Money Talks October 2010, Edinburgh
    • Money is one of those ‘objects’ so pervasively embedded in our everyday experience that it disappears from our perception as an autonomous entity
    • Only when something happens we focus on its meaning and realize once again that it goes way beyond being just a measuring unit
    • Money is a physical thing and a cultural construct. It represents at the same time wealth and human needs. Money is a ‘social representation’, like myths, religions and any other system of collective signs.
    • This makes social media the richest insights field ever and an unprecedented opportunity for the financial industry
    • But like in the Draughtsman’s Contract, we need a grid to look at reality and make sense of it
    • partitioning reducing complexity hierarchy independence
    • mining for patterns decoding the shape of phenomena, rather then micro values
    • What is Pulsar? social media monitoring analysis and strategic and analysis software consultancy from Face 9
    • Key system components 3 1 Analy1cs   Web  crawler   So;ware  analy=cs   tools  and  human   searches  for  specific   analysts  process  the   key-­‐phrases  in  a   data     methodical,  automated   manner   4 Online  DB   relevant  pages   Dashboard   stored  in  an  online   live  interac=ve   database     dashboard  generates   real-­‐=me  data   visualiza=on  and   2 customized  reports  
    • Outputs What  is  being  said  about  your  products  and  brands  and  iden=fy  the   What major  themes  and  issues   When Compare  and  contrast  buzz  generated  over  =me,  iden=fy  peaks  of   ac=vity  against  ac=ons  and  events   Where Which  are  the  key  online  venues  for  these  conversa=ons      and   where  around  the  world  they  are  taking  place   Who Who  is  shaping  the  debate  and  who  are  the  key  influencers?   Discover  why  conversa=ons  are  happening  is  it  posi=ve,  nega=ve  or   Why neutral,  and  determine  the  impact  on  your  business  
    • We looked at a range of financial products - targeting key areas Mortgages   Credit  Cards   Savings   Investments  
    • We looked at a range of financial products - targeting key areas Advice   Mortgages   The  Big  5   Advice   Building   The  Big  5   Credit  Cards   Socie1es   Independents   Recession   ISAs   Advice   Stocks   Accounts   Savings   Investments   Banks  vs  Building   Bonds   ISAs   Socie1es   Shares   Overseas  
    • 1 month of tracking
    • 1 month of tracking An average of 2902 mentions a day* * Across all four areas
    • 1 month of tracking An average of 2902 mentions a day* A total of 101,580 mentions* * Across all four areas
    • Where  are  they   talking?  
    • The financial ‘expert’ is still the most vocal 16000   14000   12000   Blogs   10000   Micro-­‐blogs   8000   Forums   6000   Social  Networks   4000   Video   2000   0   Mortgages   Credit  Cards   Savings  
    • The real hub of conversations for most products is still forums 1200   1000   800   Blogs   Micro-­‐blogs   600   Forums   Social  Networks   400   Video   200   0   Mortgages   Credit  Cards   Savings  
    • But not just financial forums…
    • But not just financial forums… Thebump.com   CafeMom.com  
    • But not just financial forums… Thebump.com   CafeMom.com   Thestudentroom.com  
    • But not just financial forums… Thebump.com   CafeMom.com   Conversa1ons  will  happen  in  the   communi1es  consumers  trust  to  provide   good  advice.   Some1mes  that’s  financial  experts   But  some1mes  its  people  who  understand   your  circumstances   Thestudentroom.com  
    • In investments the speed of micro- blogs has been embraced Blogs   Micro-­‐Blogs   Forums   Social  Networks   Video   Investments  
    • What  are  people   talking  about?  
    • The pride of saving is something to shout about That moment of ‘starting the road to saving’ is something to tell your friends about. has  achieved  something  great:  I   have  opened  a  Savings  account   and  am  in  the  process  of  saving   the  moneys  for  the  FUUUTURRRE     Wooooo  savings  account  star1ng   to  look  preNy  nice  :P  
    • But the recession taboo on debt seems to have slipped… During  the  recession  credit  cards  became  an   embarrassment   Up  to  May  credit  card  lending  figures  from  the   Bank  of  England  remained  low  
    • But the recession taboo on debt seems to have slipped… During  the  recession  credit  cards  became  an   embarrassment   Up  to  May  credit  card  lending  figures  from  the   Bank  of  England  remained  low   Now  it  looks  like  people  are  returning  to  being   happy  to  talk  about  credit  card  use.   It  looks  like  a  return  to  the  pre-­‐recession  comfort   with  credit  cards  is  a  likely  possibility…  
    • And a lot of news sources are talking about mortgage debt troubles
    • …but people don’t seem happy to admit to their troubles online The discussion of mortgages and the recession doesn’t translate through to the hubs of conversation - forums and social networks
    • So  what  about   the  double  dip…  
    • Its being talked about the most in relation to mortgages… Unsurprisingly the dip’s more direct relation to the housing market has made it a strong conversation topic in mortgages… 3.5%   Of  conversa=ons  in  mortgages   1.3%   Of  conversa=ons  in  investments   0.66%   Of  conversa=ons  in  savings   0.39%   Of  conversa=ons  in  credit  cards  
    • But its not consumers who are talking… 450   400   350   Blogs   300   Micro-­‐Blogs   250   Forums   200   Social  Networks   150   Video   100   News   50   0   Mortgages  (Double  Dip)  
    • But its not consumers who are talking… 450   400   350   300   Recession:  247  Reac=ons   Blogs   Micro-­‐Blogs   250   200   Double-­‐Dip:  13  Reac=ons   Forums   Social  Networks   150   Video   100   News   50   0   Mortgages  (Double  Dip)  
    • But its not consumers who are talking… Most of the real discussion is happening on news sources and blogs – consumers haven’t really started talking about the double dip. 450   Yet. 400   350   300   Recession:  247  Reac=ons   Blogs   Micro-­‐Blogs   250   200   Double-­‐Dip:  13  Reac=ons   Forums   Social  Networks   150   Video   100   News   50   0   Mortgages  (Double  Dip)  
    • Some thoughts to take away…
    • Some thoughts… Engaging  with  consumers  is  likely  to  be  achieved  through  forums  –  but   social  networks  and  news  sites  are  opening  social  spaces  as  well.  Widening   the  scope  beyond  the  financial  forums  is  beneficial.   You  might  be  able  to  encourage  consumers  to  tell  people  about  their   savings  and  share  their  feelings  about  their  account.   But  you’re  unlikely  to  get  them  to  talk  about  to  you  about  their  mortgage   troubles,  it  looks  like  an  online  social  taboo.   The  double  dip  is  beginning  to  factor  in  online  conversa=ons  –  but  it   doesn’t  seem  to  be  something  that  consumers  have  engaged  with.