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Hey, Financial Services - Get Serious About Social, or Get Spanked!
 

Hey, Financial Services - Get Serious About Social, or Get Spanked!

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Today’s banking customers want much more than a place to store and access their cash. They want help with financial planning, tracking, and goal-setting and are increasingly tapping alternative ...

Today’s banking customers want much more than a place to store and access their cash. They want help with financial planning, tracking, and goal-setting and are increasingly tapping alternative institutions for that help. Unregulated innovators like Google Wallet and PayPal are stepping in and putting increasing pressure on banks to adapt—or die.

Meanwhile, financial services firms have been slow to innovate, still stuck on strategies for increasing branch visits. In turn, the influence they have over the personal lives of their customers is waning fast. As we run headlong into a digital-first future, how can financial service firms remain relevant?

Download this slide deck from Lithium and learn:

1. Why social customer experience is fast becoming an important battle ground for the financial service industry.
2. How financial service firms use social for marketing, customer care and service innovation.
3. Which banks, credit card and insurance companies do social right, do it best—and how.
4. The returns financial service firms are getting from social.
5. Social strategies and best practices financial service firms can deploy today to get in the game.

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  • So let’s start here. Because your competition isn’t just the other big banks or insurers in the room or even the disrupters like Moven and Simple, it could be Google or Facebook or Apple because those consumer internet companies have established a level of ease of use, convenience, and connectedness that consumers have now come to expect from all the brands they interact with. In our world, this means every consumer wants “the bank of me”
  • There is a ton of innovation going in the payments space, I know Square isn’t in Australia yet but companies like Square and Paypal and many others are clearly changing customer expectations about how transactions need to happen. It may still be your pipes behind the scenes but others are defining that customer experience through UI and design.
  • Then customers want data that makes them smarter. Lots of companies are cropping up to help aggregate data from all over the web and help people make better financial choices.
  • And ultimately consumers want to be connected, it’s the notion of investing in each other or with each other. The idea of community is as old as mankind, but the internet has made it much more scalable.
  • Use this slide to set the stage for the importance of social media and customer experience. Get the heads nodding.We live in an age where customers have higher expectations and more power than ever. As more brands seek to differentiate by delivering better customer service, the bar of expectations gets higher. And social media has given every customer a megaphone to tell the world what they think and feel about your brand in seconds. What’s more, customers now expect you to use the latest technologies in the marketplace to meet their service needs. They want:an immediate response on social channelsself-help tools they can easily find on your website and via search enginesa great service experience – they know they’re in control and they’re highly likely to find another company to meet their needs if you deliver even one bad service experience
  • Use this slide to set the stage for the importance of social media and customer experience. Get the heads nodding.We live in an age where customers have higher expectations and more power than ever. As more brands seek to differentiate by delivering better customer service, the bar of expectations gets higher. And social media has given every customer a megaphone to tell the world what they think and feel about your brand in seconds. What’s more, customers now expect you to use the latest technologies in the marketplace to meet their service needs. They want:an immediate response on social channelsself-help tools they can easily find on your website and via search enginesa great service experience – they know they’re in control and they’re highly likely to find another company to meet their needs if you deliver even one bad service experience
  • From Forrester Research: Increase in agent productivity. “Research shows that agents' productivity increases with access to the content in community postings. The reason for this is the content developed for the knowledge management database is often based on “known” problems or customer issues and their “known” solutions. However, research shows that more than 90% of customers' issues haven’t been unearthed, and the organization doesn’t have structured answers for them. These “exceptions” lead to long support calls, poor FCR, agent stress, and customer dissatisfaction. The community provides more relevant content to agents, making them more efficient. The savings from increasing agent productivity can be evaluated by looking at the increase in the number of calls agents can answer per hour.”
  • Talk about the trends on the leftAll these have existed for the last couple yearsThe wild card has been regulatory uncertainty. As governments issue guidance and first movers ask for forgiveness instead of permission, the risk has been reduced though not eliminated.This points FSIs towards focusing on the customer experience and on digital channels. Hello Lithium!
  • Objective:Launch a new credit card offering driven 100% by its community of card members. Provide complete transparency between the bank and customers by giving card members the visibility into how Barclays makes money and help shape the card’s profitability. Approach:Launched community for card members to exchange ideas, vote on product features and earn “credits” through community participation.Results: since launch in April 2012, 50+ ideas have been voted on and the use of game dynamics to incent beneficial customer behaviors, such as paying on time and going paperless. Barclaycard won the Forrester VOC award and Ring was one of the customer experience initiatives that helped them achieve a $10m annual benefit, improve customer retention by 25% and decrease complaints by 50%. 2012 Groundswell submission: http://lithosphere.lithium.com/t5/Lithium-View-blog/Ring-Barclaycard-Turns-Cardmembers-into-Company-Stakeholders-and/ba-p/590702012 Forrester VoC award winner: http://www.businesswire.com/news/home/20120626006756/en/Forrester-Research-Announces-2012-Voice-Customer-AwardHow It Works The mechanism that brings Ring cardmembers together and empowers them to influence business decisions is the social hub at barclaycardring.com. The Ring site is endowed with branded social tools such as: - gamification – points are earned for helping others with useful information, and badges are awarded for taking positive actions such as paying on time and going paperless- ideas – members submit ideas in a structured format that includes prioritization based on member voting, and status updates on what action Barclaycard is taking with an idea- ask-and-answer – members ask a variety of financial questions and receive useful answers from peers in minutesdiscussions – members discuss timely personal finance topics, and award each other kudos for interesting insights- polls – members answer multiple-choice questions on card features such as fee structure and agreement terms, which, rather than merely being used as additional feedback, are considered to be votes in a final decision to shape these features- blogs and announcements – Barclaycard community managers and high-status members keep members up to date with the latest happenings in the community, including descriptions of how Barclaycard is taking action on members’ ideas and feedback
  • Objective:Launch a new credit card offering driven 100% by its community of card members. Provide complete transparency between the bank and customers by giving card members the visibility into how Barclays makes money and help shape the card’s profitability. Approach:Launched community for card members to exchange ideas, vote on product features and earn “credits” through community participation.Results: since launch in April 2012, 50+ ideas have been voted on and the use of game dynamics to incent beneficial customer behaviors, such as paying on time and going paperless. Barclaycard won the Forrester VOC award and Ring was one of the customer experience initiatives that helped them achieve a $10m annual benefit, improve customer retention by 25% and decrease complaints by 50%. 2012 Groundswell submission: http://lithosphere.lithium.com/t5/Lithium-View-blog/Ring-Barclaycard-Turns-Cardmembers-into-Company-Stakeholders-and/ba-p/590702012 Forrester VoC award winner: http://www.businesswire.com/news/home/20120626006756/en/Forrester-Research-Announces-2012-Voice-Customer-AwardHow It Works The mechanism that brings Ring cardmembers together and empowers them to influence business decisions is the social hub at barclaycardring.com. The Ring site is endowed with branded social tools such as: - gamification – points are earned for helping others with useful information, and badges are awarded for taking positive actions such as paying on time and going paperless- ideas – members submit ideas in a structured format that includes prioritization based on member voting, and status updates on what action Barclaycard is taking with an idea- ask-and-answer – members ask a variety of financial questions and receive useful answers from peers in minutesdiscussions – members discuss timely personal finance topics, and award each other kudos for interesting insights- polls – members answer multiple-choice questions on card features such as fee structure and agreement terms, which, rather than merely being used as additional feedback, are considered to be votes in a final decision to shape these features- blogs and announcements – Barclaycard community managers and high-status members keep members up to date with the latest happenings in the community, including descriptions of how Barclaycard is taking action on members’ ideas and feedback
  • Loyalty has been a serious concern in the real estate industry. Homebuyers are often mistrustful of real estate brokers. But Redfin’s innovative business model and its thriving community are winning back the trust of consumers. Redfin CEO Glenn Kelman says that “For too long, real estate has been a monologue, with the brokerage doing all the talking. Lithium is helping us to make it a dialog.”It’s that dialog that drives engagement and loyalty. Redfin attributes its recent 5% rise in Net Promoter Score to its community strategy. The community provides a refreshing level of transparency for customers, so they’re more likely to be willing to recommend Redfin to others.With the help of the word-of-mouth marketing emanating from its community, Redfin has grown revenues 40% year-over-year, while reducing marketing expenses by 82%. It’s easy to tie that revenue and margin growth back to the community: 51% of customers who have used Redfin said they were influenced by their conversations in the community.
  • Lithium makes software that powers the social customer experience. We serve the world’s most iconic brands. (highlight relevant examples)Our communities are exceptionally vibrant - each year we host more than 1 billion visits from engaged customers exploring trusted content.We’ve been recognized as a leader by top analyst firms, and we are the only social customer platform that operates as a SaaS business with a 100% uptime SLA and monthly product releases.This is all great, but what we’re most proud of is the success our customers have achieved. Let me share a few examples.

Hey, Financial Services - Get Serious About Social, or Get Spanked! Hey, Financial Services - Get Serious About Social, or Get Spanked! Presentation Transcript