[email_address] @MalaChandra Social Media in  Financial Services Mala Sarat Chandra CEO,  MyMobilife LLC
Agenda <ul><li>Introduction to Social Media </li></ul><ul><li>Social Media in Financial Services </li></ul><ul><li>Case St...
Social Media … [email_address] …  is mainstream today Source: Burson Marsteller Global Social Media Checkup Feb 2010
Many Financial Services firms across the globe … [email_address] …  are using Social Media effectively
Social Media Adoption … [email_address] …  by financial services institutions
Twitter Adoption … [email_address] …  by financial services institutions
Social Media are Online Tools … <ul><li>Enable people to create, publish and share content </li></ul><ul><li>Facilitate co...
The Power of Social Media is …  [email_address] …  in the Online Communities they build
Social Media gives you the opportunity …  [email_address] …  to tell your story in your own words  <ul><li>Listen and  Int...
Social Media significantly alters … [email_address] …  Business – Customer Relationships Source: Adapted from Social Media...
The Social Media Landscape [email_address]
Social Media Jargon [email_address] Social Bookmarking Crowdsourcing User Generated Content (UGC) Vlogs Alerts Aggregators...
Social Media Goals for Business Professionals [email_address] Network with Colleagues and Clients Post my name, title and ...
LederMark’s 2010 Survey of Social Media Use … [email_address] …  by Wall Street, RIA, Brokerage, Marketing Professionals i...
Regulatory Compliance [email_address]
Popular Finance Brands … [email_address] …  on Social Media
Charles Schwab posts guidelines … [email_address] …  on its ability to participate as a regulated industry
Charles Schwab built a private community in 2008 … <ul><li>schwab.com/moneyandmore: 32 % increase in Gen X investors over ...
Social Media Overview [email_address]
In 2007, Intuit used social media … [email_address] <ul><li>Over 500 videos submitted  </li></ul><ul><li>3,000,000 + views...
In 2008, Intuit leveraged social media … [email_address] <ul><li>Contest with $50,000 business grant on iwilljuststart.com...
Social Media continues at Intuit … [email_address] <ul><li>Quizzle.com free site </li></ul><ul><li>425,000 + visits </li><...
Deutsche Bank integrates its social media …. [email_address] … . into its website
Financial Professionals use Social Media … [email_address] …  despite regulatory compliance impediments  <ul><li>To genera...
Guidelines for Financial Services … <ul><li>Do’s </li></ul><ul><li>Continuously build your network of connections. </li></...
Next steps for Financial Services … [email_address] …  leveraging Social Media  <ul><li>Social Media growth seems unstoppa...
Resources for Social Media … [email_address] …  and Financial Services  <ul><li>Free 40-page e-book describing the FINRA r...
Upcoming SlideShare
Loading in …5
×

Social media in financial services

2,091 views

Published on

Social Media adoption by Financial Services institutes. FINRA regulations. Case Studies.

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
2,091
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
80
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Social media in financial services

  1. 1. [email_address] @MalaChandra Social Media in Financial Services Mala Sarat Chandra CEO, MyMobilife LLC
  2. 2. Agenda <ul><li>Introduction to Social Media </li></ul><ul><li>Social Media in Financial Services </li></ul><ul><li>Case Studies </li></ul><ul><li>Next Steps </li></ul><ul><li>Resources </li></ul>[email_address]
  3. 3. Social Media … [email_address] … is mainstream today Source: Burson Marsteller Global Social Media Checkup Feb 2010
  4. 4. Many Financial Services firms across the globe … [email_address] … are using Social Media effectively
  5. 5. Social Media Adoption … [email_address] … by financial services institutions
  6. 6. Twitter Adoption … [email_address] … by financial services institutions
  7. 7. Social Media are Online Tools … <ul><li>Enable people to create, publish and share content </li></ul><ul><li>Facilitate conversations </li></ul><ul><li>Review and promote brands, products and services </li></ul><ul><li>Get news and information </li></ul><ul><li>Connect and collaborate </li></ul><ul><li>Organize for political, charity, community activities </li></ul><ul><li>Campaign for causes and raise funds </li></ul><ul><li>Seek advice and provide answers </li></ul><ul><li>Transact business, bank, trade, conduct commerce </li></ul>[email_address] … Blogs, Facebook, YouTube, Linkedin, Twitter, Flickr
  8. 8. The Power of Social Media is … [email_address] … in the Online Communities they build
  9. 9. Social Media gives you the opportunity … [email_address] … to tell your story in your own words <ul><li>Listen and Interact with your followers </li></ul><ul><li>Build a community of advocates through Engagement </li></ul><ul><li>Gain valuable business insights through Monitoring </li></ul><ul><li>Find customers through Word-of-Mouth </li></ul><ul><li>Protect and grow online reputation through Presence </li></ul>
  10. 10. Social Media significantly alters … [email_address] … Business – Customer Relationships Source: Adapted from Social Media ROI by Olivier Blanchard Organization Consumers 1 Organization Consumers 2 Organization Consumers 3
  11. 11. The Social Media Landscape [email_address]
  12. 12. Social Media Jargon [email_address] Social Bookmarking Crowdsourcing User Generated Content (UGC) Vlogs Alerts Aggregators Blogs Blogrolls Microblogging Avatars Chat Collective intelligence Comments Communities wikis Feeds Folksonomy Forums Facilitator Friends Social Networking Sharing Links Lurking Malware email Profile Presence Post Membership Registration Mashup Tags Taxonomy Widgets Democratization of Content Podcasts
  13. 13. Social Media Goals for Business Professionals [email_address] Network with Colleagues and Clients Post my name, title and company information Prospect for Business Share industry knowledge and best practices
  14. 14. LederMark’s 2010 Survey of Social Media Use … [email_address] … by Wall Street, RIA, Brokerage, Marketing Professionals in Financial Services
  15. 15. Regulatory Compliance [email_address]
  16. 16. Popular Finance Brands … [email_address] … on Social Media
  17. 17. Charles Schwab posts guidelines … [email_address] … on its ability to participate as a regulated industry
  18. 18. Charles Schwab built a private community in 2008 … <ul><li>schwab.com/moneyandmore: 32 % increase in Gen X investors over previous year </li></ul><ul><li>Serves as a Go-to guide for Finances, management and planning </li></ul><ul><li>Schwab actionable insights targeted at Gen X-specific life stages  -- Glossary of financial terms  -- Calculators including: college savings calculator, cost-of-debt calculator, savings calculator  -- Link to an online community where Gen Xers can discuss money and more with one another  </li></ul>[email_address] … to understand the needs of Gen X-ers
  19. 19. Social Media Overview [email_address]
  20. 20. In 2007, Intuit used social media … [email_address] <ul><li>Over 500 videos submitted </li></ul><ul><li>3,000,000 + views </li></ul><ul><li>900 + incoming links </li></ul><ul><li>700 + blog mentions </li></ul><ul><li>950 + MySpace Friends </li></ul><ul><li>20+ features on TV </li></ul><ul><li>Positive ROI in < 1 year </li></ul>… to market TurboTax Source: WOMMA Case Studies Library
  21. 21. In 2008, Intuit leveraged social media … [email_address] <ul><li>Contest with $50,000 business grant on iwilljuststart.com </li></ul><ul><li>Entrants submitted videos or letters </li></ul><ul><li>Join a community </li></ul><ul><li>Get how-to tips and advice </li></ul><ul><li>In-Market events </li></ul><ul><li>Viral buzz through blogger outreach </li></ul><ul><li>Social sharing by contestants </li></ul><ul><li>Results </li></ul><ul><li>Received 2500 contest entries and pledges with 22,000 votes cast. </li></ul><ul><li>Over 130,000 people were touched by the events. </li></ul><ul><li>Distributed over 300,000 CDs and downloads of QuickBooks </li></ul><ul><li>Simple Start.  </li></ul><ul><li>Obtained over 80 blog postings about the campaign. </li></ul>… to market QuickBooks Source: WOMMA Case Studies Library
  22. 22. Social Media continues at Intuit … [email_address] <ul><li>Quizzle.com free site </li></ul><ul><li>425,000 + visits </li></ul><ul><li>70,000 + accounts </li></ul><ul><li>500 + mortgage applications </li></ul><ul><li>12 loans closed (< 1 year) </li></ul><ul><li>Zero dollars marketing spend </li></ul><ul><li>Quizzle Twitter account </li></ul><ul><li>Quizzle Blog </li></ul><ul><li>Blogger outreach PR </li></ul><ul><li>Lots of Publicity </li></ul><ul><li>Influential blogs </li></ul><ul><li>Baltimore Sun, WSJ, NY Times </li></ul><ul><li>The Netbanker </li></ul><ul><li>Future of Real Estate Marketing </li></ul>… with Quicken Loans Quizzle.com Source: WOMMA Case Studies Library
  23. 23. Deutsche Bank integrates its social media …. [email_address] … . into its website
  24. 24. Financial Professionals use Social Media … [email_address] … despite regulatory compliance impediments <ul><li>To generate business by </li></ul><ul><li>Reconnecting with friends and associates in need of their expertise </li></ul><ul><li>Referrals by clients to others through a social network </li></ul><ul><li>Discussions and referrals at / through speaking engagements </li></ul><ul><li>Generating awareness and reputation through social media </li></ul><ul><li>Cultivating and building strong relationships with clients on social media </li></ul><ul><li>Sharing expertise and gaining business insights </li></ul>
  25. 25. Guidelines for Financial Services … <ul><li>Do’s </li></ul><ul><li>Continuously build your network of connections. </li></ul><ul><li>Research prospects before meeting with them. </li></ul><ul><li>Use your networks for referrals and introductions. </li></ul><ul><li>Join groups for marketing purposes, not just financial services groups. </li></ul><ul><li>Don’ts </li></ul><ul><li>Give financial advise on group discussions. </li></ul><ul><li>Install applications which violate your firm’s security policies. </li></ul><ul><li>Update your status that disclose company activities. </li></ul><ul><li>Send mass emails to connections. </li></ul>[email_address] … using Social Networking Sites
  26. 26. Next steps for Financial Services … [email_address] … leveraging Social Media <ul><li>Social Media growth seems unstoppable </li></ul><ul><li>Financial Services Industry lags others in adopting social media </li></ul><ul><li>Regulatory fears must be handled with education and policy </li></ul><ul><li>Groups of financial services practitioners must work together to </li></ul><ul><li>develop guidelines and best practices </li></ul>
  27. 27. Resources for Social Media … [email_address] … and Financial Services <ul><li>Free 40-page e-book describing the FINRA rulings regarding </li></ul><ul><li>Social Media and input provided to FINRA http://catherinesherwood.com/free-info/white-papers/financial-services- </li></ul><ul><li>regulations-and-social-media/ </li></ul><ul><li>Directory of Social Media Initiatives in Banking, Financial Services </li></ul><ul><li>and insurance </li></ul><ul><li>http://clanglois.blogs.com/internet_banking/banking20-socialmedia-directory.html </li></ul>

×