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Social CRM in the Swiss Banking Sector
 

Social CRM in the Swiss Banking Sector

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    Social CRM in the Swiss Banking Sector Social CRM in the Swiss Banking Sector Presentation Transcript

    • Social CRM in the Financial Sector> A Framework for Swiss Banking 12/06/27 Natalie Huong
    • “Markets are conversations” The Cluetrain Manifesto (Levine et al. 2001)June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 2
    • Swiss Banking Sector > Challenges§  Loss in loyalty and trust§  The new generation customer§  Competitive strategy§  Decreasing entry barriersJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 3
    • Theory Design Analysis Results ConclusionAgenda§  Theory > Social Media | CRM | Social CRM > Research Question§  Research Design > Variables | Sample | Method§  Analysis > Example: Social networking sites§  Results > Social CRM framework§  Conclusion > Filling the gap > Managerial implications > Limitations & Future WorkJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 4
    • Theory Design Analysis Results Conclusion Theory Maturity layers of social CRM (Faase, Helms, and Spruit 2011) Customer retention & involvement Customer engagement Customer management Information Infrastructure creates Social Social Media Traditional CRM constitutes CRM emerges to impacts Presence Relation- Sharing Value chain Marketingenhances ships Identity Conver- Repu- Sales sations tation Groups Service Social Media experiences CRM focus (Kietzmann, et al, 2011) Swiss Banking Sector (Greenberg 2009) June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 5
    • Theory Design Analysis Results Conclusion Theory > Research Question How can Social CRM add Value in the Swiss Banking Sector?Social media platforms Enterprise Communication Customer Financial Sector Risks Regulations June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 6
    • Theory Design Analysis Results ConclusionResearch Design Scope Variables Sample Swiss Banking Sector Social Media CRM Social CRM Platforms Banks Data collection Expert Interviews Multiple Case Studies Desk Research Data analysis Case analysis Research Data iteration Case comparison enfolding Theory generationJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 7
    • Theory Design Analysis Results ConclusionDesign> Variables and Framework S o c i a l C R M d o mee n o ipoi n s c i r ts c Marketing Sales Service Know- Branding PR Pre-sales Sales After- Support Feed- Improve- ledge sales back ment Corporate Enterprise Social Web Enterprise Leadership Corporate l e ve l s Employee Customer Executive Community I n t e ra c t i o n Social web Target groups Target groups Employee Customer CommunityJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 8
    • Theory Design Analysis Results ConclusionDesign> Sample Social CRM dimensions Marketing Sales Service Know- Branding PR Pre-sales Sales After- Support Feed- Improve- ledge sales back ment Corporate Enterprise Leadership l e ve l s Employee Community I n t e ra c t i o n Social web Target groups CustomerJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 9
    • Theory Design Analysis Results ConclusionDesign > Sample > Classification of Social Media Platforms Social presence / Media richness Low Medium High Blogs Social networking sites Virtual social worlds S e l f- p re s e nt at i o n High Collaborative projects Content communities Virtual game worlds Low Own illustration according to Kaplan and Haenlein (2010)June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 10
    • Theory Design Analysis Results ConclusionData analysis > Social networks > Case Study Case Study : ASB Virtual Branch on Facebook Best practices (Simpson, 2010) §  Chat for interactive consulting and sales > Real time communication §  Initiative raised awareness by more than 10% §  Increase in user engagement §  Increase in reach §  High media presence Screenshots taken from ASB Virtual Branch on Facebook,, accessed on May 30,2012June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 11
    • Theory Design Analysis Results ConclusionResults > Social networking sites> Field of application Arguments Knowledge + + ++ Info on company, products services Marketing Branding ++ + 0 Raise brand awareness and reputation Public Relations ++ 0 ++ Customer experience,> Customer and engagement experience acquisition engagement Presales ++ 0 ++ Dialogue +support > Increase loyalty > customer acquisition Sales Sales - - ++ Online community is more secure than networks Aftersales ++ - ++ Provide cross- and up-selling opportunities opportunities Real time interaction > cross- and up-selling Support + - ++ Increase customer lifetime value and engagement Service Feedback + - ++ Reach and visibility, customer retention and engagement Improvement 0 - ++ Feedback Product improvement and product design ++ best fit + suitable 0 less suitable - not suitableJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 12
    • Theory Design Analysis Results ConclusionResults > Social networking sites > Social CRM framework Social CRM dimensions Marketing Sales Service Improvement Knowledge Aftersales Feedback Branding Presales Support Sales PR Corporate Enterprise Leadership Assumption 1 Correlation between confidentiality and security l e ve l s Assumption 2 Correlation between complexity and interactivity Employee Assumption 3 Communication is most efficient on equal level I n t e ra c t i o n Community Social web Target groups CustomerJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 13
    • Theory Design Analysis Results ConclusionResults > Consolidated Social CRM Framework CRM dimensions Marketing Sales Service Improvement Knowledge After-sales Feedback Branding Pre-sales Support Sales PR Corporate Enterprise LeadershipLevels of interaction Employee Community Social web Target groups CustomerJune 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 14
    • Theory Design Analysis Results ConclusionConclusion> Implications for management§  Marketing is the key source of generating a sustainable value added.§  Social Networks are the entering wedge to engage in a conversation.§  Corporate online communities offer the broadest field of application.§  Communication on employee level is the primary source for sales.§  The right social media mix ensures a competitive advantage.June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 15
    • Theory Design Analysis Results ConclusionConclusion> Filling the gapHow can Social CRM add Value in the Swiss Banking Sector? Banking value chainSocial CRM framework Platform Social CRM dimensions ... ...... Level of interaction Conversation Social CRM framework reveals which social media platform benefits the dimensions of social CRM and what level of interaction obtains the richest conversation and the best value added.June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 16
    • Theory Design Analysis Results ConclusionConclusions> Limitations and Future Work Limitations •  Inductive approach •  Core focus on Social CRM and communication between enterprise and social web •  View on external use of social media •  No clear distinction between B2B and B2C Fu t u re Wo r k •  Deductive approach to test theory and propositions •  Social Media for recruitment and innovation •  Internal use of social media and collaboration •  Narrow focus on several topics (financial services, specific target groups, B2B, B2C)June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 17
    • Theory Design Analysis Results ConclusionConclusions> The Bottom Line“Corporate firewalls have kept smart employees in and smart markets out. It’s going to causereal pain to tear those walls down. But the result will be a new kind of conversation. And it willbe the most exciting conversation business has ever engaged in.” The Cluetrain Manifesto (Levine et al. 2001)June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 18
    • Theory Design Analysis Results ConclusionReferences§  Faase, Robbert, Remko Helms, and Marco Spruit. 2011. “Web 2.0 in the CRM Domain: Defining Social CRM.” International Journal of Electronic Customer Relationship Management 5§  Fredricksen, Clark. 2010. “Case Study: American Express OPEN Forum Socializes Small Business.” http:// www.emarketer.com/blog/index.php/case-study-american-express-open-forum-social-media-small-business/, accessed on May 13, 2012§  Kaplan, Andreas M., and Michael Haenlein. 2010. “Users of the World, Unite! The Challenges and Opportunities of Social Media.” Business Horizons 53 (1) (February): 59–68§  Kaplan, Andreas M., and Michael Haenlein, 2011. “The Early Bird Catches the News: Nine Things You Should Know About Micro-blogging.” Business Horizons 54 (2) (March): 105–113. doi:10.1016/j.bushor.2010.09.004.§  Kietzmann, Jan H., Kristopher Hermkens, Ian P. McCarthy, and Bruno S. Silvestre. 2012. “Social Media? Get Serious! Understanding the Functional Building Blocks of Social Media.” Business Horizons 54 (3) 241–251§  Lions Share. 2012. “Banking Value Chain.” Lion’s Share Marketing Group.§  Langlois, Christophe. 2011. A Practical Guide to Social Media in Financial Services. Searching Finance Ltd.§  Levine, Rick, Christopher Locke, Doc Searls, and David Weinberger. 2001. The Cluetrain Manifesto: The End of Business as Usual. Basic Books.§  Messerschmidt, Christian M., Sven C. Berger, and Bernd Skiera. 2010. Web 2.0 im Retail Banking: Einsatzmöglichkeiten, Praxisbeispiele und empirische Nutzeranalyse. Gabler Verlag.§  Raake, Stefan, and Claudia Hilker. 2010. Web 2.0 in der Finanzbranche: die neue Macht des Kunden. Gabler.§  Simpson, Deborah. 2010. ASB-facebook Advertising Case Study. http://ads.ak.facebook.com/ads/FacebookAds/ ASB_CaseStudy.pdf, accessed on May 9, 2012June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 19
    • Copyright © Natalie Huong 2012Some Rights Reserved  The work “Social Customer Relationship Management in the Swiss Banking Sector“ by Natalie Huongis licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License (CC BY-NC-ND 3.0). You are free to share — to copy, distribute and transmit the work under the following conditions:Attribution — You must attribute the work in the manner specified by the author or licensor (but not in any way that suggeststhat they endorse you or your use of the work).Noncommercial — You may not use this work for commercial purposes.No Derivative Works — You may not alter, transform, or build upon this work. To view a copy of this license, visit http://creativecommons.org/licenses/by-nc-nd/3.0/ or send a letter to Creative Commons,444 Castro Street, Suite 900, Mountain View, California, 94041, USA.June 27, 2012 D-MTEC / Strategic Management and Innovation / Natalie Huong 20