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Integration or isolation? The digital landscape for UK financial services

Integration or isolation? The digital landscape for UK financial services

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  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • MSh
  • MSh
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • Bank's online marketing is a waste of timeJeffry Pilcher at the Financial Brand ran an interesting survey this month to see how US banker’s are getting on with online marketing. Most of the banks surveyed were smaller credit unions, although 49 retail banks took part too. 64 of the 154 participants had $1 billion in assets or more, whilst 66 had less than $500 million in assets.  Most (46%) described themselves as “novices” at online marketing with just 12 (8%) thinking that they were advanced marketers online.
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • We’re a digital design agency with brand at it’s coreSpecialise in the Education sectorOffices in UK and AustraliaA significant proportion of our work is research in our base countries but also throughout AsiaSome paid for some just for fun!
  • We’re a digital design agency with brand at it’s coreSpecialise in the Education sectorOffices in UK and AustraliaA significant proportion of our work is research in our base countries but also throughout AsiaSome paid for some just for fun!
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • Transparency (organisational)Different departments are more open?Marketing shows off, but are they transparent?
  • Transparency (organisational)Different departments are more open?Marketing shows off, but are they transparent?
  • Transparency (organisational)Different departments are more open?Marketing shows off, but are they transparent?
  • Transparency (organisational)Different departments are more open?Marketing shows off, but are they transparent?
  • Transparency (organisational)Different departments are more open?Marketing shows off, but are they transparent?
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • So as an industry, financial services should be doing a huge amount online to engage with customers, and yet as this graph shows, it is the industry that is doing the least. In 2009, only 5%of the top 100 international banks acknowledged having a proactive online presenceAnd over 50% of banks have actually banned the use of social networks at work.This, as I will go on to explain, represents an enormous missed opportunity.Source: cConsultancy Customer Engagement Report 2010
  • Charting – data visualisation is all the rage at the moment, here is google linking stock performance to breaking news. But ask yourself carefully what you have to offer that user’s can’t get elsewhere – stock data/fund performance is public information – what can you do to make your information unique. Also bear in mind that only a very small number of people will need such granular detail. How can data visualisation be used effectively
  • Charting – data visualisation is all the rage at the moment, here is google linking stock performance to breaking news. But ask yourself carefully what you have to offer that user’s can’t get elsewhere – stock data/fund performance is public information – what can you do to make your information unique. Also bear in mind that only a very small number of people will need such granular detail. How can data visualisation be used effectively
  • Charting – data visualisation is all the rage at the moment, here is google linking stock performance to breaking news. But ask yourself carefully what you have to offer that user’s can’t get elsewhere – stock data/fund performance is public information – what can you do to make your information unique. Also bear in mind that only a very small number of people will need such granular detail. How can data visualisation be used effectively
  • Understanding users, knowing what they are looking for. In this example, Flickr knows the user has arrived from search results and suggests other images they may be interested in.
  • Implicit personalisation – note where your user has visited on the site, the pages they go to regularly. Weight the pages and personalise their experience based on the audience category they match
  • Gamification – make the experience fun for the user and appeal to their sense of play, competitiveness and achievement
  • For example, ribbon hero from microsoft introduces people to the new version of MS office by awarding them points for using the ribbon mechanism to help the “popular” character clippy apply for a new job
  • 10 points for changing the font!
  • Mint turns saving into a game – measure your financial fitness by completing achieve-mints every month
  • Similar example from barclays – improve your spending habits by setting yourself goals
  • ...and adjusting your behaviour to afford the little extras refer back to nic’s twitter example
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • We’re a digital design agency with brand at it’s coreSpecialise in the Education sectorOffices in UK and AustraliaA significant proportion of our work is research in our base countries but also throughout AsiaSome paid for some just for fun!
  • Car insurance – home page
  • We’re a digital design agency with brand at it’s coreSpecialise in the Education sectorOffices in UK and AustraliaA significant proportion of our work is research in our base countries but also throughout AsiaSome paid for some just for fun!
  • Close to home – research, product dev, mood
  • We’re a digital design agency with brand at it’s coreSpecialise in the Education sectorOffices in UK and AustraliaA significant proportion of our work is research in our base countries but also throughout AsiaSome paid for some just for fun!
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • User needs to immediately understand the unique added value this site can offer
  • That doesn’t mean trying to do everything fairly well – at the expense of doing a few things very well
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • Instead need to cut through the volume of content and instead focus on delivering a few compelling services excellently
  • With a roadmap to achieving it – prioritised and set against the corporate objectives
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream
  • In terms of 1 Recruitment and brand reputation2 throughout the student experience3 As a revenue stream

Precedent's Finance Forum -  The digital landscape for UK financial services Precedent's Finance Forum - The digital landscape for UK financial services Presentation Transcript

  • Precedent’s Finance Forum
    2011
    Integration or isolation?The digital landscape for UK financial services
    September 2011
  • Today
    Presentations 9.00 - 9.55Introduction, Rich media, Blogging and Micro-blogging
    Coffee
    Presentations 10.15 - 11.00Social Networks, Mobile, Website innovation
    Coffee
    Breakout discussions 11.15 - 12.002 x 20 minutes (musical chairs)
    Review and feedback 12.00 - 12.30
    Effective digital strategy 12.30 - 13.00
  • Are you awake?
  • Do you want to leave yet?
  • Who are Precedent?Mark Sherwin – Commercial Director
  • 80 experts
    strategy & research
    branding & communications
    user centred design
    development & hosting
    digital marketing
  • 5 sectors
    financial services
    membership organisations
    third sector
    education
    health
  • 4 offices
    London
    Edinburgh
    Cardiff
    Perth, Australia
  • 21 years
    experience
    quality
    stability
    loyalty
    results
  • insightfulthinking
    inspiringdesign
    integrated
    solutions
    individual
    support
  • #PrecSem
  • Our researchAdrian Porter – Head of Strategic Research
  • 1998 - 2000
  • 2001-2006
  • 2007-2008
  • 2008-2010
  • 2010-2011
  • Early - 2010
  • Early - 2010
  • 2011
  • 50 finance sector companiesTheir use of digital channels
  • Banks x10
    Building Societies x10
    Asset Managers x10
    Insurers, Life and Pensions x10
    Online only Financial Services x10
  • Qualitative and quantitative
    Who’s using what, for what?
    Is it integrated and meaningful?
    What is best practice?
  • B2C?
  • ...B2B
  • “Of course, the Web is catching on, particularly in the financial service sector. Yet, many corporations, still haven’t understood the opportunities that lie in sales, marketing and customer services – in fact in almost every area of their activities”
    Adrian Porter - Porter Research - 1998

  • Integration orisolation?
  • Integrated channels?
  • Integrated teams?
  • 1.Rich MediaTrevor Chambers – Executive Creative Director
  • What are they using it for?
    How well is it integrated?
    Is it working?
    What can we learn?
  • Zopa YouTube channel
    • Low level branding user generated style channel – can’t control channel - Wonga ad on page
    • Home made feel to content
    Tutorials, demonstration
    TV ads
    Low channels views – under 500
  • There's an Irish proverb which goes something like this:
    listen to the river and you will catch fish
  • Yorkshire YouTube channel
    • TV ads just don’t work on their own
    • Can be used as supporting content but general views are very low, unless it’s a great ad.
  • What works
  • What works
    • It’s got to be current
    • There is nothing worse than a channel that’s not been updated for 6 months
    • Users look at number of views and this effects their opinion of the content
  • There are so many possibilities beyond a standard YouTube channel
    Here’s an example:
  • Discussion points
    TV Ads rarely work online unless specifically designed as an integrated campaign.
    The importance of video and other rich media will increase as a channel for communicating key information, ideas and marketing messages .
    The biggest opportunity for finance brands online is to deliver frequent and relevant rich media content that informs rather than broadcasts.
  • 2. Blogging and micro-bloggingNic Oliver – Creative Technologist
  • 3
  • 1/3
  • We have the #1 blogging site in the world because the innovation is there.Steve Ballmer – CEO Microsoft
  • 2/3
  • 3/3
  • 43%
    access Twitter through mobile device
    Source: Compete 2011
  • Discussion points
    • Using blogging to be more transparent about your organisation is a significant marketing opportunity.
    • Buzz monitoring should be seen as a organisation-wide resource, not just a marketing tool.
    • Curating external sources and delivering them to your users can provide value for your customer and your brand.
  • Today
    Presentations 9.00 - 9.55Introduction, Rich media, Blogging and Micro-blogging
    Coffee
    Presentations 10.15 - 11.00Social Networks, Mobile, Website innovation
    Coffee
    Breakout discussions 11.15 - 12.002 x 20 minutes (musical chairs)
    Review and feedback 12.00 - 12.30
    Effective digital strategy 12.30 - 13.00
  • Precedent’s Finance Forum
    2011
    Integration or isolation?The digital landscape for UK financial services
    September 2011
  • 3. Social networksLindsay Herbert – Head of Digital Marketing
  • Social media starts with looking over your neighbour’s shoulder.
  • Your brand is on social media whether you want it there or not.
  • Taking our report examples
    to the next level.
  • Discussion points
    • It is appropriate for a financial service company to engage with their audiences on Facebook.
    • Linkedin Groups should be used to engage with your professional audiences.
    • Our legal teams need to take a more modern approach to interaction via social networks.
  • 4. MobileJohn Campbell – Head of Mobile
  • What is your mobile environment?
    Various platforms, from traditional web browsers solutions, to the many mobile platforms.
    Android
    Blackberry
    Apple iPhone
    Apple iPad
  • Statistics...... not the important factor
    It is a simple decision:
    • The trend cannot be questioned
    • You need to have a solution for mobile today
    • Aim to provide an optimal experience
    Your question is what and how (not if)
  • Aspire to an integrated and considered approach
    Kindle
    iPad view
    Desktop view
    Smartphone view
    Whisper sync
  • Your considerations should be:
    • What - Corporate view : tactical campaign: quick wins
    • Who (Approach)- your reach : audience : strategy
    • How (Delivery)- screen : speed : context : content
    • When (Future)– today’s expectation : innovations
    We will look at each of these .....
  • (1) Approach: Your 0ptions
  • Mobile solution reach
  • Example: Banking “Mobi” sites
  • Example: Insurance “Mobi” sites
    Introducing transactional interaction
    Focus on brochureware
  • (2) Delivery – screen: speed: context: content
    Considering context is topical and essential:
    Forrester definition:
    “The sum total of what your customer has told you and is experiencing at the moment of engagement.”
    Consider your customers
    situation
    preference
    attitudes
    Will give better customer experience
  • Example: Native Apps
  • (3) Future – expectation : innovation
    • Mobile is the fastest moving technology area
    • Trends to keep in eye on:
    • Mobile as the virtual wallet
    • Near field opportunities
    • Location based promotions
    • QR & AR
    • Responsive design
  • Example: Responsive Design Challenge
    Challenges - Considerations
    • Forced order and best practice
    • Screen size – optimised image
    • Video playback
  • Discussion points
    Starting with quick wins is the best approach to engaging with your mobile audiences .
    Website content should be reconsidered to deliver an effective mobile experience.
    Achieving reach through a mobi website is a better starting point than delivering the optimal experience to a single device through an App.
  • 5. Website innovationMark Russell – Strategic Consultant
  • Info-graphic
  • Discussion points
    • High quality info-graphics often have greater impact and effectiveness than complex data charting.
    • Tracking user behaviour and using it to deliver a more personalised experience can be appropriate in the finance sector.
    • Gamification type incentives could be useful to your organisation in driving consumer behaviour.
  • Today
    Presentations 9.00 - 9.55Introduction, Rich media, Blogging and Micro-blogging
    Coffee
    Presentations 10.15 - 11.00Social Networks, Mobile, Website innovation
    Coffee
    Breakout discussions 11.15 - 12.002 x 20 minutes (musical chairs)
    Review and feedback 12.00 - 12.30
    Effective digital strategy 12.30 - 13.00
  • 1. Rich media
    2. Blogging and Micro-blogging
    3. Social Networks
    4. Mobile
    5. Website innovation
  • Precedent’s Finance Forum
    2011
    Integration or isolation?The digital landscape for UK financial services
    September 2011
  • 1. Rich media
    2. Blogging and Micro-blogging
    3. Social Networks
    4. Mobile
    5. Website innovation
  • Effective digital strategyMark Sherwin – Commercial Director
  • The internet is the first thing that humanity has built that humanity doesn’t understand, the largest experiment in anarchy we have ever hadEric Schmidt, CEO Google
  • Unique Value CreationMichael Porter
  • Strategy is about making choices;what to do - and what not to do.Michael Porter
  • If I’d asked my customers whatthey wanted they’d have saida faster horse! Henry Ford
  • Why?
  • 0800 800 801
  • Harnessing the power of the internet is harnessing the power of your peopleMark Sherwin
  • Online community
    Corporate communications
  • Online community
    Digital Special Ops Team
  • Online community
    Digital Special Ops Team
  • The Social Network
    Advocates and ambassadors
  • Think bigStart small
    Act quickly
  • Find our Precedent group on LinkedIn for a chance to find out more about our seminars, network, share ideas and quiz the Precedent team on seminar issues and more!
    and follow us on twitter.com/Precedentcommsfor Precedent news, seminar info and general observations
    #PrecSem
    Invite your colleagues Edinburgh 16th September
  • #PrecSem