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m'I Bank social media platform

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Proprietary proposal for Closed-garden social media platform.

Proprietary proposal for Closed-garden social media platform.


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  • 1. m’I ® Bank A SOCIAL MEDIA ONLINE PLATFORM PROPOSAL BY SHELLY LINDSAY*, MAY 2013 * See end of document for contact info. (slide #22)
  • 2. Contents: • Executive Summary • Marketplace Challenge • Project Charter • Persona (e.g.) & Use Case • Content Strategy (incl. content map) • Sitemap & Wireframes • Analytics • Business Considerations: • ROI • Legal Considerations • Technical Considerations
  • 3. the Executive Summary m’I Bank® is a proposed closed-garden interactive social platform that allows customers to build their own „virtual branch‟ by connecting/„friending‟ with a team of professionals at the bank, to support their financial service needs. Through the platform, customers receive tailored financial service products, communication and rewards for their loyalty. General conversations will take place privately (between customers and staff); not publicly as they are on Facebook. However, public forums will be available on the service, allowing for general discussions and financial advice. By adopting this platform, banks can increase share of long term customer value, support the growth of personal connections, and develop a feedback loop for customer service. The organization will evolve to become nimble in responding to changing customer needs, and through good stewardship, develop and build the trust and loyalty that will entail. It is proposed the platform be launched within the bank‟s current online banking system. The development of a proprietary system allows constant tracking, testing and evolution of the service. It also provides the security needed for management, privacy protection and analysis of this type of data.
  • 4. the Executive Summary cont. The key performance indicators are conversion (interaction and engagement) and sentiment. These indicators should be measured and tracked through adoption and use of the platform with a variety of analytic tools. Return on Investment will be measured by increased share of products and services adopted by customers using the platform, and the deepening of relationships with the bank staff. No doubt, with the analytical tools to manage and implement customer service satisfaction on multiple levels, a platform of this scale, m’I Bank®, will revolutionize banking for the future. There are a host of legal and technical requirements to consider while implementing this platform into the Bank‟s systems. However, the privacy and personalized service customers receive will help overcome the issues currently faced in public social media platforms used today. Banks‟ early adoption and implementation of this type of platform will leverage the existing relationships customers have with staff, which will help to minimize customer abandonment through the digital evolution.
  • 5. the CHALLENGE  Privacy is highly regulated. As a result, participation in traditional social media platforms such as Facebook, Twitter and Pinterest is limited and restricted.  With the proliferation of online banking, financial services has become a less personal online/ATM transaction, where lowest cost often determines a customer‟s financial supplier.  Banks face significant competition in the online space including products such as peer-to-peer lending; vendors such as PayPal offering payment and credit services; and low cost online-only banking such as President‟s Choice and ING Direct. New products and services are growing at an alarming rate, and loyalty is often based on low cost and 24 hr. access.
  • 6. the Project Charter Business Objective: Enhance customer service, improve client retention and increase brand loyalty, resulting in the growth of customer value and revenue for the bank. Project Scope: Design a proprietary Social Media Platform whereby bank customers can develop relationships with staff and connect with people they want to in the bank, building their own online „virtual branch‟. There are 2 levels of connections for customers: m’I Branch Family® (connecting with bank staff); m’I Branch Friends® (connecting financial experts/advisors). Customers communicate to staff via chat, posts (not publically broadcast) and video conference call. Customers and bank staff develop profiles with pictures and a brief bio. Periodically, short questionnaires will round out the customer profile and help the bank provide better services. On the home page, customers can opt-in to news feeds and blogs on mortgage data, credit services, insurance, and other financial services products of interest to them.
  • 7. Persona (sample) Name: Joe “I’d like some advice on investing for my children’s future, but frankly no one hangs around the branch long enough for me to feel comfortable talking to.” Age: 35 Gender: Male Occupation: Construction Geography: Home Owner, Suburbs Marital status: Married with 2 young children Joe has had an account with the same bank since he was 5. He is very busy with his job and family and doesn‟t have much time to manage his finances. Joe takes advantage of Online banking to pay his bills and manage accounts. He goes into the bank frequently, as a lot of his clients pay by cheque. Every few months, new tellers or bank managers come to the bank. Joe would really like some financial advice for his future; retirement suggestions, etc. but doesn‟t have the time to explore these things on his own. He fondly remembers the bank advisor he talked to once in a while and he felt comfortable with, but he moved to Calgary. It would be nice if he could speak to the bank advisor. Joe he doesn‟t have the confidence in the “new guys”.
  • 8. the Use Case  Customers interact securely with their online banking login.  They build staff connections and develop a personalized „virtual branch‟ through searching staff via name, branch and/or location. Invites are sent to staff to connect.  Communications can range from generic friendly discussions to pointed and sophisticated requests. The relationships can range from casual contacts with branch staff to experts in the bank. (see wireframe for example)  Customers can communicate through direct posts, or schedule meetings to have real-time discussions via chat or video conferencing.  Information and services will be tailored to meet customers‟ needs.  Customers will access the platform via their laptop, desktop or tablet through the website. A mobile phone application should also be developed. (not in scope of this presentation) This experience will bring the familiarity and trust customers have with staff in the branch to the online forum.
  • 9. the Content Strategy GOALS:  Create connections between staff and customers to build trust, and connect customers with staff that have the knowledge and resources to provide helpful guidance to meet their financial service needs.  Provide relevant information about financial products and services in a timely manner and a communication style that customers prefer.  Communicate with a personalized and human voice.  Provide information tailored to customer needs.
  • 10. the Content Strategy cont. User/Staff Generated Content: For interactions between staff and customers, staff members will be well informed about the bank‟s products and services or redirect the customer for further support. Bank products and services incl. accounts, credit cards, mortgages, and a variety of other products: m’I Bank® will offer customers the ability to tailor the info. about services through streaming blogs from banking experts and topical discussions. The bank will use customer profiles to make recommendations. Personalized services/loyalty: The bank will commemorate customer lifetime achievements and reward them. For example, number of years with company, financial goals achieved, birthdate, number of financial service products. They will also support customers in the milestones of life incl. graduation, buying a house, birth of a baby, buying a car, making an investment. Receive offers and incentives to connect, share and get new products/services.
  • 11. Content Mapping Map #1: Mapping Content to the Goals of the Bank Build Trust Build Relationships Enhance Online Communication Channels Build Loyalty Upsell & Cross-sell products Security Protocol Encourage Dialogue Post conversations (staff-tocustomers) Incentivize Products (special discounts tailored to profile) Advertise products & services. Case Studies (customer success stories) Product/Services Suggestions (topics from profile) Connect on video conferencing (via scheduled meetings) Reward Customer Behaviour Seamless Access across multiple divisions. Human Voice Connect on Chat (via scheduled meetings) Provide a Trusted Contact (known staff member) Rewards for Brand Loyalty ~ increased products. Reporting Abuse Options Demonstrate Expertise Blogs from Experts in the Bank Financial Advice (planning for life’s challenges) Manage Negative Feedback quickly / effectively with a positive outcome.
  • 12. Content Mapping Map #2: Mapping Content to the Goals of the Customer Human/Social Interaction Conversations with staff the customer knows or becomes familiar with Staff focused on meeting ‘my’ needs (not selling products/services customer doesn’t want) - KEY Difference between corporations and people Trusting what people say (i.e. conversations & blogs) vs. corporate sales techniques Flexibility to Connect Relevant Information Communicate in desired format: Financial Advice: •Video conferencing •Posting notes •realtime chat •source info. at my leisure Communicate at desired time: •Calendar to make appointments •Notification (email) of upcoming appointments •Ability to see schedules of connections •No contact: i.e. audit discussions about useful topics Offer Tips and Suggestions •Advice I can trust (product and service info. in language and detail relevant to customer requests) •Advice I can rely on (tailored to customer's needs, not focused on sales) Bank Listens: •3rd party news feeds tailored to my interests •curated content/blogs sent to me based on relevance •Financial Advice for life's milestones (Bank thinks/plans ahead) Special Treatment My Loyalty is rewarded: •Special incentives for being a long time customer. •Incentives for special days (Birthdays, Anniversaries, etc.) •One Voice: (I’m not passed from dept. to dept.) Trust: •Secure connection within online banking network (secure forum for many years) •I can talk about personal financial data and the information will be safe. (not on Facebook or Twitter)
  • 13. the Corp. Bank Website/sign-up PROFILE Security Search: Bank or User Content Newsfeeds (personalized) Bank Announcements M’I Bank Calendar HOME PAGE m’I Bank About Us Terms of Use m’I Branch Family Connection Search Staff/Connection List Discussions m’I Branch Friends Private Posts Sitemap Connection Search Investment Advice Staff/Connection List Private Posts Purchasing a Car Website Tour Purchasing a Home Life Challenges Retirement Getting Married Loss of a loved one Having a baby Planning for an education
  • 14. Homepage Wireframe
  • 15. m’I Branch Family
  • 16. the Analytics (KPIs) Conversion (interaction and engagement) on the platform: This key performance indicator (KPI) is vital to measuring the platform‟s success, as it is reflects the popularity, interest and value of engaging staff and services to support customers‟ financial needs. Loyalty will evolve into long term relationships, with the goal of providing a larger share of financial services. This will also measure the bank‟s ability to “humanize” its relationships with its customers. Customer sentiment: Loyalty is built on foundations such as sincerity, truthfulness, integrity and reliability. Customer sentiment needs to improve through engagement, or there will be serious impact to customer loyalty, the brand and the ability to deepen the customer base.
  • 17. the Metrics Metrics to be tracked include:  Unique visitors  Pages/visit  Avg. visit duration  % new visits  Bounce rate  # of customers engaged weekly/monthly as % of total signed-up  # customers signed-up weekly/monthly (trending) as % of total potential customer (conversion)  # of staff connections for each customer, and frequency of communications between these connections Watch trends in:  Country (this may display an awareness and interest in US to assist with the decision making to roll-out)  Browser and Operating system  Mobile Monitoring the trends will help the bank to modify and adjust to what‟s happening in the marketplace.
  • 18. the Social Media Analytics The Bank should monitor sentiment and social mentions using Radian6 (& Salesforce) to gain insights on popular topics. Watch for discussion spikes and topics related to the brand for insight for future marketing campaigns, content creation and SEO development. Radian6 provides information to create a more comprehensive social profile including influencers and share of voice. It will also reveal which platforms the customers are most engaged in to uncover target markets not formally tapped into. Facebook/LinkedIn/Twitter: Each of these platforms provides analytics measurement and should be included in monitoring. They are important tools for engagement, as well as competition that can steal potential customer time and connections from m’I Bank®. Monitoring these sites will also provide insight to assist planning for evolving use cases. Hootsuite: The bank can manage unlimited social networks and profiles under one interface, schedule Facebook posts and Twitter messages, track keywords, mentions, and trending topics. It is extremely important for the Bank to engage the public through existing social media platforms, to monitor sentiment, issues and/or trends that customers may not want to communicate directly on the platform.
  • 19. the Business Return on Investment (ROI) Model for m’I Bank®: Social Media Engagement: This will be measured by number of customers that sign-up, frequency of engagement and number of bank staff connections. These will all be tracked internally by the Radiant 6 software proposed to monitor and track engagement. Engagement is key to success of the platform. Increased products/services purchased by early adopters and users of the platform will increase Bank revenue. This will be measured by behaviour change. Customers will increase their loyalty and meet more of their financial needs with one bank. This can be monitored through measuring: a) Average number of products and services per customer (baseline) vs. increases in products for customers on m’I Bank®. b) Tracking lifetime value of customer with the bank on the platform compared to historical. Improved customer sentiment and customer satisfaction: This can be measured with periodic surveys throughout the year, which will highlight any trends in sentiment (i.e. is satisfaction improving). Secondly, customer satisfaction of those engaging with m’I Bank® can be compared to customers that either have online banking only or have in-branch banking only.
  • 20. Legal Considerations A significant amount of the content on this platform will be user generated through the interactions of staff connections at the bank. Bank staff will be provided training and guidelines as to what information is allowed and what topics/subject matter are considered inappropriate. There will be a reporting method similar to other digital platforms allowing users to report system abuse either from customers or staff. In addition, there will be a quality control system in place that monitors inappropriate language and terms and deals with these on a one-on-one basis. This would be similar to the monitoring banks already do in the call centre and other transactional situations. Further, content provided on the service would be existing „proprietary‟ content already provided on the website or in the branches, and would be targeted to the customers based on their requests. I.E. If someone is interested in getting an automotive loan, they would put in a request for any changes to rates or special offers/timeframes. m’I Branch Family, m’I Branch Friends and m’I Bank would likely be trademarked names.
  • 21. Technical Considerations The Bank will need:  Dedicated servers  Built in redundancy at multiple locations  Content management systems  Database of profiles and historical posts  Calendar for scheduling meetings with outside email alerts  Security firewalls and protocols/fail-safes  Capacity to manage Canada only load, with scalability to add customers Internationally over time. Languages include:  JQuery, PHP (server side)  CSS, HTML & Javascript (client side)
  • 22. END SHELLY LINDSAY, Freelance Digital/Integrated Project Manager, Toronto INTERACTIVE DESIGN MEDIA Graduate Centennial College ca.linkedin.com/in/shellylindsay/