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Social Media for financial institutions,wealth management companies,banks and insurance sector

Social Media for financial institutions,wealth management companies,banks and insurance sector



Social media is a rage a ubiquitous phenomena imperative for a companies success. Although The financial sector has traditionally been apprehensive about changes.This presentation is an epiphany on ...

Social media is a rage a ubiquitous phenomena imperative for a companies success. Although The financial sector has traditionally been apprehensive about changes.This presentation is an epiphany on how social media works for wealth management companies, banks and insurance companies.



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    Social Media for financial institutions,wealth management companies,banks and insurance sector Social Media for financial institutions,wealth management companies,banks and insurance sector Presentation Transcript

    • Social Media For Financial Institutions
      • In this post recession era People are taking cognizance of the fact that their wealth needs to be managed meticulously. Their investments should yield prosperous results.
      • The unpredictability of modern times have also urged people to insure the things they value right from their own life to also these days their weddings.
      • These rising sentiments and the also the rising incomes and the emergence of the burgeoning Middle class in the growing economies have increased the need for investment guidance, financial management and insurance.
      • Hence the number of players providing financial services right from banking and wealth management to insurance have increased.
      • This has intensified the competition amongst companies to reach and win over customers.
      • Social media is the way forward and most of the world’s companies are harnessing its potential although the financial sector has been a bit apprehensive about going social!!
      • Deterrents for financial companies and banks to go social
      • Fear of a legal ramifications and lack of understanding on how to maneuver around them.
      • A perception that social media is a passing fad. A bubble that will burst soon..
      • HOWEVER
      • The fundamental tenets of marketing, advertising and PR have changed with the advent of social networks.
      • The ways companies interact with existing and prospective customers have changed.
      • The new modus operandi for companies are Facebook, twitter, Youtube, blogs, campaigns etc.
      • “ Customer engagement”, “customer involvement” ,”brand awareness”, SEO, “goodwill creation” , “Crisis management”, “winning prospective customers”, “Retaining existing customers”, “Being a Virtual brand mouth piece” ,”Increase in web traffic” are the benefits of going social.
      • It's almost impossible  for a business to not be involved in social media, as in this era of Facebook and twitter social media in an integral part of a brands success. However, the law has not been able to keep up with the rapid growth of social networks. 
      • Legal ramification shouldn’t be a deterrent for companies going social as 98% of the cases are settled out of court and 90% of all social media cases are copyright issues.
      • Almost all of the world’s top fortune listed companies have significant social media presence.
      • US finance companies are more active on the social media circuit than their Indian counterparts despite stringent US FINRA regulations .
      • Facebook has over 700 million users which makes it the 3 rd largest country in terms of population.
      • People spend over 700 billion minutes per month on Facebook
      • There are over 900 million objects that people interact with (pages, groups, events and community pages)
      • Average user is connected to 80 community pages, groups and events
      • Average user creates 90 pieces of content each month
      • More than 30 billion pieces of content (web links, news stories, blog posts, notes, photo albums, etc.) shared each month.
      • Tweets are the SMS of the internet. Twitter has an estimated 200 million users, generating 65 million tweets a day and handling over 800,000 search queries per day.
      • Every single second of every single day 9 million twitter users mention brands or product they love and hate.
    • Mind extrapolating Social media stats!!
      • After 23 years, Pepsi dropped TV advertising for last year’s Super Bowl to spend $20 million on a social media campaign.
      • The average Twitter account has 300 followers.
      • There are more than 5 billion photos on Flickr.
      • 53% of the Fortune 500 have at least one active Twitter account.
      • Wikipedia currently has over 17 million articles
      • LinkedIn has 50 million professionals worldwide
      • Twitter users send an average of 600 tweets per second
      • 34% of online holiday shoppers are influenced by social media
      • 20% of tweets are invitations for product information, answers or responses from peers, or directly by brand representatives
      • There are about 152 billion blogs on the internet and 67% of them are about brands and products.
      • 14% of the people trust ads and 78% people trust consumer recommendations.
    • Intriguing quotes by corporate honchos on social media!!
      • “ A brand is no longer what we tell the consumer it is – it is what consumers tell each other it is.”
      • “ Its no longer the word of mouth , it’s the world of mouth”
      • “ Innovation needs to be part of your culture. Consumers are transforming faster than we are, and if we don’t catch up, we’re in trouble.”
      • “ If there’s a firestorm erupting via blogs, your customers will expect you to respond via those same blogs, not via a carefully-worded press release 4 days later.”
    • Ignoring social media is like ignoring an elephant in the room!!
      • Some banks and financial companies have understood this and have started creating strong social media footprints.
    • Precedents of banks and financial companies which are harnessing social media platforms.
      • Citi bank India has an active Facebook page with Daily updates, Dedicated tabs for prevailing offers in metro cities, They also featured as a Facebook ad.
      • The Facebook page of Reliance Money has over 12k fans with dedicated tabs for festive offers , gold coin offers and a blog.
      • Twitter page of reliance money .
      • Twitter page of Citibank India
    • Financial institutions harnessing twitter as a tool for customer service and online reputation management
      • Wells Fargo banks dedicated twitter page for customer service and enquiry.
      • Wells Fargo's Youtube channel with more than 5,59,000 views and more than 75 finance related videos.
      • Wells Fargo’s blog and environmental forum.
      • Were the first to get into social media by launching their official blog in the year 2006.
      • Stagecoach Island is an online virtual world created by Wells Fargo. You can explore the island and its hidden secrets, connect with friends and make new ones, and at the same time learn smart money management
      • LIC’s Facebook page with dedicated tabs for cricket contests and lucrative plans.
      • LIC’s Twitter page which was launched on November 2010.
      • Facebook page of Kotak securities which has an innovative debate competition on investing and trading and the winners are get to win goodies
      • JPMorgan Chase Facebook page Chase Community Giving has given more than $100 million to nonprofit organizations every year for the past five years, focusing on community development, education, and arts and culture. 
      • Its crowd sourcing its CSR Activities.
      • A fan base of 2.5 million
      • The viral video of ICICI prudential life insurance was an instance success garnering around 19000 views.
      • ICICI life insurance is engaging customers with interactive digital tools.
    • How will social media initiatives help you?
      • Brand awareness and brand loyalty.
      • Customer Feedback tool
      • Customer service tool
      • Customer engagement tool
      • Reputation management tool
      • Crisis management tool
      • Goodwill generation
      • Will augment SEO
      • It would help you win new customers and also retain existing customers which means your growth.
    • How can we help?
      • Strategizing your social media presence.
      • Managing your social media accounts with researched daily updates, apt photo and video uploads.
      • Conceptualize and execute campaigns.
      • Developing customized pages.
      • Developing dedicated Facebook applications.
      • Developing innovative digital tool.
      • Presiding over reputation building debates and discussions.
      • Blogging.
      • Managing your Youtube channels (viral video).
      • Conceptualizing innovative contests and games to increase customer engagement.
      • Online reputation management.
      • Web PRship.
      • We at Vie have a penchant for creative innovation and can offer you niche and specific social media services to you.
      • Feeling social or just want to discuss Social media over a cup of coffee! We would love to hear from you.
      • Call us on:+91-8400475758,+91-8400475759
      • Or mail us at: mehul_rao@vieconsultancy.com
      • Visit us at: http://vieconsultancy.com/
      • Thank you..