© 2013 Social Edge Consulting. Confidential.
Social Business Drivers for
Financial Services
Financial Services Social Busi...
© 2013 Social Edge Consulting. Confidential.
Our Story
founded
February 2012
20 people in 7 states / 3 countries
Veterans ...
© 2013 Social Edge Consulting. Confidential.
Why social for financial services?
McKinsey Global Institute study on social
...
© 2013 Social Edge Consulting. Confidential.
Source:
“The social economy:
Unlocking value and
productivity through social
...
© 2013 Social Edge Consulting. Confidential.
How is value generated?
Social technologies amplify tried and true
organizati...
© 2013 Social Edge Consulting. Confidential.
© 2013 Social Edge Consulting. Confidential.
A lever: Co-create Products
With a social platform, a company can tap a large...
© 2013 Social Edge Consulting. Confidential.
© 2013 Social Edge Consulting. Confidential.
Ground-level view of social levers
in financial services
Use cases from large...
© 2013 Social Edge Consulting. Confidential.
Use Case #1
Situational Teaming
© 2013 Social Edge Consulting. Confidential.
Brokers traditionally team up to complement their skills
or when they both la...
© 2013 Social Edge Consulting. Confidential.
Use Case #2
New Learning Model
for Advisors
© 2013 Social Edge Consulting. Confidential.
Firm has an interest in increasing advisor knowledge and ability to add value...
© 2013 Social Edge Consulting. Confidential.
Use Case #3
Sales Intelligence
Photo: “To Sell Is Human – Official Book Trail...
© 2013 Social Edge Consulting. Confidential.
Product specialists provide the latest research on funds to sales team
on a w...
© 2013 Social Edge Consulting. Confidential.
Drawing inspiration from other
regulated industries
Health care organization ...
© 2013 Social Edge Consulting. Confidential.
© 2013 Social Edge Consulting. Confidential.
Using social technology across the
enterprise
Using social technology across ...
© 2013 Social Edge Consulting. Confidential.
© 2013 Social Edge Consulting. Confidential.
We’d love to talk more
Brooks Jordan, Senior Social Strategist
brooks.jordan@...
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Social Business Drivers for Financial Services - BDI 9/26/13 Financial Services Social Business Leadership Forum

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Presentation: Social Business Drivers for Financial Services
Presented by: Brooks Jordan, Senior Social Strategist, Social Edge Consulting
Although the financial services industry is tightly regulated, there are a number of ways companies in this space can adapt tried and true business practices to social collaboration. Social tools simply amplify business performance in product innovation, market research, sales, and so on, and yet the impact can be extraordinary. This presentation looks at how it is being done.

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Social Business Drivers for Financial Services - BDI 9/26/13 Financial Services Social Business Leadership Forum

  1. 1. © 2013 Social Edge Consulting. Confidential. Social Business Drivers for Financial Services Financial Services Social Business Leadership Forum September 26, 2013
  2. 2. © 2013 Social Edge Consulting. Confidential. Our Story founded February 2012 20 people in 7 states / 3 countries Veterans of well-known Fortune 500 companies Work exclusively with Jive Software as a partner Offer complete Jive implementation services
  3. 3. © 2013 Social Edge Consulting. Confidential. Why social for financial services? McKinsey Global Institute study on social technologies (July 2012) Potential to generate $1.3 trillion annually in the economy from four sectors Raise knowledge-worker productivity by 20-25 percent Estimated untapped value for consumer financial services is $256 - 423 billion annually The social economy: Unlocking value and productivity through social technologies | McKinsey & Company
  4. 4. © 2013 Social Edge Consulting. Confidential. Source: “The social economy: Unlocking value and productivity through social technologies” McKinsey Global Institute
  5. 5. © 2013 Social Edge Consulting. Confidential. How is value generated? Social technologies amplify tried and true organizational functions . . . by applying a novel capability or "lever" to that function Value is also generated across entire enterprise
  6. 6. © 2013 Social Edge Consulting. Confidential.
  7. 7. © 2013 Social Edge Consulting. Confidential. A lever: Co-create Products With a social platform, a company can tap a large community to solve product development problems Broad spectrum of participants can submit ideas and comment on them Customers can also be invited to submit concepts and designs
  8. 8. © 2013 Social Edge Consulting. Confidential.
  9. 9. © 2013 Social Edge Consulting. Confidential. Ground-level view of social levers in financial services Use cases from large investment banking and asset management firms with thousands of employees and trillions in assets Situational Teaming (Lever 10: Match Talent to Tasks) New Learning Model for Advisors (Lever 9: Business Support) Sales Intelligence (Lever 6: Generate and foster sales leads)
  10. 10. © 2013 Social Edge Consulting. Confidential. Use Case #1 Situational Teaming
  11. 11. © 2013 Social Edge Consulting. Confidential. Brokers traditionally team up to complement their skills or when they both lay claim to a client Modern teaming requires focus on micro-needs of a client Example: Estate planning requiring a foreign language for elderly parents to participate Social collaboration via profiles allows brokers to extend their network and find a complementary skillset The ability to find experts in an internal network directly impacts ability of financial advisors to make money Requires that advisors fill out their social profile with skills and capabilities, but they have every incentive to do so
  12. 12. © 2013 Social Edge Consulting. Confidential. Use Case #2 New Learning Model for Advisors
  13. 13. © 2013 Social Edge Consulting. Confidential. Firm has an interest in increasing advisor knowledge and ability to add value Some advisors have more experience or innate talent Having advisors speak about best practices to peers in same office/region is problematic Traditional solution is to pay certain advisors to fly to other areas of the country and share expertise (e.g., equities) Private collaboration space is used to extend physical meeting and deepen relationships and peer-to-peer learning The firm's community manager supports discussions with relevant content and can bring in relevant thought leaders
  14. 14. © 2013 Social Edge Consulting. Confidential. Use Case #3 Sales Intelligence Photo: “To Sell Is Human – Official Book Trailer”
  15. 15. © 2013 Social Edge Consulting. Confidential. Product specialists provide the latest research on funds to sales team on a weekly basis Only a few product specialists are available to serve dozens of sales people Sales people ask similar questions on research via email and phone, taking extensive time from specialists Research is presented instead in threaded discussions within a collaborative space creating knowledge base Sales people close loop by posting feedback from clients to these discussions after meetings in the field Option to deliver key research securely from collaborative space to sales people via tablet
  16. 16. © 2013 Social Edge Consulting. Confidential. Drawing inspiration from other regulated industries Health care organization in 21 states with 87,000 employees and $13 billion revenue Recognition of rising costs and unsatisfactory treatment quality eVisits connect patients with doctors in a HIPPA-secure virtual meeting room 50 million times a year patients use an eVisit in US for conditions like sinus and urinary tract infections eVisits offer extraordinary value when embedded in a social external community with wellness content
  17. 17. © 2013 Social Edge Consulting. Confidential.
  18. 18. © 2013 Social Edge Consulting. Confidential. Using social technology across the enterprise Using social technology across entire enterprise is also a way to add significant value This is often called a Social Intranet, which pushes content to employees but also pulls people into interactions Business support functions like HR and Finance are now capable of having a two-way conversation Leads to 20-25% increase in productivity from "interaction workers" MGI estimates two-thirds of all value in sectors studied comes from communication, coordination, and collaboration
  19. 19. © 2013 Social Edge Consulting. Confidential.
  20. 20. © 2013 Social Edge Consulting. Confidential. We’d love to talk more Brooks Jordan, Senior Social Strategist brooks.jordan@socialedgeconsulting.c om @brooksjordan SocialEdgeConsulting.com

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