This presentation (and webinar) introduces the Social Media Life Cycle framework for financial services, capturing the stages that companies have been working through as they move to adopt social media in a compliant fashion. Presenters Chad Bockius of Socialware and Stephen Selby of LIMRA detail the eight stages of the cycle, the characteristics of each stage, key stakeholders you should engage and some of the risks to consider during your adoption of social media.
Webinar: http://www1.socialware.com/social-media-lifecycle-financial-services-webinar.html
Chad… Greatest communication revolution to date Moveable Type 2.0 : the biggest change in the way we communicate in 500 years If Facebook were a country it would be the third largest The industry appears to be quickly consolidating. Facebook is gaining in areas almost exclusively Orkut in the past (e.g. India) 22% of internet time is on social media sites A new member joins LinkedIn approximately every second. More searches are performed on Twitter than Bing & Yahoo Replacing e-mail Seen as a potentially equalizing force, bringing mass media to the masses. Google has repeated marginal successes in this space. Looking for a competitor to FB
Stephen Lead More questions than answers The BIG QUESTION : What do we do with it? (Do we listen to voices like Guy Kawasaki and take a tactical approach or do we develop a strategy first? How do we learn?) Pressure coming from all angles (customers, advisors and execs) FINRA has stated prohibition won't work Knows that RRs are already using FINRA and other regulators are experimenting themselves. Do you "like" the NAIC page on Facebook? What lessons are the regulators learning? What lessons are they passing on to industry? Firms working to get to YES but need guidance Regulators are currently focused on fraudulent activity like Ponzi schemes, but will eventually pivot to more day to day issues Industry has yet to recognize issues beyond those listed in FINRA 10-06 Revenue generation by states
Chad – Steve to tag team Are we going to move forward with Social Media? Getting to Yes. How do we do it, how do we manage it, how do we get the most value? No what?
Stephen
Stephen Testing: Annual 3130 test + regular testing program