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Corporate Insight To "Friend" is The Trend - Spotlight on Twitter
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Corporate Insight To "Friend" is The Trend - Spotlight on Twitter

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Alan Maginn, a Senior Analyst in our Consulting Services department, presented a case study on innovative ways financial institutions are using Twitter today at the Financial Services Communications …

Alan Maginn, a Senior Analyst in our Consulting Services department, presented a case study on innovative ways financial institutions are using Twitter today at the Financial Services Communications event.

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  • 1. To "Friend" Is the Trend: Social Media and Financial Services Today Spotlight on Twitter
  • 2.
    • Background on Corporate Insight
    • Industry Use of Twitter
    • Innovative Examples
    • Key Take-aways
    Agenda
  • 3. About Corporate Insight
    • Competitive intelligence firm serving financial services industry
    • Tracking social media since spring 2008
      • Initial report published October 2008
      • To “Friend” Is the Trend published October 2010
      • Ongoing updates
        • http://www.cinsightinc.com/blog.html
        • http://twitter.com/cinsight
  • 4. Key Findings – Then & Now
    • 2008
      • 15% of firms were using social media
      • Focus was on proprietary communities
    • 2010
      • 68% of firms are using social media
      • Development of proprietary communities has slowed
      • Focus now on major third-party communities (e.g., Facebook, Twitter, etc.)
  • 5. Twitter Use – Then and Now 2008 2010
  • 6. Industry Adoption Rate 25 28 16
  • 7. Types of Twitter Accounts
  • 8. Types of Twitter Accounts by Industry Segment
  • 9. Top Profiles Based on Number of Followers* * As of 9/21/2010 Firm Twitter Profile Followers Following Tweets American Express @americanexpress 34,608 7,547 3,839 ING Direct @ingdirect 13,706 9,965 1,464 American Express @openforum 12,044 1,802 2,971 USAA @usaa_news 10,675 620 526 Bank of America @BofA_Help 8,886 4,756 16,690 Wells Fargo @wachovia 7,097 6,364 4,093 Wells Fargo @ask_wellsfargo 5,416 4,998 6,496 MasterCard @mastercard 4,785 2,700 2,919 Citibank @citigroupjobs 4,017 3,887 344 American Express @askamex 3,834 5 7,035
  • 10. Customer Service Profiles
    • Initially adopted by banks (Wachovia)
    • Spread to other segments of the financial industry
    • Profiles typically feature:
      • Pictures of customer service team
        • Many sign tweets with their initials (e.g., ^AM)
      • Hours of operation
      • Disclaimer
      • Fluctuating number of followers
    • Tweets typically ask individuals to DM the firm with further information
  • 11. Customer Service Profiles
  • 12. Recruitment Profiles
    • Still somewhat rare
      • Only six of the firms we track have dedicated career profiles
    • Style of profiles vary
      • Personal approach
      • Corporate approach
    • Tweets typically feature:
      • Brief job description
      • Links to full job descriptions, employment-related guidance
      • Hashtags
        • Job type
        • Location of available position
  • 13. Recruitment Profiles
  • 14. Promotional Profiles
    • Highlight contests and/or product promotions
    • High level of interaction with followers
    • Tweets typically feature:
      • Informal tone
      • Links to company website and other social media sites (e.g., YouTube, Facebook)
      • Hashtags
  • 15. Promotional Profiles
  • 16. Targeted Marketing Profiles
    • Highlight specific products, services or sitelets
    • Secondary Twitter presence
    • Often part of a broader social media campaign
      • Facebook
      • Blogs
    • Tweets…
      • Typically focus on the product/service, not the firm directly
      • Occasionally RT messages from the firm’s primary Twitter account
  • 17. Targeted Marketing Profiles
  • 18. Key Take-Aways
    • Financial institutions focus social media efforts on major social networks (e.g., Twitter, Facebook, etc.)
    • Growing number of firms use multiple accounts to achieve distinct goals (e.g., customer service, promotions, etc.)
    • Personalized accounts help encourage interaction with followers
    • Financial services is serious business, but tweets don’t always need to be formal
  • 19. Alan Maginn Senior Analyst Consulting Services [email_address] 212.832.2002 ext.116 Thank You