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Social Media And Financial Services



Published in Economy & Finance , Technology
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  • 1. Social Media and Financial Services: The Time is Now November 5, 2008
  • 2. Agenda
    • State of Financial Services & Social Media
    • Case Studies
    • Recommendations
    • Q&A/Panel Discussion
  • 3. Quiz Time!
  • 4. What is Social Media?
  • 5. What is Social Media?
  • 6. Survey Says… Do you know if your company has any initiatives planned regarding social media?
  • 7. Survey Says… Do you think that this is an area your firm should be considering?
  • 8. Survey Says… Do you see social media as an important component to your marketing strategy?
  • 9. Survey Says… What areas of social media is your firm/department considering?
  • 10. Why bother? We have a large initiative to grow our Gen Y demographics. We must change our strategies as the habits of future customers evolve. It is the next big thing in financial services. It will only become more prevalent, especially as the younger crowd begins to mature and start working with the financial services industry. Because all the kids are doing it!
  • 11. Adoption of Social Media by Age Group Source: Forrester Research
  • 12. State of the Industry
    • Reviewed 70 sites across brokerage, banking, cards, annuities, and mutual funds
    • 22% had some form of social media
    • Brokerage firms most active
    • Banking/Cards focus on small business
    • Annuities & Funds show little adoption
      • Notable exceptions (AXA, TIAA, T Rowe, Thrasher)
    • Third party sites competitive threat to FS firms
  • 13. Use of Social Media
  • 14. Brokerage
  • 15. Banking/Cards
  • 16. Annuities X
  • 17. Mutual Funds
  • 18. Third Party Sites
  • 19. Case Studies
  • 20. AXA
  • 21. AXA MyRetirementShop Blog
  • 22. AXA
    • What it did right:
      • Knew target audience
      • Conducted research on retirees and web habits
    • Why it failed:
      • Incongruous with target audience (55+ group not creators)
      • Didn’t proactively post
      • Compete with AARP
      • Significant barriers to participation
  • 23. Thrasher Funds
  • 24. Thrasher Funds
    • What it did right:
      • Seems to have right idea about tapping into GenX
      • Includes many social media & multi elements
    • Why it misses the mark:
      • Has many aspects of SM, but poorly executed
      • Blog posts are not updated frequently
      • Tries to be too many things – social commentator, fashion commentator, and market commentator
  • 25. Zecco
  • 26. Zecco Community Tools Member Profiles Member Search Groups
  • 27. Zecco Community Tools Performance Scanner
  • 28. Zecco Community Tools Forums Blogs
  • 29. Zecco on YouTube
  • 30. Zecco: All atwitter
  • 31. Zecco
    • What it does right:
      • Open membership
      • Built a base
      • Establishes credibility
      • Community advocates
      • Utilizes many social media tools
      • Zecco Zirens!
    • Minor Shortcomings
      • Full list of blogs difficult to locate
      • Member activity ranking not described in detail
  • 32. What’s a financial firm to do?
  • 33. High Level Recommendations
    • Begin by listening
    • Don’t neglect your customer website
    • Know your audience
    • Don’t be afraid to start small
    • Pre-test
    • Monitor your brand
    • “ Field of Dreams” strategy won’t work
  • 34. Final Thoughts
    • Should you be here? Yes!
    • Good news is train hasn’t left the station but the cars are beginning to fill up.
    • If you don’t, your competition is going to be doing it.
    • To do this successfully, you will have to figure out how to work with compliance.
    • Your competition in 5 years might be from left field.
  • 35. Thank you. Michael Ellison Executive Vice President [email_address] (212) 832-2002 ext. 106