Social Media as a Change Driver in Financial Services

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Presentation to Social Media in Financial Services conference, 29th June 2011

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Social Media as a Change Driver in Financial Services

  1. 1. Social Media as a Driver of Organisational & Cultural Change Within Financial Services Martin Thomas @crowdsurfing
  2. 2. “ Digital communications is a destabilizing force in a bureaucratic environment. And I am sitting right in the middle of a bureaucratic environment.’” Senior corporate communications director “ We’re not set up for this shit” UK CEO
  3. 3. The Real Social Media Effect <ul><li>Driving new behaviours & expectations </li></ul><ul><li>Dramatizing institutions’ structural, operational & cultural weaknesses </li></ul>Connected Consumer meets Disconnected Corporation
  4. 4. Social Media Success Built On <ul><li>Being responsive </li></ul><ul><li>Being human </li></ul><ul><li>Being open/transparent </li></ul><ul><li>Slow & bureaucratic </li></ul><ul><li>Faceless </li></ul><ul><li>Opaque </li></ul>
  5. 5. Thriving by Loosening Up <ul><li>Operational & cultural traits of successful organisations </li></ul><ul><ul><li>Trusting </li></ul></ul><ul><ul><li>Open </li></ul></ul><ul><ul><li>Agile </li></ul></ul><ul><ul><li>Informal </li></ul></ul><ul><ul><li>Collaborative </li></ul></ul>
  6. 6. Tight Thinkers Need Not Apply <ul><li>Organisations & people that struggle with this new world </li></ul><ul><ul><li>Hierarchical </li></ul></ul><ul><ul><li>Bureaucratic </li></ul></ul><ul><ul><li>Process oriented </li></ul></ul><ul><ul><li>Distrustful </li></ul></ul>
  7. 7. 1. Trusting <ul><li>Bedrock of strong internal culture </li></ul><ul><li>Allows shared responsibility & real time decision making </li></ul><ul><li>The best company rulebook ever written? </li></ul>
  8. 8. Nordstrom Revisited “ Prescriptive rules have the effect of infantilising staff & make it harder for them to adapt to different situations. This goes as much for digital communications as for selling socks … Like the Nordstrom handbook we’re trusting staff to follow the spirit, not just the letter, of our guidelines” Meg Pickard, writing about The Guardian’s new social media guidelines, November 2010
  9. 9. How to Build an Empire “ Presumed Competence”
  10. 10. Trust Your Own People
  11. 11. 2. Open <ul><li>Transparency & honesty non negotiable </li></ul><ul><li>Capable of transforming reputations </li></ul>
  12. 12. Openness is more than this …
  13. 13. Openness is … <ul><li>Encouraging real conversations with people inside & outside the organisation </li></ul><ul><li>Being transparent </li></ul><ul><li>Engaging critics & embracing criticism </li></ul>
  14. 14. A Simple, Proven Formula Openness Trust
  15. 15. 3. Agile <ul><li>Responding to hyper-speed culture </li></ul>“ The trouble with McDonald’s is it’s too bloody slow” Instant access, instant response, instant gratification “living life through shortcuts” MTV
  16. 16. Acceleration of News Agenda 1952 Lynmouth flood disaster 1988 Piper Alpha explosion May 2008 Sichuan Earthquake Jan 2009 Hudson River plane crash Spring 2011 Live blogging during Arab Spring 2 days 1 hour 30 minutes Real Time Real Time+
  17. 17. Service Innovations  Heightened Expectations <ul><li>Speed & responsiveness </li></ul>
  18. 18. Crisis Management in Real Time
  19. 19. Why Many Institutions Struggle <ul><li>Not configured to work in real time, in terms of speed or resources </li></ul>* Critical response time for responding to negative comments * Critical response time for responding to negative comments 10 minutes 60 minutes
  20. 20. Organisational Agility <ul><li>Ability to improvise & operate in close to real time & to act on real time information </li></ul><ul><li>Long-term planning has its place … but successful institutions have the ability to improvise & respond smartly to unexpected opportunities as the emerge </li></ul>
  21. 21. 4. Informal <ul><li>NPD: Living life in Beta </li></ul><ul><li>Design: Messy vitality </li></ul><ul><li>Creativity: Authenticity more important than production values </li></ul>
  22. 22. Informality in the Workplace <ul><li>Emphasis on freedom & trust </li></ul><ul><li>Encouragement of creativity & individual responsibility </li></ul>“ We’re giving people the latitude to go off & do their own thing. We trust them to do their regular jobs & to experiment, innovate & have fun” Microsoft Snr Mgr, quoted in Business Strategy Review
  23. 23. 5. Collaborative <ul><li>Tapping into spirit of collective self expression </li></ul><ul><li>Leveraging people’s willingness to shape service & product offers </li></ul>
  24. 24. No Excuses <ul><li>Being highly regulated may require caution but doesn’t excuse inaction </li></ul><ul><li>Why would any institution not want to be: </li></ul><ul><ul><li>Trusting? </li></ul></ul><ul><ul><li>Open? </li></ul></ul><ul><ul><li>Agile? </li></ul></ul><ul><ul><li>Informal? </li></ul></ul><ul><ul><li>Collaborative? </li></ul></ul><ul><li>This could be the change driver that financial services industry needs </li></ul>
  25. 25. @crowdsurfing Get your organisation & culture right … & the social media will look after itself … & it will also make you a better business

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