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Smg interns summer 2010 financial services 8.5.10


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  • 1. Social Networking and Gen Y: Financial Institutions Lester Chen, Jenn Weber, Matt Naber, Ellie Weed, Ed Revis, Danny Solarz, Gabbi LeVert, Candace Carson
  • 2. General Overview • Brand Interactions • Trends • Survey Findings • Case Studies – Successes – Failures • The future of online banking – Cyber crime – Mobile adoption – Fully digital banking • Video 1
  • 3. By 2014 , nearly two- thirds of all Internet users, or 164.9 million people, will be regular users of social networks 2
  • 4. 72% of 18-29 year olds already use social networking sites 3
  • 5. 71% Facebook 66% MySpace 7% LinkedIn 4
  • 6. So Facebook is kind of a big deal. 5
  • 7. What kinds of companies are people following on Facebook? 6
  • 8. 7
  • 9. Financial institutions aren‟t the most interesting companies to follow. (no surprise) 8
  • 10. How can banks do a better job “socializing” with their customers? 9
  • 11. 10
  • 12. “Online social networks are most useful when they address real failures in the operation of offline networks.” 11
  • 13. Nicolet National Bank: Improving Transparency Used social media to become more transparent -The President of their bank answers questions directly on the company blog Mortgage questions Business loan queries General finance questions -Addressed their thoughts on the Troubled Asset Relief Program (TARP), where money has gone, and why their bank has participated. 12
  • 14. Social Media Demographics by Income Level 13
  • 15. CASE STUDIES 14
  • 16. 15
  • 17. Stagecoach Island •Similar to Sims virtual world in 2005 •Uses Second Life game engine 16
  • 18. Players create an avatar and interact with their world Players have a virtual banking account, can apply for loans, mortages, etc. Aimed at youth, teaching them important budgeting skills while also connecting and socializing with others 17
  • 19. 18
  • 20. Mobile Banking application •By February 2009, had roughly 2 million mobile app users •Only 4 million mobile banking app users in the country at the time, •BoA had roughly half of the market 19
  • 21. More than 40% of active mobile bankers used iPhone or Ipod Touch BoA believed the mobile channel was driving new business to their bank because 8-10% of mobile bankers had opened up an account in past 90 days 20
  • 22. 21
  • 23. Mobile checking deposit Customers take a picture of the front of a check with their phone and send the info to Chase The bank will confirm that they have received the information and make the deposit Customers can then shred the check Some customers are very satisfied with new feature, while others complain the feature still is buggy 22
  • 24. 23
  • 25. Bank of the Future Featured in the Wall Street Journal on June 30, 2010 Features are already up and running in Japan and parts of Asia, and the bank says customers love the new additions “Tap and Pay” is a new mobile app that will transform your phone into a mobile wallet; customers will add their credit card info to their phone, and when in physical stores the customers can just tap the machine with their phone Transaction is recorded, with a receipt and warranty sent to phone 24
  • 26. Interactive Media Wall “Sales Wall” - Customers can flip through products on large touch screen that resembles iPhone. Customers can then apply for the product right on the screen or scan the information to their phone 25
  • 27. “Work Bench” Video agent can talk customers through transactions and give them personal, real-time service Service will be in U.S. banks in the next 2 years “Citishopper” is an app that gives consumers product reviews, the best price in the area, and whether or not the product is in stock 26
  • 28. 27
  • 29. Is smarter banking better banking? 28
  • 30. If so, what role do social networks need to take on? 29
  • 31. FACT: People don’t want to But everyone needs some advice every now and then… share their personal banking information with the world 30
  • 32. Small Business Online Community 31
  • 33. Connect, connect, connect 32
  • 34. Tips Forums Find Experts Articles Share Business Stories Events Expand customers‟ relationships with your bank without violating the their sense of security Because let‟s face it, banks are not the most trusted institutions in America right now 33
  • 35. Taking your offline community online 34
  • 36. • “Mobank” has only three branches where people are highly invested in their community • Not using social media to “sell” anything, but rather using it to build stronger ties with their customers. “Being a Mobank customer is very much like being part of the „in‟ group.” Grant Burcham, Missouri Bank President and CEO. 35
  • 37. People hated talking to Customer service 36
  • 38. But not anymore. 37
  • 39. 38
  • 40. Promote services Create awareness Responses, quick responses Little questions 39
  • 41. 40
  • 42. 41
  • 43. Survey Says (n=47) Seen an ad for a bank on social Does your bank have its own media social media website? 21% 12% 15% Yes Yes No No 73% Don't Know 79% 42
  • 44. Where are social networks headed? 43
  • 45. F acebook‟s recent policy changes are merely the latest in a long list of transgressions against user‟s privacy The “Like” Button: Allows Facebook information to be more easily shared. BUT – it has also made public its “social graph”, which allows outside websites able to access info about users freely. 44
  • 46. Cybercrime 45
  • 47. 80% of U.S. households have come to do their banking over the Internet 46
  • 48. A 2009 ABA survey of 170 U.S. bank revealed that 85% of big banks are incurring losses stemming from cyber attacks on consumer online accounts 47
  • 49. Most frequently attacked banks in the world ranked 3rd ranked 7th 48
  • 50. And this is what Chicago thinks 49
  • 51. 50
  • 52. Thank for watching! 51