Banking in a Social
Networking World
Wisconsin Bankers Association
Technology Conference
September 22-23, 2009
Eric Cook, ...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta2
Did You Know Video…
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta3
What Does This Mean For
Fi...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta4
Agenda
• “Sticky” banking
...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta5
“Sticky” Banking Strategie...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta6
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta7
Why “Gen Y”
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta8
Shifting Values
1 2 3 4 5
...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta9
Evolution of the Web
• The...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta10
Online Activities
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta11
Online Advertising Spend
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta12
Percent of Total Spend
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta13
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta14
What is Web 2.0?
• Web 1....
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta15
social media is basically...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta16
Using Networks Such As…
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta17
Social Network Profiles
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta18
The Future is Now
Nearly ...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta19
Use of Social Networking
...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta20
Objectives of Social Media
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta21
Customer Rankings
and Fee...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta22
Benefits of Social Media
...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta23
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta24
Hello. I’m SEO.
And I’m S...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta25
Blogging
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta26
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta27
Are You Blogging?
• Appro...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta28
Examples of FI Blogs
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta29
Blogging Etiquette
1. Be ...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta30
The “Fab Four”
• Facebook...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta31
Total Visits
Source: Comp...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta32
Some Facebook Stats
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta33
My Newest
Friend…
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta34
Twitter-iffic
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta35
Twitter Tidbits
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta36
Peoples Bank Phishing Ale...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta37
@Banking on Twitter
@Comm...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta38
LinkedIn
• Professional n...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta39
YouTube
• Online video si...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta40
Landmark BankVideo Channel
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta41
Consider Integrated Appro...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta42
E-Mail Is Cost-Effective
...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta43
Why E-Mail Marketing
• Sa...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta44
Social Banking
• Mint.com...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta45
Online PFMs
Source: Compe...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta46
Mint.com
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta47
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta48
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta49
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta50
USAA - Mobile Deposits
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta51
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta52
Some Free Promotion Tools
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta53
Podcasting
• TalkShoe.com...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta54
Webinars
• DimDim.com
• A...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta55
Whitepapers & Articles
• ...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta56
Presentations
• SlideShar...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta57
Online Tutorials
• JingPr...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta58
Reputation Monitoring
htt...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta59
Dealing with Negativity
•...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta60
Critical Success Factors
...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta61
It Takes Balance…
Questions
Eric Cook
Certified Internet Business Consultant
eric@PoweredByWSI.com
www.PoweredByWSI.com/WBA2009
(269) 841-50...
Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta63
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Banking In A Social Networking World

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This presentation was delivered at the 2009 Wisconsin Bankers Association's Tech Conference in Madison, WI. This show talked about how the impact of social media and web 2.0 tools are changing the way we build relationships with customers.

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  • Banking In A Social Networking World

    1. 1. Banking in a Social Networking World Wisconsin Bankers Association Technology Conference September 22-23, 2009 Eric Cook, Certified Internet Business Consultant
    2. 2. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta2 Did You Know Video…
    3. 3. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta3 What Does This Mean For Financial Services?
    4. 4. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta4 Agenda • “Sticky” banking • Evolution of the web • Social networking – Blogs & “Fab Four” • Social banking • Free promotion tools • Wrap-up and questions
    5. 5. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta5 “Sticky” Banking Strategies • Defined: Strategy used to keep customers around and do what YOU want them to do • Direct deposit, automatic transfers, bill payment, financial calculators, mobile banking, blogs, social networking, others? • Evolving into “relationship building”
    6. 6. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta6
    7. 7. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta7 Why “Gen Y”
    8. 8. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta8 Shifting Values 1 2 3 4 5 Traditionalists 1901 - 1924 Legacy Loyalty Discipline Logic Consistency Boomers 1925 - 1965 Climbing the Ladder Money & Status Hard Work Idealism Competition Gen X 1966 - 1979 Flexibility Portability Independence Change Freedom Gen Y 1980 - 1990s Collaboration Innovation Entertainment Speed Learning Source: Bea Fields, Author
    9. 9. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta9 Evolution of the Web • Then (1.0) – Basic information source – Online brochures – Looks nice, but difficult to determine effectiveness – Expense items • Now (2.0) – 24/7 sales person – Accountable (ROI) – Feedback – Conversational – Transparent – Open to contribution
    10. 10. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta10 Online Activities
    11. 11. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta11 Online Advertising Spend
    12. 12. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta12 Percent of Total Spend
    13. 13. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta13
    14. 14. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta14 What is Web 2.0? • Web 1.0 = One-way conversation – “Website” • Web 2.0 = Two-way conversation – Visitor-generated content – Feedback and participation – Involve and interact • “Business 101” – Know me, like me, trust me… do business with me
    15. 15. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta15 social media is basically a conversation hi whats up? social media What Is Social Media???
    16. 16. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta16 Using Networks Such As…
    17. 17. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta17 Social Network Profiles
    18. 18. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta18 The Future is Now Nearly 50 percent of senior marketing executives believe that social media (networking) is a vital component of corporate communications that should be monitored at the executive level and allocated appropriate resources. -2008 Survey from TNS Comfony
    19. 19. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta19 Use of Social Networking Researchers predict that nearly half of all U.S. Internet users will visit at least one social networking site on a monthly basis by 2011, with users shifting towards women and older users. Key Question: Who makes the financial decisions in the households you serve? -2008 Survey from TNS Comfony
    20. 20. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta20 Objectives of Social Media
    21. 21. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta21 Customer Rankings and Feedback 96 percent of retailers surveyed ranked customer ratings and reviews as an effective or very effective tactic to driving conversion. -Forrester Research and Shop.org
    22. 22. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta22 Benefits of Social Media • Product Development • Customer Service • Networking & Idea Sharing • Market Intelligence (competition) • News & Information • Research on People (HR) • Global Perspective • Low Cost • Build Your Brand • Build Trust Source: Marketing 2.0
    23. 23. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta23
    24. 24. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta24 Hello. I’m SEO. And I’m SMO. • Just adding pages and pages of content as an SEO strategy doesn’t cut it anymore • Social Media is the new way to take your SEO strategy to the next level • Social Media increases the number of high quality links & targeted traffic (2 of the most important factors in SEO) SEO & SMO Work Together
    25. 25. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta25 Blogging
    26. 26. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta26
    27. 27. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta27 Are You Blogging? • Approx 133 million blogs indexed since 2002 with 900,000 posts in 24 hours (Technorati.com) • Blended term for “web” and “log” = “blog” • Website that supports feedback and is more conversational • Can be developed for personal or business use • Comments can be moderated or open • Good “first start” for companies
    28. 28. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta28 Examples of FI Blogs
    29. 29. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta29 Blogging Etiquette 1. Be real & engaged 2. Provide value 3. Be accessible 4. Generate conversations 5. Listen to opinions 6. Ask questions 7. Help others (even competition) 8. Put others first 9. Listen to community 10.Leverage talent Source: MarketingProfs.com
    30. 30. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta30 The “Fab Four” • Facebook • Twitter • LinkedIn • YouTube
    31. 31. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta31 Total Visits Source: Compete.com
    32. 32. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta32 Some Facebook Stats
    33. 33. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta33 My Newest Friend…
    34. 34. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta34 Twitter-iffic
    35. 35. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta35 Twitter Tidbits
    36. 36. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta36 Peoples Bank Phishing Alert
    37. 37. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta37 @Banking on Twitter @CommunityBanks
    38. 38. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta38 LinkedIn • Professional networking environment • More business focused – Online resume • Personal and Groups • Connections • Recommendations
    39. 39. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta39 YouTube • Online video site created February 2005 • Sold to Google in November 2009 $1.65B • #2 search engine (behind Google) • 2007 vs. 2000 bandwidth consumption • Flip camera • Examples…
    40. 40. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta40 Landmark BankVideo Channel
    41. 41. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta41 Consider Integrated Approach • Consider social media as one leg of the chair • Identify what offline efforts are currently underway • Use to drive traffic to your end goal • Leverage tools to aggregate your message (ping.fm)
    42. 42. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta42 E-Mail Is Cost-Effective Search Engine Advertising eMail Yellow Pages Banner Ads Direct MailSearch Engine Advertising eMail Yellow Pages Banner Ads Direct Mail 1.7x1x 4.1x 6.9x 34.3x 2.4x 1x 5.9x 7.1x 8.2x Cost per Lead Cost per Customer
    43. 43. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta43 Why E-Mail Marketing • Saves Time: Putting together a direct mail campaign can take weeks vs. a matter of hours • Quick Response: Recipients can respond instantly, meaning an immediate impact on sales • Lower Costs: 30x more effective at lead generation than direct mail and avoids fixed costs like printing and postage • Measurable ROI: You can see who clicks and visits your site to track activity and effectiveness
    44. 44. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta44 Social Banking • Mint.com, Wasabe.com, QuickenOnline & Geezeo.com – Web-based account aggregators and financial planning tools – Accounts, tips from other members and goals (budgeting tools) – Some even offer “social networking” for connections • MoneyIsle.com, Prosper.com and LendingClub.com – Provide P2P saving/lending capabilities • SmartyPig.com - Provides users a way to save for a goal and invite others to help
    45. 45. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta45 Online PFMs Source: Compete.com
    46. 46. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta46 Mint.com
    47. 47. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta47
    48. 48. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta48
    49. 49. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta49
    50. 50. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta50 USAA - Mobile Deposits
    51. 51. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta51
    52. 52. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta52 Some Free Promotion Tools
    53. 53. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta53 Podcasting • TalkShoe.com • BlogTalkRadio.com • InstantConference.com
    54. 54. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta54 Webinars • DimDim.com • Also… – GoToMeeting/Webinar – WebEx
    55. 55. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta55 Whitepapers & Articles • DocStoc.com – “Community Bankers Guide to Social Network Marketing” by Jesse Torres
    56. 56. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta56 Presentations • SlideShare.net – Embeds into LinkedIn
    57. 57. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta57 Online Tutorials • JingProject.com – Provides free screen capture for images and video (up to 5 minutes) – Easily share online for training and education – Full version <$20/year!
    58. 58. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta58 Reputation Monitoring http://www.google.com/alerts
    59. 59. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta59 Dealing with Negativity • Realize you cannot control conversations • Opportunity for feedback • Gain respect by accepting criticism • Address open and honestly • Let the world see how you handle problems
    60. 60. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta60 Critical Success Factors • Be yourself – Not John Mackey, CEO of Whole Foods • Be responsive • Contribute and give back • Don’t sit on the sidelines
    61. 61. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta61 It Takes Balance…
    62. 62. Questions Eric Cook Certified Internet Business Consultant eric@PoweredByWSI.com www.PoweredByWSI.com/WBA2009 (269) 841-5007
    63. 63. Banking in a Social Networking World - WBA 2009Eric Cook, Certified Internet Business Consulta63

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