Social Media for Financial Institutions

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Learn how banks and credit unions can use social media effectively to build a loyal following and stay out of trouble.

Learn how banks and credit unions can use social media effectively to build a loyal following and stay out of trouble.

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  • 1. Lucid Marketing
    Social Media
    How it works for financial institutions.
  • 2. Social media for financial institutions.
    Lucid Marketing
    Communication doesn’t work
    the way it used to.
  • 3. Social media for financial institutions.
    Lucid Marketing
    Old Model:
    ORGANIZATION (control)
    AUDIENCE
  • 4. Social media for financial institutions.
    Lucid Marketing
    New Model: control?
  • 5. Social media for financial institutions.
    Lucid Marketing
    "Once every hundred years, media changes. The last hundred years have been defined by the mass media. In the next hundred years, information won't be just pushed out to people: it will be shared among the millions of connections people have."
    - Mark Zuckerberg, Facebook founder (Rolling Stone, June 26, 2008)
  • 6. Social media for financial institutions.
    Lucid Marketing
    What is “social” media?
  • 7. Social media for financial institutions.
    Lucid Marketing
    Social: living or disposed to live in companionship with others or in a community
  • 8. Social media for financial institutions.
    Lucid Marketing
    Information is controlled by the members of the community.
    The members decide who to let into the community.
  • 9. Social media for financial institutions.
    Lucid Marketing
    PERSONAL
    Facebook
    MySpace
    Twitter
    Eons
    BUSINESS
    Linked In
    Ning
    BLOGS
    Wordpress
    Typepad
    Blogsmith
    IMAGES
    Flickr
    Shutterfly
    VIDEO
    YouTube
    Skype
    Podcasts
    OTHER
    Wikipedia
    Squidoo
    In every case, the members of the community a) control the content and b) invite the content into their lives.
  • 10. Social media for financial institutions.
    Lucid Marketing
    These “new” media are powerful tools for creating communities and building relationships.
  • 11. Social media for financial institutions.
    Lucid Marketing
    Source: Duct Tape Marketing
  • 12. Social media for financial institutions.
    Lucid Marketing
    What can social media do?
    build loyalty
    engage people
    support SEO efforts
    integrate marketing
  • 13. Social media for financial institutions.
    Lucid Marketing
    Social Media Best Practices
    integrate communications
    amplify efforts
    repurpose content
    engage the community
    use analytics
  • 14. Social media for financial institutions.
    Lucid Marketing
    Case in Point:
    Facebook
  • 15. Social media for financial institutions.
    Lucid Marketing
    Millennials now outnumber Baby Boomers;
    96% of them join social networks.
    Years to reach 50 million users: 
    radio (38 Years), TV (13 Years), internet (4 Years), iPod (3 Years);
    Facebook added 100 million users in less than 9 months.
    If Facebook were a country it would be the
    world’s 4th largest after the USA.
  • 16. Social media for financial institutions.
    Lucid Marketing
    Facebook has more than 400 million active users.
    The average Facebook user has 130 “friends”
    and is connected to 60 pages, groups, and events.
    Business pages add 4.5 million new “fans” per day.
    The fastest-growing group on Facebook
    Is women over age 30.
  • 17. Social media for financial institutions.
    Lucid Marketing
    Facebook users spend an average of 22 minutes
    per day on Facebook.
    Facebook is adding almost 1 million users per day.
  • 18. Lucid Marketing
    Social Media for Financial InstitutionsRisks and Rewards
  • 19. Social media for financial institutions.
    Lucid Marketing
    • Time-waster for employees
    • 20. Information security risk
    • 21. Reputation risk
  • Social media for financial institutions.
    Lucid Marketing
    Employees don’t need social media
    to waste company time.
  • 22. Social media for financial institutions.
    Lucid Marketing
    Online behavior same as offline
    only faster.
    Fiduciary responsibilities same online
    as offline.
  • 23. Social media for financial institutions.
    Lucid Marketing
    • identify risk
    • 24. set policy and communicate
    • 25. apply controls
    • 26. monitor and adjust
  • Social media for financial institutions.
    Lucid Marketing
    Setting Policy
    • separate social media policy
    • 27. adjust existing policies
  • Social media for financial institutions.
    Lucid Marketing
    • Acceptable Use Policies
    • 28. Gramm-Leach-Bliley Act (GLBA)
    • 29. Sarbanes-Oxley Act
    Protect customer information and investor interests…online and offline.
  • 30. Social media for financial institutions.
    Lucid Marketing
    Your employees [ and everybody else ]
    are already using social media.
    Will you join the conversation?
  • 31. Social media for financial institutions.
    Lucid Marketing
    Follow banking regulations.
    Have a communications strategy.
    Integrate with other marketing efforts.
    Join the conversation.
  • 32. Social media for financial institutions.
    Lucid Marketing
    Kim Phillips
    Lucid Marketing
    kim@getlucid.net
    www.getlucid.net/blog