100311 social business summit (citi)


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100311 social business summit (citi)

  1. 1. 1 Operationalizing Social Media at Citi March 2010
  2. 2. Agenda Selling it internally Initial challenges Initial tasks Launching our first “real” social projects Issues we face as a regulated entity Additional lessons learned What comes next
  3. 3. Online users are spending more time on social sites than ever before Source: Morgan Stanley Facebook has gained significant share over past 3 years
  4. 4. 4 Growth in social media in the US has been staggering over last 3ys More Than Four In Five US Online Adults Now Participate Socially More Than Four In Five US Online Adults Now Participate Socially
  5. 5. Social Technographics - 2009 Base: US Online Individuals Source: North American Technographics® Benchmark Survey, 2009 INDEX Online Individuals=100 B of A Citi Chase 107 128 99 111 127 107 119 159 125 106 107 104 107 110 113 93 93 88
  6. 6. Initial Challenges No policies No technology No governance model No dedicated staff Uncoordinated, “off-the-reservation” efforts The four horsemen of the apocalypse – legal, compliance, risk, and information security
  7. 7. Initial tasks Design, build, fly Evangelize Staff Listen to the chatter Find one project to build the foundation around Fight process with process Establish command, not control
  8. 8. 88 Our social media approach will span the conversational spectrum Problems / Complaints Questions Ratings / Reviews / Feedback Customer-to-customer support Negative comments Misperceptions Kudos Determine response Develop comms. approach Apply policy / procedure Servicing Publish content Educate Enter dialogue Target marketing Establish community Enhance Relationship Page hits Comments Active users, Followers, Influencers Favorites, Pass-alongs Sentiment Conversions Fix systemic issues Reengineer processes Improve usability Enhance offerings Social Community
  9. 9. 9 How has Consumer NA supported Twitter?  @AskCiti established in October ‘09 as servicing presence for Consumer NA – 915 tweets sent as of 3/4 – 293 tweeters following @AskCiti – @AskCiti following 179 tweeters  Steering Committee formed to review and approve all proposed tweets daily  On-boarded CoTweet as an administrative tool to manage Citi Twitter IDs  Identified & trained Cards/Bank servicing teams which have operated in “practice mode” since Dec ‘09  Collaborated with servicing teams to develop proposed Policies & Procedures for Steering Committee review and approval GOAL: Fully transition servicing via Twitter to trained agents
  10. 10. 1010 Servicing via Twitter – Current State Project Personnel Process/Technology CMO Social Media team leading social efforts for Consumer Bank, NA 25 Bank/Cards customer service agents identified to support Twitter -Promises team in San Antonio; eServices in Jax  Formed Twitter Steering Committee to guide Twitter servicing engagement -Legal, Business Practices review proposed tweets daily -Review & approve key policies, procedures, project rollout  Engaged SCM/Procurement to onboard Cotweet as approved Vendor  Engaged BISOs/TISOs to assess Cotweet relationship  Collaborate with Compliance/Control to determine audit/RCSA requirements  Received input from Global Marketing for Twitter voice/tone guidelines  Partner with Fraud Policy/Risk/CIRT work to expand fraud/phishing detection to Twitter  Robust training curriculum developed and rolled out to CSRs: -Twitter 101 – what is twitter/basic communication approach (emoticons & abbreviations) -Moderator/Agents 201 - Cotweet functionality/capabilities & robust Citi voice/tone  Created tweet handling flows (moderators/agents) and hand-offs between Cards, Bank, & CMO  Developed proposed tweeting policies/guidelines/procedures for review & approval  Aligned key technology/systems to facilitate effective Twitter servicing - Utilized Twitter to create ID for Citi consumer bank - Leverage Cotweet to enable multiple tweeters to operate under 1 Twitter ID - Secured infosec approval for CSR access to Citrix (open Internet access) - Created Citi sharepoint site to facilitate CSR tweeting practice/feedback sessions - Incorporate SawGrass CRM tool for account discussions/account actions taken
  11. 11. 11 Tweet category responsibilities NOTE: CMO will refer tweets as necessary to other teams including Steering Committee, Corporate Communications, Fraud, etc. Servicing team responsibilities  Tweets with service requests (bank, card, mortgage) by noninfluentials  Product/offer inquiries (bank, card, mortgage)  Consumer NA web or other channel questions  Consumer NA complaints that can be addressed  Acknowledge “shout outs” where appropriate  Retweet *highly positive* “shout outs” where appropriate CMO/Social Media team responsibilities  Any highly sensitive tweets (policy violations, exposed personal information, etc.)  Non-service related tweets (disasters, emergencies, investors, press, policies, etc.)  Citi employee tweets  Influential people: bloggers, journalists, influencers, detractors, high “klout” scores  Tweets outside of Consumer NA (international, other businesses)  Retweets with external links
  12. 12. 12 Issues Citi faces in social media as a regulated entity Phishing, Verification, Information Security Crowd sourcing and intellectual property ownership How do we dialogue with customers when we can’t share the details of their situation? (e.g. @miserylovesco, Debtor’s Revolt) How can we be transparent and authentic and protect the franchise? When do we trigger advertising & marketing rules? (e.g. FINRA reg. that if >100 people see something it is considered advertising and undergoes a different review cycle) How do we answer people’s call for advice and guidance? How do we monitor, police, curate, guide discussions between customers? What about aggregated data sharing? (e.g. Bundle, mint, wesabe, blippy)
  13. 13. Additional lessons learned Every group has to staff Don’t underestimate the time you’ll need to evangelize Expect to do everyone else’s job – if you actually want it done in a way that is usable for you Don’t underestimate how different this is from BAU (e.g. VA, Twitter API, profanity) Prepare for the worst, EARLY
  14. 14. 14 Fabulis posts Citibank is so not fabulis “Hi everyone. Jason Goldberg here, founder and ceo of fabulis. In a bit of strange and disturbing news, fabulis discovered today that someone(s) at Citibank had decided arbitrarily to block fabulis’ bank account due to what was described to us on the phone as “objectionable content” on our blog. In fact, the account — it turns out — was blocked a few days ago without anyone letting us know about it by phone or email.Huh? Mind you, fabulis is a serious business, backed by some serious players, and for the life of us we can’t find anything “objectionable” on our blog besides some good humor, some business insights, and some touching coming out stories from some great and fabulis gay people. So, what gives? And wtf. When did Citibank start reviewing blogs to decide who can bank with them? Calls into Citibank tonight resulted in a temporary lifting of the block while a compliance officer is asked to re-review our website on Thursday. Stay tuned … we’ll update you on this shocker as we learn more. I promise you that if we do not get a good response to this on Thursday we are moving our bank account to a bank that respects and appreciates our business.”
  15. 15. Fabulis Related Posts vs. 3 mos Rolling Avg. 0 50 100 150 200 250 300 350 400 450 3 6 9 12 15 18 21 0 3 6 9 12 15 18 21 0 3 6 9 12 15 18 21 0 3 6 9 12 15 18 21 0 3 6 9 12 Hour Posts Blogs Twitter 1 2 3 4 Citi averages 2 banking blogs an hour Citi averages 7 banking tweets an hour 2 1 3 TechCrunch posts a blog titled, “Does Citi suffer from Homophobia or just a General Dislike for Start Ups?” Twitter dialogue begins as result of the story and grows as other influential financial and tech bloggers post; topic trends on twitter & appears a top story for business in google blog search Conversation ebbs & flows as Citi unsuccessfully attempts to resolve the situation & the story is covered by the Huffington Post; Users continue to discuss on twitter and some write their own responses in blogs Conversation spikes again as Citi issues a formal apology that fabulis accepts Dialogue stagnates as users debate whether Citi is sincere and whether or not they have unjustly denied other businesses. General traffic is down due to the weekend and user conversation being driven primarily by the Chilean earthquake Dialogue peaks again as updated coverage is released by TechCrunch, GigaOm and other blogs 4 5 2/26 2/27 2/28 3/1 Blog posts shared mixed views on policy changes and led to reinvigorated twitter dialogue 5 6 6
  16. 16. 16 Citi posts changes to policies and procedures “Citibank Message About Internet Business Accounts At Citibank, we have learned a great deal from recent customer issues related to Internet business accounts. Mistakes were made in some instances, in which we apologized and corrected the problem. These issues made it clear to us that the language in our branch procedures was not specific enough and left too much room for interpretation from one account to the next. We recognized that we needed clearer and less subjective guidelines with regard to opening Internet business accounts. And there were clearly gaps in training and communications around these specific branch procedures. Based on all these learnings, we’ve taken action and this week we updated and clarified our procedures for opening all Internet business accounts. Banks are required by law to conduct due diligence and understand the nature of business accounts. For Internet business accounts, we have made it clearer to our bankers what the due diligence process entails. For example, we will continue to reserve the right to decline or suspend an account if we find illegal or discriminatory content, or if the site involves gambling or pornography. Beyond that specific due diligence, however, we do not monitor or evaluate our customers’ web content. We are providing additional training in this area to ensure the procedures are uniformly and correctly followed. Also, our bankers are now required to have additional consultation with senior level banking executives when questions arise about these accounts before making any final decisions. This will help to avoid misunderstanding and subjective decisions, and promote greater consistency throughout the process. And we remain committed to working with our customers to try to resolve any issues. As a global organization, we also recognize the power and promise of diversity. In that spirit, we reiterate Citi’s commitment to serving customers, hiring talent and supporting a broad array of organizations that promote diversity. To learn more about our diversity efforts, please visit: http://www.citigroup.com/citi/citizen/diversity/index.htm. These recent customer issues have been a useful learning experience for us. We again apologize for any misunderstandings that may have occurred. We are committed to improving every day and we’re working to better” serve our customers.
  17. 17. What comes next? Finalize the design Make it secure Make it legitimate Propagate the process Drive the discussion Build the followership