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Social networks and the financial markets

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Presenation to CityWeek by Paul Bowes, Head of Exchange Traded Instruments (EMEA) Thomson Reuters, September 21, 2010

Presenation to CityWeek by Paul Bowes, Head of Exchange Traded Instruments (EMEA) Thomson Reuters, September 21, 2010

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Social networks and the financial markets Social networks and the financial markets Presentation Transcript

  • Social Networking for Market Professionals: How is it Changing the Face of Financial Markets?
  • NEW TOOLS IN FINANCIAL MARKETS PAUL BOWES EXCHANGE TRADED INSTRUMENTS THOMSON REUTERS
  •  
  • KEY FINDINGS OF SOME RECENT RESEARCH
    • Financial markets professionals do use social media (89%)
    • The overwhelming majority of respondents use social media, with social networking, wikis, and video-sharing being the most popular
    • Financial markets professionals do use social media (89%)
    • A majority of respondents (59%) indicated they visit social media websites from work on at least a weekly basis, with one-fourth saying they do so every day.
    • Financial markets customers will use social media for professional reasons
    • The majority of 87% indicated they use social media for at least some professional purposes (not just solely for personal reasons).
  • FINANCIAL MARKETS PROFESSIONALS DO USE SOCIAL MEDIA
    • The overwhelming majority of respondents use social media, with social networking, wikis, and video-sharing being the most popular
    • Almost all respondents to the survey (89%) indicated they use some type of social media.
    N=659; N=585 for follow-up Q: Do you use social media? Q: What types of social media do you use (i.e., contribute to or just consume)? (Select all that apply)
  • FINANCIAL MARKETS PROFESSIONALS DO USE SOCIAL MEDIA AT WORK
    • A majority (59%) visit social media websites from work on at least a weekly basis, with one in four saying they do so every day
    Q: About how often, if ever, do you visit social media websites while at work? Daily Visitors Weekly Visitors Monthly/Quarterly Visitors N=585
    • Our sales teams should consider having a ‘professional’ presence on Linked In, / facebook (separate from a personal profile)
    • Connect their professional profile to their key customers .
    • Look at ways to start the conversation on these profiles … posting a relevant Reuters article or white paper or event invitation
  • FINANCIAL MARKETS PROFESSIONALS USE SOCIAL MEDIA FOR PROFESSIONAL REASONS
    • While the majority of respondents (63%) use social media predominantly (i.e., mostly or entirely) for personal purposes
    • 11% said they use social media predominantly for professional reasons, but altogether, 87% indicated they use social media for at least some professional purposes .
    N=585 Q: Which of the following best describes how you use social media?
    • Aside from maintaining a profile on a social networking site, relatively few indicated they contribute to social media, but most respondents are consumers of social media
  • BLOGGING AND USER GENERATED CONTENT
    • The heaviest users of social media at work (i.e., those who visit daily) are more likely to visit blogs, microblogs, and social bookmarking/social news sites.
        • Daily at-work visitors are also more likely to contribute content to social media websites.
    • When respondents were asked to recommend blogs or social media websites to others in their company or industry, most focused on the more mainstream sites.
        • Some social media websites were named for both professional and personal purposes.
        • Many more blogs were named for professional purposes than for personal reasons.
    Most (58%) said their visits to social media websites at work are always/frequently related to their job, with varying reasons given The top reasons given for visiting social media websites at work that were related to their job function focused on research and analysis , news and information , and networking and recruiting .
  • COMMUNITY BUILDING EXAMPLES
    • HSBC run their own online business network which allows users to create blogs, join conversations in forums, follow online webcasts and network with other entrepreneurs and generate contacts. It sits on their own platform
    • The Missouri Bank has a ‘niche’ market of ‘Artists and Visionaries’ as clients who they tailor their service to by engaging on platforms such as Facebook and Twitter, building a responsive and engaged consumer network which demonstrates their particular style of banking
    • ING Direct USA engage with twitter and have 12,000+ followers with which they maintain conversations on customer relations and broadcast news about the bank and services through
    Private & Confidential © ditto 2010
  • CUSTOMER ENGAGEMENT
    • Banks are increasingly choosing to engage with their consumers via social media channels for broadcast of news as well as responding to customer relations issues
    • Key social media tenant dictates that; if people are going to talk negatively about your brand, product or service, they will find a way to do so . This is pivotal here as banks are creating their own platforms to respond directly to negative conversation online
    • Concerns have been raised by regulatory bodies on the sensitive nature of banking and the openness of social media, highlighting how customers need to be careful when sharing information with customer service reps on social channels
    Private & Confidential © ditto 2010
  • CONVERSATIONAL MONITORING
    • Conversational monitoring is the process of finding, capturing and analysing conversation that takes place online
    • 1 st Mariner Bank of Baltimore, 700+ employees, utilise social media in many different ways including broadcast and engagement through Twitter and Facebook pages
    • They recently introduced a new and popular type of checking account having monitored and asked through social media tools what was needed most in their marketplace
    • The bank was able to use social communications tools and online surveys to develop a financial life cycle for their customers
    Private & Confidential © ditto 2010
  • TRANSPARENCY & BROADCAST
    • Although in its infancy in the banking sector, more banks are beginning to introduce and engage with the idea of utilising social media to broadcast information about themselves as well as the industry as a whole in an effort to increase understanding and transparency
    • Nicolet National Bank, 200+ employees, have embraced the broadcast mechanism by creating their own integrated and highly active blogging network of banking professionals and thought leaders
    • Having started in 2005, they have 10 regular bloggers and regularly answer questions directly on their blog, also highlighting key decisions, such as posts on the Troubled Asset Relief Program and why the bank participated
    Private & Confidential © ditto 2010
  • PROFESSIONAL KNOWLEDGE SHARE
    • Increasingly financial industry professionals are requiring the need for specialised, niche networks of similar professionals for knowledge share and networking with a particular focus of the industry
    • Hedge funds have seen a spike in this arena, with digital communities and services allowing for engagement, interaction, collaboration and communication like Hedgehogs.net
    Private & Confidential © ditto 2010
  • WHAT SITES ARE POPULAR
    • Several social media websites were named for both professional and personal purposes.
    • Many more blogs were named for professional reasons than for personal reasons.
    Q: If you were asked to recommend three (3) blogs or social media websites to someone in your company or industry, which websites would you recommend? Responses are provided in generally descending order, with priority given to categorization PROFESSIONAL PURPOSES PERSONAL PURPOSES