Matt Dooley speaking @ "The Future of Digital Finance" , a Sitecore Event in Hong Kong on 24 Nov 2011

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why banks need to use social media.

why banks need to use social media.

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  • 1. Why  Banks  need  to  become  social.  Isola5on  or  integra5on?    Ma:  Dooley  Director,  Connected  Thinking  Ltd  Former  Head  of  Digital  Experience,  Global  Commercial  Banking,  HSBC    Future  of  Digital  Finance  Hong  Kong,  24  November  2011  
  • 2. Welcome  to  the  Social  Era  
  • 3. Agenda   1.  Why  social  media?     2.  Social  Media  in  Asia     3.  Cases:  Isola5on  or  Integra5on?    Forced  Par5cipants:   •  BP   •  HSBC    Willing  Par5cipants:   •  First  Direct     •  Amex   4.  What  should  you  do?  
  • 4. Why  should  you  care?  •  Over  750m  social  users  •  22%  of  all  5me  online    •  #1  ac5vity  on  the  web  •  Impacts  SEO  •  Impacts  credibility      Sources:  Facebook,  Neilson,  Socialnomics,  SEOmoz  
  • 5. People  trust  people  not  ads  •  90%  trust  peer  recommenda5ons  •  Only  14%  trust  ads   Social  media  =  people   •  Connec5ons   •  Conversa5ons   •  Rela5onships  
  • 6. People  influenced  by  social  media  Social  ads  deliver!  •  3x  Ad  recall  •  3x  Awareness  •  4x  Purchase  Intent  •  93%  of  marketers  use   social  media  for   business  
  • 7. Asia  is  more  social   The  Players   •  Facebook  dominates   •  Local  players  dominate   North  Asia   Usage   •  North  Asia  for  video   watching/sharing     •  South  Asia  for    social   networking.   Source:  Edelman  &  Comscore  
  • 8. Social  Media  Growth  in  Asia  Social  Media  Growth  •  Highest  growth  as  you   travel  North  Emerging  Asia  •  Mobile  driving  growth   and  ac5vity    •  More  ac5ve  on  social   sites   Source: Asian Banker Research
  • 9. Most  corpora>ons  and  industries  are  very  reluctant  to  enter  into  social  media  world     A  genuine  fear  where  conversa5ons  are     ü  Open   ü  Not  controlled   ü  Transparent,  and   ü  Poten5ally  viral  
  • 10. Social  Media  Cases:   Forced  par5cipants:   1.  Energy:  BP   2.  Financial  services:  HSBC  (UK)   Willing  par5cipants:   1.  Financial  Services:  First  Direct  (UK)   2.  Financial  services:  AMEX  (US)  
  • 11. BP’s  First  Disaster:  Gulf  Oil  Spill   April 20, 2010
  • 12. BP’s  Second  Disaster:  Social  Response  Q.  What  are  your  goals,  what  are  you  trying  to  accomplish  by  using  social  media?      
  • 13. Fake  TwiKer  Account:  Brandjacked!   VS @BP_America   @BPGlobalPR   •  Under  7,000   •  55,000+  within  one  week  
  • 14. Viral  success  @  BP’s  expense   Traffic  and  headline  news  in  one  week   •  55,000  Twi:er  followers  in  a  week     •  Online  ar5cles   •  TV  and  print:  Newsweek,  CNN,  Fox,  CNBC  
  • 15. They  even  mone>sed  their  success  •  Spoof  “BP  cares”   design  •  Sell  t-­‐shirts  with   proceeds  to  the   cause  
  • 16. Today,  BP  on  twiKer  • Invested  in  5me   and  resources    • 32,000+  followers    • Planorm  to  drive   traffic  to  BP  sites   and  other  relevant   local  sites  
  • 17. Social  integra>on  on  BP.com  Crea5ng  dialogue,  ac5on,  empathy,  respect  and  community    •  Richer,  engaging   content  •  More  transparent   and  relevant  •  Links  to  wider   network  of  sites  
  • 18. on  wide  network  of  “relevant”  sites  Response & issue related sites BP  owned     Relevant  non  BP  sites  
  • 19. and  woven  into  “new  corporate  DNA”  
  • 20. Social  Media  Cases:   Forced  par5cipants:   1.  Energy:  BP   2.  Financial  services:  HSBC  (UK)   Willing  par5cipants:   1.  Financial  Services:  First  Direct  (UK)   2.  Financial  services:  AMEX  (US)  
  • 21. HSBC  introduces  fees  on  student  accounts  • Promised  free  GBP1,500   overdrao  for  1  year    • But  introduces  9.9%  rate   for  Graduates    Ini5al  HSBC  response  • “Every  year  the  graduate   fee  changes  so  students   can  re-­‐evaluate  their   borrowing  needs.”  
  • 22. Students  set  up  facebook  campaign  
  • 23. Students  go  public  for  HSBC  to  reconsider  • More  than  5,000   student  go  online   to  protest  • Daily  news  –   online,  TV,  print  
  • 24. HSBC  backs  down  • Listens  to  students  • Reverse/  refund  fees      Revised  HSBC  response  “….we  have  taken  the  decision  to  freeze  interest  charging”  
  • 25. Students  1:  HSBC  0  
  • 26. Today,  new  offering  to  Graduates  • Promote  their   Graduate  service   on  UK  social  media   sites        
  • 27. Social  integra>on  on  hsbc.co.uk  • Social  Newsroom    • Plus  use  Facebook,   Twi:er,  Youtube,  Flickr      
  • 28. And  at  “heart”  of  their  growth  strategy  • Rumors:  social   media  is  at  heart  of   business  growth   strategy      
  • 29. Social  Media  Cases:   Forced  par5cipants:   1.  Energy:  BP   2.  Financial  services:  HSBC  (UK)   Willing  par5cipants:   1.  Financial  Services:  First  Direct  (UK)   2.  Financial  services:  AMEX  (US)  
  • 30. First Direct: A leading social bank•  Truly  digital  with  no  branches  •  Seen  as  innova5ve  and  customer  service  orientated    Today,  •  84%  ac5ve  digital  banking  users    •  89%  of  customer  contact  is  digital  •  53%  of  sales  are  now  online  •  UK’s  most  loved  brand!       Social  is  the  rule,  not  the  excep>on.  
  • 31. Social  to  listen    
  • 32. Social  for  insight  and  conversa5on  
  • 33. Social  to  amplify  news  
  • 34. Social  to  inspire  advocates  
  • 35. Social  for  more  engaging  ads  
  • 36. Social  for  brand  engagement  and  teaser……   First Direct Buddy Video
  • 37. FD’s  iPhone  Apps   •  First  UK  Bank  to  launch  a  “Bank  on  the  go”  app  in  January  2011  
  • 38. Social  for  trust,  respect,  and  results  
  • 39. Social  for  product  feedback,  sugges5ons  and  test  ideas  
  • 40. Social  Media  Cases:   Forced  par5cipants:   1.  Energy:  BP   2.  Financial  services:  HSBC  (UK)   Willing  par5cipants:   1.  Financial  Services:  First  Direct  (UK)   2.  Financial  services:  AMEX  (US)  
  • 41. Amex  driving  community  and  business  •  7  million  registered  businesses  •  Resources  and  network  to  grow  •  Connect  peers  •  Celebrity  experts  provide  advice   and  discussion.      
  • 42. Small  Business  Saturday  A  real  grassroots  movement!       Last  Year  Results:   •  41  officials  from  27  states   declared  it  a  holiday.   •  28%  boost  in  sales  in  stores   accep5ng  Amex   •  Largest  ever  small  business   community  on  Facebook        
  • 43. American  Express  >es  up  with  Foursquare:  “Check  in  and  save”    •   Offer  foursquare  users   "coupon  less,  hassle-­‐free   savings  within  the   foursquare  app.”  •  AmEx  card  holders  simply   link  their  credit  cards  to   foursquare  and  deals  and   discounts  are  automa5cally   applied.  •  Ini5al  offers  @  popular   stores  (H&M)  and  some   restaurants  in  NYC  
  • 44. Isola>on  or  Integra>on?   1.  BP            Integra5on         2.  HSBC          Integra5on   3.  First  Direct        Integra5on   4.  AMEX            Integra5on  
  • 45. So  what  should  you  do?   Listen   Act  &  Respond   Results   •  Iden5fy  unhappy   •  Fix  problem  or  relevant   •  Be:er  customer   customers   informa5on   rela5onship   •  Iden5fy  their  pain   •  Help  your  customer   •  Improved  brand   points   •  Improve  product/service   reputa5on   •  Watch  for  customer   •  Improve  process   •  Improved  product/ complaints   service   •  Look  for  advocates   •  New  Ideas   As  a  minimum     1.  Social  Media  Monitoring  –  brands,  products,  compe5tors   2.  Iden5fy  your  social  stakeholders  -­‐  nominate  a  “Champion”  and  Commi:ee   3.  Social  Media  Policy  
  • 46. Then,  use  social  media  to  funnel  sales  traffic              Connect,  build  rela>onships,  and  track  right  through  to  sales  
  • 47. One  final  thought  
  • 48. ABS  has  launched  a  Facebook  branch  
  • 49. Thank  you!    Email:    ma:@connectedthinking.asia  linkedIn:    ma:hew  dooley  Twi:er:  ma:ldooley