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Social Media And The Financial Sector
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Social Media And The Financial Sector



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  • 1. Made in heaven or a Marriage from hell? Social media and the financial sectorChris Jackson, Head of Digital, Cicero
  • 2. Cicero Consulting • Launched in 2000 Government Relations • Financial sector focused FinancialResearch sector Digital Comms • London, Washington, Sing apore and Brussels Media Relations • Over 130 clients across the globe
  • 3. Our experience European Association of Public Banks European Association of Cooperative Banks
  • 4. What is social media? Principles of social media The impact Learning 50 million tweets per day in Pinterest: 2010 overCommerce Communicating 104415903 visits in March 2012 Facebook: 750 million active users in 2011Engagement Sharing LinkedIn: 13+% of companies Social media on LinkedIn is no longer a are in the Discussing finance fad sector
  • 5. The value of social media Close the gap through social mediaCustomer Business
  • 6. “Today, the brand is no longer determined by what the company says about itself; it’s determined by all the things that are said about the company by others, in the real world”
  • 7. “The financial sector and social media is like teenagers and sex. Everyone is talking about it, very few are doing it and those that aren’t doing it too well (with one or exceptions)”
  • 8. Our research• To understand how the financial sector views social media• 158 interviews with senior decision makers in the financial services sector• Captured perspectives of those working across Europe, North America, Asia and the Middle East• Conducted between October-November 2011
  • 9. Social media and the finance sector• Used to working with • The financial crisis sophisticated technology • Traditionally conservative approach• Understanding large quantities of fast moving data • Compliance and regulation• Well resourced • Social media is for teenagers(?)• Often thought leaders • The financial sector isn’t ‘loved’ by the public
  • 10. Financial crisis & social media boom Financial crisis damaged trust in the sector Social media used to criticise financial sector for crisis Financial crisis damaged budgets Self-confidence in the financial sector declined
  • 11. How the financial sees social media 1/3 interested in 35% see social media Interest in Social media offers a45% excited by social how social media can as a source of market monitoring and new way to media influence intelligence listening communicate (57%) government Expectation of Communicating to Cost effective form Fear of competitors customers and customers of of marketing leaving them behind employees tomorrow Social media viewed as the future of communications
  • 12. Fears of social mediaLacking skills and Return on Brand damage Resource and cost experience Investment 27% fear compliance Limited senior buy in Financial sector lacks skills, experience, confidence and capacity to maximise potential
  • 13. Compliance and social mediaFear from compliance teams leads to reluctance to engageFinancial regulators unsure about social media Rapid and fluid nature of social media tests capcityDanger of employees using social media against the company Importance of capturing discussions
  • 14. Social media use today Management of social media 3% 3% 7% 11% 30% of financial firms manage their social media strategy through one department 11% 29% 42% of organisations surveyed have used consultants to understand the bigger picture 36% 48% of organisations are using agencies to monitor social mediaWe do not use social mediaWe are interested but do not have a social media presenceWe are exploring how we can use social mediaWe use social media platforms to supplement existing business activity The financial sector is building up capacitySocial media is fully integrated into our business activityAs an organisation we do not yet know how to maximise the use of social mediaDont know
  • 15. Looking ahead Return On Which are the best methods of measuring a successful social mediaInvestment strategy? 35 31.3 31.1 27.5 30 26.7 24.4 24.4 22.9 22.9 25 Metrics 20.6 20 15 9.2 10 5 Gaining buy-in 0Strategicapproach
  • 16. Metrics for social media
  • 17. 6 steps to successUnderstand Invest Listen Organise Experiment Evaluate
  • 18. The financial sector is Conclusions waking up to social mediaMust embrace socialmedia rather than shy awaySocial media can help rebuild brands and trust Social media is not about selling Ultimately revolutionising communications
  • 19. The more willing you are to surrendercontrol, and rely on external endorsement andvalidation, the more credible and powerful the message can become.
  • 20. Thank you For more information Chris +44 2076659540