Social Media In Financial Services Lee Provoost Headshift

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  • 1. Social Customer Self Service in financial services sector Lee Provoost, Technology Strategy at Headshift Social Media in Financial Services 13 January 2010, London http://www.flickr.com/photos/reservasdecoches/3199872487/
  • 2. Headshift, part of the Dachis Group smarter > simpler > social > Headshift is Europe's leading social business consultancy. We help organisations use smarter, simpler, social technologies to improve business performance, communication and employee engagement. London | Sydney | Austin
  • 3. Workforce Collaboration Enterprise 2.0
  • 4. Customer Participation Social Media
  • 5. Clients http://www.headshift.com/projects
  • 6. Social Customer Self Service What’s in it for me? “... study of the Lenovo community noted a 20% decline in the rate of call volume comparative 2007 to 2008 time periods ...” http://lithosphere.lithium.com/t5/Enterprise-on-the-Surface/bg-p/scott/date/8-1-2009 Lower TCO of support. Faster response time. Scalability in peak situations
  • 7. Fidor Bank AG Banking with friends Matthias Kroner, CEO Fidor: “It is the people who are the bank.” http://www.fidor.de/ http://www.slideshare.net/SOMESSO/matthias-krner-innovation-in-banking-finance http://www.youtube.com/watch?v=0nJ97CGcJJk
  • 8. giffgaff People powered mobile network giffgaff - the people powered mobile network http://giffgaff.com/
  • 9. Zopa Marketplace for Social Lending People lend and borrow money with each other, sidestepping the banks. http://uk.zopa.com
  • 10. Customer Communities The benefits • Reduced cost in dealing with customer contact • Greater reach when interventions are made • Gradual creation of a knowledge base, co-created by members • Generation of interesting data for customer care, marketing and PR http://www.flickr.com/photos/stevenwarburton/3209461104/
  • 11. Swarm Intelligence User generated content, ambassadors and 1/9/90 rule
  • 12. Community Manager The intentional creation of a community Task: • Set the tone of the boards. • Welcome new users. • Thank users for contributions. • Summarise discussions. • Act as the face of the brand. Background: • “social media junkies” • ex-community leads • Customer care • Technical support team Enjoy engaging with customers! http://www.flickr.com/photos/renaissancechambara/3543135684/
  • 13. Return On Investment Show me the money Natalie and Forrester modelled some ROI estimates on a hypothetical company with 500,000 customers that receives approximately 30,000 calls per month. In the report, she calculates that over a three-year time frame, such a typical company will probably need to invest approximately $1.2 million for a well- functioning online customer service community. The estimated payback in benefits will be seen within the first year, Forrester estimates. The analyst firm’s model suggest that the first-year outlay for the hypothetical company will total about $500,000 in start-up costs, but will return about $900,000 in benefits. Benefits will continue to accrue at about $900,000 a year in the years after than, while annual costs will run about $400,000. Forrester Research - The ROI of Online Customer Service Communities http://www.fastforwardblog.com/2009/07/16/roi-found-here-online-Customer- service-communities/
  • 14. Everyone is an ambassador now The bigger picture http://darmano.typepad.com/logic_emotion/2009/11/tweeting.html
  • 15. Customer Community Platforms Overview with some of their high profile clients Jive Social Business Software Telligent Awareness Social Media Marketing Lithium
  • 16. Thank you! Q&A + Contact details Lee Provoost Technology Strategy at Headshift Twitter: @leeprovoost E-mail: lee.provoost@headshift.com http://www.headshift.com London SE1 2NQ http://www.flickr.com/photos/stevezaslavsky/1363027861/