Social Media Market in Wealth Management

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  • 1. Social Media Market in Wealth ManagementReport Details:Published:August 2012No. of Pages: 148Price: Single User License – US$3800SynopsisThis report is a detailed study that explores the potential of Web 2.0•Provides insight into social media practices•Details the demographics of current social media users•Examines different platforms and methods of engaging with customers•The report reviews case studies of banks that have employed Web 2.0 tools and identifies the best practices that have maximised their successThe increasing number of wealthy individuals from diverse backgrounds means that traditionalproviders of services to high-net-worth individuals (HNWIs), from luxury goods companies toprivate banks, must adapt if they are to succeed. Today, the majority of HNWI wealth worldwide isself-made rather than inherited and private banks and wealth managers need to target a new typeof client. Although inherited wealth is set to play a smaller role, the transfer of wealth from the‘Baby Boomers’ to Generations X and Y is a crucial factor, with these generations set to becomethe beneficiary of the largest global wealth transfer in history. For banks looking to capture thissector, the challenge is to adapt their communication and marketing strategies to meet the needsof the younger generation rather than provide service offerings designed for their parents andgrandparents.ScopeThis report provides an extensive analysis on the impact of social media in wealth management•It examines how social media tools such as networking sites, blogs, online communities, virtual worlds, and interactive online tools can be used by banks to improve areas such as product development, marketing, marketing research, customer services and customer engagement•It details the social media strategies adopted by various banks•It examines the future use of social media in financial services, as well as prospective trendsKey highlights•Despite the rapid growth of social media marketing, its effectiveness at promoting customer engagement is doubted•Despite having numerous advantages over online focus groups, online communities have not fared well in most financial institutions•Though blogging is an effective Web 2.0 tool, most institutions find it inconvenient to maintain
  • 2. •Financial services institutions have been somewhat slower than other industries in embracing Web 2.0Reasons to buy•Ideal for understanding the potential of Web 2.0 tools and how they can be effectively employed in wealth management firms•Extensive case studies that detail the positives and negatives of Web 2.0 tools•Suggests potential tools and strategies for promoting customer engagement through Web 2.0 tools•Suggests contemporary methods for measuring customer engagement through Web 2.0 toolsGet your copy of this report @http://www.reportsnreports.com/reports/190950-social-media-market-in-wealth-management.htmlMajor points covered in Table of Contents of this report includeTable of ContentsExecutive Summary1 Introduction1.1 The Tools Explained1.2 Overview of the Report2 Web 2.0 And Customer Engagement2.1 Introducing Web 2.02.2 Introducing Customer Engagement2.3 Web 2.0 Usage in Financial Institutions2.4 Summary3 Customer Engagement and Web 2.0 In Customer Service3.1 Summary4 Customer Engagement and Web 2.0 in Marketing4.1 The Declining Effectiveness of Traditional Marketing4.2 Word-of-Mouth Marketing and Web 2.04.3 Search Engine Optimisation and Web 2.04.4 Summary5 Customer Engagement and Web 2.0 In Market Research and Product Development5.1 Summary6 Blogs6.1 The Case for Corporate Blogging6.2 Blogging Best Practices6.3 Case Studies6.4 Summary7 Social Networking Sites7.1 Marketing on Social Networks7.2 Case Studies7.3 Summary
  • 3. 8 Online Communities8.1 Case Studies8.2 Summary9 Virtual worlds9.1 Case Studies9.2 Summary10 Consumer-Generated Ratings And Reviews10.1 Case Studies10.2 Summary11 Personalisation And Customization11.1 Case Studies11.2 Summary12 Online Personal Financial Management Tools12.1 Case Studies12.2 Summary13 Interactive Online Tools13.1 Summary14 Viral Marketing And Multimedia Campaigns14.1 Case Studies14.2 Summary15 Authenticity15.1 Summary16 Starting Out16.1 Summary17 Risk Management17.1 Summary18 Measuring Customer Engagement with Web 2.0 InitiativesList of TablesTable 1: Companies’ Reasons For Not Having A Corporate BlogTable 2: Consumer Likelihood of Using Brand if Represented in Second LifeTable 3: Consumer Attitude Towards Second Life as a Marketing MediumList of FiguresFigure 1:US User Generated-Content Creators, 2007-2012* (Millions And % Of Internet Users)Figure 2:US User-Generated-Content Consumers, 2007-2012* (Millions And % Of Internet Users)Figure 3:Relationship Between Bank Customer Engagement and Purchase IntentFigure 4:Relationship Between Bank Customer Engagement and Purchase IntentFigure 5:Relationship Between Advertising Spending And Word-Of-Mouth BuzzFigure 6:Screenshot Of Verity Credit Union BlogFigure 7:Screenshot Of Wells Fargo Guided By History BlogFigure 8:Screenshot Of Wells Fargo Student Loandown BlogFigure 9:Screenshot Of Wells Fargo Beyond Today BlogFigure 10:Screenshot Of Wells Fargo Environmental ForumBlog
  • 4. Figure 11:Screenshot Of Wells Fargo AdvantageVoice BlogFigure 12:Screenshot Of Raboplus Help YourselfFigure 15:Screenshot Of Techcu Money Savvy BlogFigure 16:Screenshot Of Tech CU Blog For Community Change ProjectFigure 17:Screenshot Of UWCU Source Code BlogFigure 18:Screenshot of Standard Bank Team’s blogFigure 19:Global Social Network Usage And Engagement, 2011Figure 20:Number Of Users On Popular Social Networking Sites(In Millions)Figure 21:Demographics Of Social Networking UsersFigure 22:Screenshot of TD Money Lounge homepageFigure 23:Screenshot Of TD Canada Trust’s $PLIT IT Facebook ApplicationFigure 24:JP Morgan Chase’s Facebook Marketing InitiativeFigure 25:Screenshot Of Visa Business Network Facebook Login PageFigure 26:Comparison Of Online Panels And Online CommunitiesFigure 27:Comparison of Online Panels and Online CommunitiesFigure 28:Screenshot of American Express Open ForumFigure 29:Screenshot of Vancity CU’s Changeeverything HomepageFigure 30:Screenshot of Fidelity Labs HomepageFigure 31:Screenshot of Fidelity.Com BetaFigure 32:Screenshot of ING Bank in Second LifeFigure 33:Screenshot of ING Bank in Second LifeFigure 34:Screenshots of Deutsche Banks Q110 Branch in Second LifeFigure 35:Screenshot of Bankinter in WhyvilleFigure 36:Screenshot of Citibank Feedback FormFigure 37:Screenshot of Citibank Feedback FormFigure 38:Screenshot of Flexi SiteFigure 39:Screenshot of Winning Entry in Caisse d’Epargne Visa Card Design ContestFigure 40:Screenshot of Capital One Image CardFigure 41:Screenshot of Wells Fargo ‘My Money Map’Figure 42:Screenshot of Bank of America’s‘My Portfolio’Figure 43:US Consumers’ Perception of Their Savings HabitsFigure 44:US Consumer Interest in Yodlee Billpay and Personal FinanceFigure 45:US Consumers’ Willingness to Switch Bank to Use Online PFM ToolsFigure 46:US Consumers’ Willingness to Switch Bank to Use Online PFM ToolsFigure 47:Likelihood of US Consumers Telling a Friend or Relative about Yodlee’s Online PFMToolsFigure 48:Screenshot Of Mortgagebot Widget From Fairwinds Credit UnionFigure 49:Screenshot Of Billeos Billpay WidgetFigure 50:Screenshot Of Billeos Billpay WidgetFigure 51:Screenshot Of Bank-Anywhere.ComFigure 52:Screenshot Of Google Mashup For Search On ‘California Banks’Figure 53:Royal Bank Of Canada’s Virtual Agent “May”
  • 5. Figure 54:Screenshot Of Bank-Anywhere.ComFigure 55:Gulf Bank RSS ChannelsFigure 56:Screenshot of ING Direct Advertisement on YouTubeFigure 57:Screenshot of ING Direct Advertisement on YouTubeFigure 58:Screenshot of ING Direct Advertisement on YouTubeFigure 59:Screenshot of ING Direct’s “I-Needtogo” WebsiteFigure 60:Screenshot of Citibank Identity Theft Commercials on YouTubeFigure 61:Screenshot of Forum Credit Union’s Online Video MagazineFigure 62:Screenshot of Forum Credit Union’s Online Video MagazineFigure 63:Screenshot Of Member Video’s From Forum Credit Union’s “Fifteen Minutes Of Fame”CampaignFigure 64:Screenshot of HSBC Your Point of View HomepageFigure 65:Screenshot Of Winning Entry In UMB Bank’s “My Ugly Room” ContestFigure 66:Screenshot of Carolina Postal CU’s “I Love My Hoopty” BlogFigure 67:Royal Bank Of Canada – RBC Next Great Innovator ChallengeFigure 68:Screenshot Of Common Wealth CU’s Young & Free WebsiteFigure 69:Why Company Began First Blog, 2006Figure 70:Ron Shevlin’s Schema For Measuring Engagement To Help Marketeers customersContact: sales@reportsandreports.com for more information.