Social Media and Finance Workshop Summary

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Social Media and Finance Workshop Summary

  1. 1. Social media and finance<br />Key takeaways from one day workshop in London on 15 June 2010<br />Andrew Carrier<br />8 July 2010<br />
  2. 2. 2<br />One day workshop focused on how to benefit from social media in the financial services industry<br />Workshop leader<br />@Visible_Banking: Christophe Langlois, Founder of Visible Banking, ex-SWIFT<br />Speakers<br />@Andy_Golding: Andy Golding, CEO at Saffron Building Society<br />Richard Khan, Senior Global Digital Engagement Strategy Manager at Barclaycard <br />@BrianMilligan: Brian Milligan, Associate Director, Group Centre and Corporate Affairs at Barclays <br />@JPunishill: Jaime Punishill, Global Head of Wealth Online at Thomson Reuters (previously head of online at Citi in New York @AskCiti)<br />@GroverXV: Gerard Walsh, Head of Web & CRM at Schroders Investment Management<br />Format<br />Presentations, including mini case studies<br />Q&A<br />Panel discussions<br />
  3. 3. 3<br />Two big takeaways<br />Value: There is tangible value to be derived from social media in finance and B2B, specifically in<br />brand building / differentiation;<br />First mover advantage leads to press coverage and interest<br />You look more approachable / rebuild trust with customers<br />interaction / product co-creation;<br />client and employee advocacy; and<br />efficiency .<br />Effort: People won’t get it at first, so<br />start small;<br />be practical and pragmatic;<br />align with commercial objectives; and<br />don’t give up.<br />
  4. 4. 4<br />Big takeaways: Social media still has the potential to associate innovation and trust with your brand.<br />Value: There is tangible value to be derived from social media in finance and B2B, specifically in<br />brand building / differentiation;<br />First mover advantage leads to press coverage and interest<br />You look more approachable / rebuild trust with customers<br />“We wanted to use social media to distinguish ourselves in terms of how we came out of the financial crisis well.” - @BrianMilligan<br />“Nowdays people love to hate big brands. They’re looking for advice from people like themselves.” – @Andy_Golding<br />“Progressive leaves even off-topic or abusive comments on their Facebook wall in the interests of transparency.” - @Visible_Banking<br />
  5. 5. 5<br />Big takeaways: It is a huge potential source of insight into your customers.<br />Value: There is tangible value to be derived from social media in finance and B2B, specifically in<br />brand building / differentiation;<br />First mover advantage leads to press coverage and interest<br />You look more approachable / rebuild trust with customers<br />interaction / product co-creation;<br />“We got senior management to say ‘this might be the greatest source of customer insight in real time we have ever seen’.” @JPunishill<br />
  6. 6. 6<br />Big takeaways: Social media is a way to get your customers and employees on side.<br />Value: There is tangible value to be derived from social media in finance and B2B, specifically in<br />brand building / differentiation;<br />First mover advantage leads to press coverage and interest<br />You look more approachable / rebuild trust with customers<br />interaction / product co-creation;<br />client and employee advocacy;<br />Open and honest dialogue is what you need to rebuild trust with customers” – Richard Khan<br />“There’s no more logical universe for social media than investment management: it’s all about relationships.” - @JPunishill<br />
  7. 7. 7<br />Big takeaways: It is very time and resource efficient.<br />Value: There is tangible value to be derived from social media in finance and B2B, specifically in<br />brand building / differentiation;<br />First mover advantage leads to press coverage and interest<br />You look more approachable / rebuild trust with customers<br />interaction / product co-creation;<br />client and employee advocacy; and<br />efficiency.<br />“At Saffron, we use a CEO blog for communicating with public, our members, finance journalists and staff. All at once.”- @Andy_Golding<br />“What does Barclaycard do with social media? Enhance & protect our reputation, campaign amplification + listen & respond.” – Richard Khan<br />
  8. 8. Effort: People won’t get it at first, so<br /><ul><li>start small;</li></ul>8<br />Big takeaways: You’ll need to convince people but social media scales easily, so start small.<br />“We launched video by using it internally first. Now people get it.”- @GroverXV<br />“The social media fight is the same fight as e-commerce 10 years ago.” - @JPunishill<br />
  9. 9. 9<br />Big takeaways: The key is pragmatism, so draw up guidelines, reuse existing content and be practical.<br />Effort: People won’t get it at first, so<br />start small;<br />be practical and pragmatic;<br />“We had to find ‘the glue’ to hold our disparate social media activities together.” - @BrianMilligan<br />“What’s a blog? If you already have a good newsletter, you can easily turn it into a blog.” - @Visible_Banking<br />“Ask naysayers about probability and magnitude for each of their objections. It’s often business risk not regulatory. Business risk is for marketing and communications to tackle, not legal and compliance.” - @JPunishill<br />
  10. 10. 10<br />Big takeaways: Don’t get carried away with the novelty; stick to clear and pre-existing business goals.<br />Effort: People won’t get it at first, so<br />start small;<br />be practical and pragmatic;<br />align with commercial objectives;<br />“It’s about social business not social media or collaboration” - @GroverXV<br />“The three Cs of successful social media strategy are: content, context and commerce.” - @JPunishill<br />“You have to measure ROI according to existing business metrics. Number of followers, positive tweets won’t cut it.” - @JPunishill<br />
  11. 11. 11<br />Big takeaways: The culture in B2B and in finance is not conducive to social media, but don’t give up.<br />Effort: People won’t get it at first, so<br />start small;<br />be practical and pragmatic;<br />align with commercial objectives; and<br />don’t give up.<br />“In B2B, it’s very difficult to get an online dialogue going.” - @Visible_Banking<br />“Accept that you will have to devote a lot of time to evangelism – both internally and externally.” - @JPunishill<br />“It was seen as geeky at first. Don’t give up” - @GroverXV<br />
  12. 12. 12<br />There is tangible value to be derived from social media; it’s worth the effort.<br />Value: There is tangible value to be derived from social media in finance and B2B, specifically in<br />brand building / differentiation;<br />First mover advantage leads to press coverage and interest<br />You look more approachable / rebuild trust with customers<br />interaction / product co-creation;<br />client and employee advocacy; and<br />efficiency .<br />Effort: People won’t get it at first, so<br />start small;<br />be practical and pragmatic;<br />and<br />don’t give up.<br />“84% of asset managers think social media will have a lasting impact on the financial services industry” - @GroverXV<br />
  13. 13. 13<br />Thank you<br />

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