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Social media for financial institutions


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Financial institutions social media

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Social media for financial institutions

  1. 1. How it works for financial institutions.
  2. 2. Communication doesn’t work the way it used to.
  3. 3. Old Model:ORGANIZATION (control) AUDIENCE
  4. 4. New Model: control?
  5. 5. "Once every hundred years, media changes. Thelast hundred years have been defined by the massmedia. In the next hundred years, information wontbe just pushed out to people: it will be sharedamong the millions of connections people have."- Mark Zuckerberg, Facebook founder (Rolling Stone, June 26,2008)
  6. 6. What is “social” media?
  7. 7. Social: living or disposed to livein companionship with others orin a community
  8. 8. Information is controlled by themembers of the community.The members decide who to letinto the community.
  9. 9. PERSONAL BLOGS VIDEOFacebook Wordpress YouTubeMySpace Typepad SkypeTwitter Blogsmith PodcastsEons IMAGES OTHERBUSINESS Flickr WikipediaLinked In Shutterfly SquidooNingIn every case, the members of the community a) controlthe content and b) invite the content into their lives.
  10. 10. These “new” media are powerfultools for creating communitiesand building relationships.
  11. 11. Source: Duct Tape Marketing
  12. 12. What can social media do? build loyalty engage people support SEO efforts integrate marketing
  13. 13. Social Media Best Practices integrate communications amplify efforts repurpose content engage the community use analytics
  14. 14. Case in Point: Facebook
  15. 15. Millennials now outnumber Baby Boomers; 96% of them join social networks. Years to reach 50 million users:radio (38 Years), TV (13 Years), internet (4 Years), iPod (3 Years); Facebook added 100 million users in less than 9 months. If Facebook were a country it would be the world’s 4th largest after the USA.
  16. 16. Social media for financial institutions.Facebook has more than 400 million active users. The average Facebook user has 130 “friends”and is connected to 60 pages, groups, and events.Business pages add 4.5 million new “fans” per day. The fastest-growing group on Facebook Is women over age 30.
  17. 17. Facebook users spend an average of 22 minutes per day on Facebook.Facebook is adding almost 1 million users per day.
  18. 18. Social media for financial institutions.
  19. 19. • Time-waster for employees• Information security risk• Reputation risk
  20. 20. Employees don’t need social media to waste company time.
  21. 21. Online behavior same as offline only faster.Fiduciary responsibilities same online as offline.
  22. 22. • identify risk• set policy and communicate• apply controls• monitor and adjust
  23. 23. Setting Policy• separate social media policy• adjust existing policies
  24. 24. • Acceptable Use Policies• Gramm-Leach-Bliley Act (GLBA)• Sarbanes-Oxley ActProtect customer information and investorinterests…online and offline.
  25. 25. Your employees [ and everybody else ] are already using social media. Will you join the conversation?
  26. 26. Follow banking regulations. Have a communications strategy.Integrate with other marketing efforts. Join the conversation.
  27. 27. Desmond Omovie Capital Media