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Social media and retail banking


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Social media and retail banking

  1. 1. Social media and retail bankingPassing fad or business tool? 29 September 2011
  2. 2. Introduction Douglas Blakey, Editor Retail Banker Interactive
  3. 3. Why do we need to talkabout social media? Growth. It took Facebook just nine months to reach 50 millionusers, compared with 4 years for the internet and 13 years for TV Market leading activity. Social media is the most popular onlineactivity with people spending, on average, 4.6 hours per week Business opportunity. The majority of firms will be spending 3-10% of their marketing budget on social media in the next five years
  4. 4. Sanat Rao Vice President and Global Head, Business Development, Client Engagements and Alliances Finacle, Infosys Natalie Cowen Head of Brand and Communications First DirectMichalis MichaelManaging DirectorDigital MR
  5. 5. Sanat RaoVice President and Global Head, BusinessDevelopment, Client Engagements and AlliancesFinacle, Infosys
  6. 6. Social Media - Changing the waywe do our business… SHIFT FROM TOWho will influence Banks, Advisors, Customer Communitiescustomers IntermediariesWhere will Ubiquitous Exchanges Traditional Channelstransactions occurWhat will your Traditional Banks, Retailers, Telco’s,competition look like Financial Institutions Aggregators, New PlayersWhat will be the nature Impersonal, Personalized, Contextual,of customer interactions Disconnected, Sporadic Real-time
  7. 7. Social Media as catalystfor Banking Innovation Product Innovation (Differentiated Customer Experience) Regulation & Compliance Service Process Innovation Innovation (Internal (Create Collaboration for right product effectiveness) the first time)
  8. 8. Social Media as catalyst foradopting InnovationService Innovation• Educate – Social Networking, Blogging and Micro-Blogging channels, Wiki, Review sites• Empower – Blogs/Wikis/Peer reviews• Embrace – Interaction at the social medium of choice• Extend – Communities of advocates
  9. 9. Social Media as catalyst foradopting InnovationProduct Innovation• Design and Develop – Crowdsourcing for partnership development• Deliver – Right social media channel
  10. 10. Social Media as catalyst foradopting InnovationProcess Innovation• Design and Simplify – Benchmark against social media• Rationalise and Orchestrate - Internal Collaboration• for productivity
  11. 11. Impact of being Social Improve client service Generate Leads Social Banking Differentiate from competition Deepen client relationships
  12. 12. Generate leadsRight message right audience – 88% more leads • Leveraging communities to drive transactions • Top performing members • Forums, blogs, trading games • Rich information
  13. 13. Improve client serviceInstant Feedback
  14. 14. Deepen relationshipsIncrease Trust
  15. 15. Differentiate from competitionCustomer Centric Co-creation
  16. 16. Natalie CowenHead of Brand and CommunicationsFirst Direct
  17. 17. Why social media?Our mission is to pioneer amazing service….no matter what the channelTo do this we need to take our brand and services to the places we knowour customers and prospective customers are, this means embracingsocial media.We know that our customers love social media: 255k of our customers have visited Facebook in the last day 530k in the last week 58k have visited Twitter in the last day 127k in the last week 67k have visited YouTube in the last day 431k in the last week
  18. 18. How have customers engaged with us so far? 27,394 registered users 4,128 1,936 live recommendations 9,411 users login more than once per month2,522followers 6,040 comments172 subscribers Talking241,396 channel Pointviews Lab 5,989 comments
  19. 19. Learning as we goNatural next steps 1. Listen: 2. Learn: The 2009 ‘live’ campaign was our first step into social From the ‘live’ campaign we could see that conversations media – and primarily it was about listening to what were happening in which we were a hot topic. But, we people were saying about us in online environments were not a part of these conversations and we had no and visualising this in an engaging way (showing, not presence in the forums in which these conversations telling). were taking place. We published the good and the bad and broadcast it We were missing valuable opportunities to join in the through digital display spaces across London, and conversation and encourage the positive online. recommendation of our services through word of mouth.3. Adapt: 4. Respond:We needed to change our approach to communication. We have responded by creating a presence in key social media channels (Facebook, YouTube & Twitter), and willInstead of continuing to expect people to come to us, we continue to evolve these channels as well as other keyrealised we needed to go to them. We needed to join the forums.conversations in the places where they were actuallyhappening and adapt our communication model to fit in We hope to encourage and facilitate word of mouththe new social media society. recommendation, with our customers empowered to share their experiences with prospective customers and act as brand ambassadors on our behalf.
  20. 20. What do we hope to achieve? And how will we judge our success?Objectives• Continue to pioneer amazing service in a world where social media is the new word of mouth• Enable our people to do what they do best and have great conversations with customers in these spaces• Create, share and engage via storytelling• Recruit new customersMeasures1. Engagement on social media platforms2. Customer satisfaction, brand awareness and consideration, recommendation
  21. 21. Some lessons we’ve learned• Do your homework• Be prepared• Take action
  22. 22. Michalis MichaelManaging DirectorDigital MR
  23. 23. Crawl before you Fly Web listening©2010 Digital-MR® All Rights Reserved
  24. 24. If Web Listening is not yet an integral part of your Marketing, Operations and Product Development Function…. Explore Define Target Design POC Execute Pilot DebriefCustomers?:•Consumers•Investors•SMEs
  25. 25. Business Benefits of Active Web Listening: Growth Vs Fear! The opportunity: how much can you grow?The fear/risk factor : What can happen to your company if you do not engage? 34
  26. 26. The Drill Down Level 1. Top 8 features Feature Ranking for banking Level 2. Brands within Feature Brand ranking Within Customer Care Level 3. By Source HSBC Within Customer Care By source
  27. 27. The Drill Down cont. Level 4. Sentiment Sentiment for HSBC’s of brand within Customer Care on feature on specific source All Negative Comments Level 5. List of on for Posts HSBC’s Customer Care Level 6. The negative post of Individual Post Katquin82 On Uswitch From 27/01/10 read by 98 people
  28. 28. Active Web Listening + Private Online Communities (POC)A New Force for Business Insights 100‐500 Members in a Community, your extended marketing team for Co‐creation. 100‐500 Members in a Community, your extended marketing team for Co‐creation.
  29. 29. Where are you on the curve and where do you want to go? Source:
  30. 30. Sanat Rao Vice President and Global Head, Business Development, Client Engagements and Alliances Finacle, Infosys Natalie Cowen Head of Brand and Communications First DirectMichalis MichaelManaging Director Douglas Blakey, EditorDigital MR Retail Banker Interactive
  31. 31. This webinar will be available for replay at Retail BankerInteractive from 30 September 2011The next webinar in this series is on Wednesday 26th at15:00 GMT and looks at how technology is driving revolutionin branch design. Please register or follow thelinks at the Retail Banker Interactive site.For more information