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The New Role of Executives in the Financial Services Industry

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LinkedIn and Hootsuite partnered to develop new research on how technology and social media is transforming the financial services industry.

With trust suffering post GFC, technological disruption has shifted Australian preferences and demand for financial products and services. Customer relationships have become increasingly digital and financial services executives must adapt to compete in the face of digital disruption.

At this exclusive executive event, we shared key insights from the research paper. Including the future role of the executive within the Australian financial services industry.

Through keynotes and panel discussions attendees learnt about:
Digital disruption across FSI in Australia
-The impact of technology on customer expectations
-Social media as a tool to capitalise on disruption
-The role of leaders and executives within FSI

Published in: Sales
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The New Role of Executives in the Financial Services Industry

  1. 1. #HootLinkAU Digital Transformation The new role of executives in the Financial Services Industry
  2. 2. #HootLinkAU Welcome Ben Mulligan Regional Marketing Leader Hootsuite WIFI EST_ROOM_3 PASSCODE merivale
  3. 3. #HootLinkAU Speakers Mark Dick Director, LinkedIn Sales Solutions LinkedIn Australia Amy McIlwain Global Industry Principal, FSI Hootsuite Fady Daher VP, Global Commercial Payments American Express
  4. 4. #HootLinkAU Digital Disruption and the Tipping Point Mark Dick Director, LinkedIn Sales Solutions
  5. 5. The New Role of the Financial Services Executive
  6. 6. ​The Times They Are a-Changin’ “
  7. 7. Pre-Web Web 1.0 Web 2.0 The world of communication is changing rapidly The New Role of the Financial Services Executive
  8. 8. +450 The world’s largest professional network million members ANZ 8m+ APAC 100m+ The world’s largest professional network The New Role of the Financial Services Executive
  9. 9. 2,300,000+ SENIOR/MANAGER 615,000+ DIRECTOR/VP 377,000+ OWNER/PARTNER 102,000+ C-LEVEL EXECS Industry 170,000+ TECH 221,000+ FINANCE 86,000+ MEDICAL 127,000+ CUSTOMER GOODS 56,000+ CONSTRUCTION Reaching senior decision makers The New Role of the Financial Services Executive
  10. 10. The New Role of the Financial Services Executive Social media has a purpose throughout each stage of the financial purchase journey 54% 47% 40% 29% 25% Keep up-to-date with current financial trends Gather preliminary information about financial products, policies or institutions Seek advice/gather information to help make a financial decision Re-evaluate a financial decision that has already been made Recommend a financial product, policy or service Source: Join The Dots Research, 2013
  11. 11. 87.3% 79.1% 82.2% 83.3% 60.9% 50.0% 81.3% 58.1% 39.7% Asia-Pacific (excl. Japan) Japan Rest of the World Under 40 40-59 60+ HNWI expect future wealth management relationship to be digital Capgemini, RBC wealth management and Scorpio Partnership Global Insights Survey 2014The New Role of the Financial Services Executive
  12. 12. Sales Tactics to Win | Wednesday 28 September Companies leveraging LinkedIn platform The New Role of the Financial Services Executive
  13. 13. Sales Tactics to Win | Wednesday 28 September Acquire new clients Regain trust Lead with insight Grow relationships Enhancing customer service Social is core to business strategy The New Role of the Financial Services Executive
  14. 14. The New Role of the Financial Services Executive Acquire new clients Lead with insight
  15. 15. Sales Tactics to Win | Wednesday 28 SeptemberThe New Role of the Financial Services Executive Regain trust Grow relationships
  16. 16. Sales Tactics to Win | Wednesday 28 September MARK WEINBERGER EY GLOBAL CHAIRMAN “At EY, we continually strive to build a better working world by bringing our clients the tools and services they need in a rapidly changing business environment. Data analytics and technology have transformed the way companies operate, and together, EY and LinkedIn will provide organizations with leading-edge tools to navigate those changes” JEFF WEINER LINKEDIN CEO “Together, we'll help companies develop deeper and more trusted customer relationships through social and data analytics” REGINA SPRATT SALES PARTNER “Sales Navigator gives us the ability to get access to buyers who we couldn’t previously reach, and in a way that is more efficient than simply cold-calling and hoping for a response” LinkedIn Partnerships The New Role of the Financial Services Executive
  17. 17. Sales Tactics to Win | Wednesday 28 September “The tipping point is that magic moment when an idea, trend, or social behaviour crosses a threshold, tips, and spreads like wildfire.” MALCOLM GLADWELL- THE TIPPING POINT
  18. 18. #HootLinkAU The power of Social Executives in the Australian Financial Services Industry Amy McIlwain Global Industry Principle, FSI, Hootsuite
  19. 19. Hootsuite in Financial Services Enterprise Customers Finance, Insurance, Banking 1,800+ Of the Fortune 1000 800+ 350+14M+ Users worldwide
  20. 20. Social Media is fundamentally changing the way we communicate.
  21. 21. 4.3B email accounts 5.4B social media accounts Massive scale
  22. 22. Baby boomers Millennials 2011 workforce tipping point 2026 born in an era of social Driven by digital natives
  23. 23. 2016 2005 Mobile
  24. 24. Australia’s appetite and adoption of new technologies. Real-time access to information and services. Institutions still bearing scars from the Global Financial Crisis. Alternative banking solutions to address customer preferences. Mobile Social MediaPerception FinTech Financial Services
  25. 25. “There is no truth. There is only perception.” – Gustave Flaubert
  26. 26. Australia’s finance industry is still bearing scars from the GFC when it comes to the perception of institutions
  27. 27. Digital Perception Index Sample: Hootsuite Digital Perception Index, Australian Financial Services Industry, 110 named organisation, May-September 2016. Total validated post volume 340,300. Captured using Hootsuite and partner solutions (Brandwatch). +5.94% Australian Financial Service Industry Digital Perception Index (DPI) +100%-100% Consumer & Commercial Banking Investment & Wealth Management Insurance Superannuation +6.46% +3.97% +6.56% +12.55%
  28. 28. Consumer & Commercial Banking Investment & Wealth Management Insurance Superannuation Sample: Hootsuite Digital Perception Index, Australian Financial Services Industry, 110 named organisation, May-September 2016. Institutions with +10 point lift above industry average or dominantly positive perception. Captured using Hootsuite and partner solutions (Brandwatch). Perception Unicorns
  29. 29. What is the role of executives in social?
  30. 30. Provides a human face for their organisation Inspire and engage employees Empower sales and drive business outcomes The Social Executive
  31. 31. Australian Social Executives Alex Malley Chief Executive CPA Australia Cindy Hook CEO Deloitte Australia John Neal Group CEO QBE
  32. 32. Social executives within the Australian financial services industry receive 6.5 times more engagement than their peers.
  33. 33. Australian FSI Executives on LinkedIn 4.7times the profile views 4 times more connections 4.2 times more endorsements 8.5times the views on Long Form posts 10.8times the engagement on Long Form posts 7.4times the shares on content published 14times higher engagement on content shared Source: LinkedIn, Australian Financial Service Professionals of VP seniority and above, September 2016.
  34. 34. Social Executives have significant opportunity atop of their organisation. To passively leverage organisational resources once developed... Social Maturity Model Social Advocates Social Teams Social Organisation Social Executives
  35. 35. ...or proactively lead, engage and empower employees and sales teams from the top down. Social Maturity Model Social Advocates Social Teams Social Organisation Social Executives
  36. 36. 42% of the social media performance of staff in the Australian Financial Services Industry can be attributed to the behaviour and activities of executives on LinkedIn Source: Hootsuite & LinkedIn, Social Currency: How social executives are disrupting and capitalising on traditional financial institutions, October 2016.
  37. 37. 42% of the social media performance of staff can be attributed to executive activity. Sample: 4,762 Executives from 575 companies representing 67.57% of the total LinkedIn industry sample. Comprising of 359 institutions with 51-500 employees, 138 institutions with 501-10,000 employees, and 78 institutions with over 10,000 employees. 6.3 5 13.85.9 6.5 8.7 Profile Views Connections LFP Views LFP Engagement Content Shares Shares Engagement Consumer & Commercial Banking Executive Social Media Activity StaffSocialMediaPerformance Small Medium Large Org size
  38. 38. Sample: 923 Executives across 164 companies representing 19.27% of the total LinkedIn industry sample. Comprising of 81 institutions with 51-500 employees, 61 institutions with 501-10,000 employees, and 22 institutions with over 10,000 employees. 57% of the social media performance of staff in large Insurance companies can be attributed to executive activity. 5.4 54 10.95.6 5.5 7.3 Profile Views Connections LFP Views LFP Engagement Content Shares Shares Engagement Insurance Executive Social Media Activity StaffSocialMediaPerformance Small Medium Large Org size
  39. 39. Sample: 268 Executives across 83 companies representing 9.8% of the total LinkedIn industry sample. Comprising of 52 institutions with 51-500 employees, 31 institutions with over 501 employees. 43% of the social media performance of staff can be attributed to executive activity. 3.9 3.9 17.98.7 25 6.5 Profile Views Connections LFP Views LFP Engagement Content Shares Shares Engagement Investment & Wealth Management Executive Social Media Activity StaffSocialMediaPerformance Small Large Org size
  40. 40. Sample: 226 Executives across 29 companies representing 3.4% of the total LinkedIn industry sample. 30% of the social media performance of staff can be attributed to executive activity. 3.3 3.1 13.413.6 6.3 7 Profile Views Connections LFP Views LFP Engagement Content Shares Shares Engagement Superannuation Executive Social Media Activity StaffSocialMediaPerformance Small Org size
  41. 41. RiskTime TransparencyAmplification of errors Familiarity Executive Challenges
  42. 42. #HootLinkAU Fireside Chat Disruption and the role of the Social Executive
  43. 43. #HootLinkAU Fady Daher VP, Global Commercial Payments American Express Amy McIlwain Global Industry Principal, FSI Hootsuite Fireside Chat
  44. 44. #HootLinkAU Fireside Chat Q&A

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