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Trends in finance and social for 2014

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View the presentation that was given at Finance Connect Mumbai on Tuesday June 10th by Jennifer Grazel, LinkedIn's Global Head of Category Development - Financial Services.
Understand the Trends in the financial sector around social. Learn about the results from Mass Affluent study for India and global case studies on finance.

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Trends in finance and social for 2014

  1. 1. Jennifer Grazel Trends in Finance & Social for 2014
  2. 2. #inFC14 Authenticity ● Relevancy ● Dialogue TRUST 3
  3. 3. #inFC14 Insights Information 0101010101010 0101010101010 0101010101010 4
  4. 4. RELEVANT CONTENT BUILDS THE BRIDGETO MEANINGFUL RELATIONSHIPS
  5. 5. The role of social media in driving SME growth
  6. 6. #inFC14 This report explores the way in which SMEs in India make use of social media. 7 SMEs surveyed across India168 INFLUENCE Primary decision maker or strong level of influence in financial decisions SMALL/MEDIUM 1 to 1000 employees INR 5 to 500 crore revenue
  7. 7. #inFC14 SMEs in India are currently experiencing widespread growth… 8 Have experienced an increase in total revenue over the past year Have experienced an increase in customer/client numbers over the past year Have experienced an increase in overall profitability over the past year 79% 73%67% Base: 168 small and medium businesses
  8. 8. #inFC14 67% Of SMEs have been using social media 1+ years 33% Recently started or plan to use in the future India SMEs are experienced social media users 9 Base: 168 SMEs
  9. 9. #inFC14 10 The #1 challenge facing SMEs in today’s market is attracting new customers 10 72%say attracting new customers is a challenge their company will face in the next 12 months #inFC14
  10. 10. #inFC14 4 in 10 business experiencing growth directly attribute revenue to social media spend. % reporting each contributed to revenue growth 11 SOCIAL MEDIA 39% Base: 133 small and medium enterprises experiencing revenue growth EMAIL MARKETING 46% EVENTS 38%
  11. 11. Social media is highly influential when choosing a financial services provider
  12. 12. #inFC14 The vast majority use social media for financial purposes… 13 Top 5 uses of social media for financial purposes Keep up-to-date on financial trends 01 60% 02 Gather preliminary financial information 39% 03 Seek advice on a financial decision 34% 04 Evaluate or re-think a previous financial decision 23% 05 Recommend a financial product to others 21% Base: 168 small and medium businesses have used social media for finance-related reasons80%
  13. 13. #inFC14 …with more than six in 10 respondents suggesting they are open to receiving financial information from LinkedIn Openness to receiving financial content and information on social media sites 14 Base: 168 small and medium businesses 29% 12%33%33%62% of growth businesses are receptive to receiving financial content on LinkedIn 67%
  14. 14. #inFC14 This allows LinkedIn to drive action through the content provided to businesses... 15 Base: 168 small and medium businesses Learned of a new financial company Shared information about financial trends, products or companies Asked a financial representative for additional information Discussed a financial product with a friend or colleague Learned of a new financial product/policy Conducted additional research on a financial product 24% 31% 25% 22% 27% 29%
  15. 15. #inFC14 Of the 2/3 of SMEs who actioned a response, 1/3 were driven to purchase. Path to Purchase Base: 143 LinkedIn users DISCOVERY Gather info / stay up- to-date CONSIDERATION Seek advice/info to make a purchase DRIVEN TO PURCHASE ON LINKEDIN (Insurance policy and/or investment product) 34%
  16. 16. The Mass Affluent & Social Media
  17. 17. #inFC14 Nearly two in five Mass Affluent use social for financial education or research 18GLOBAL of all Mass Affluent use social for discovery or consideration of financial companies, products or services 36% DISCOVERY BOTH CONSIDERATION 10%7% 20%
  18. 18. #inFC14 Engagement with financial companies is considerably higher among Mass Affluent in earlier life stages 19 BASE SIZE: Social media users / * Caution Small Base Size India % Engaged with Financial Companies (by Life Stage) Soon to retire/ Retired*74%Accumulating Wealth94% of Mass Affluent social media users are engaging with financial institutions 90%
  19. 19. #inFC14 Approximately 80% of Mass Affluent social users read content, review multimedia, and follow financial companies 83% 81% 77% FOLLOW OR LIKE financial companies on social media REVIEW MULTIMEDIA CONTENT from financial companies on social media READ CONTENT from financial companies on social media BASE SIZE: Social media users / India
  20. 20. #inFC14 Info learned on social about a financial company, product, or account most likely comes from social connections or ads What was the specific source of the financial information you learned via social media? 21 India FINANCIAL COMPANY OR INSTITUTION FINANCIAL PRODUCT, POLICY OR ACCOUNT 40% 60% 62% 66% 34% 57% 75% 68%A member of my social network An advertisement Company sponsored content/updates An industry expert/executive
  21. 21. #inFC14 At least one in five considers increased transparency a valuable result from a company’s social presence What was the specific source of the financial information you learned via social media? 22 BASE SIZE: Social media users / India ACTIVITIES BANK LIFE INSURANCE CO. CREDIT CARD CO. Improved customer service 17% 26% 35% Greater transparency of information 20% 23% 20% Timely updates 18% 15% 9% More personalized experience 15% 12% 12% VALUE - +
  22. 22. #inFC14 With a social presence come expectations for information and account communications from financial companies Information wanted via financial companies on social media: 23 BASE SIZE: Social media users / India ACTIVITIES BANK LIFE INSURANCE CO. CREDIT CARD CO. New product or services information 73% 67% 71% Updates on account or policy changes 67% 68% 62% General company information 58% 55% 46% Posts from an industry expert/executive 50% 52% 45% Market and economic commentary 52% 45% 48% VALUE - +
  23. 23. #inFC14 But, many Mass Affluent aren’t getting the information they want from financial companies on social media Information wanted vs. received via financial companies on social media: 24 BASE SIZE: Social media users / India ACTIVITIES GAP BANK LIFE INSURANCE CO. CREDIT CARD CO. New product or services information Updates on account or policy changes General company information Posts from an industry expert/executive Market and economic commentary -30 -27 -23 -20 -15 -21 -27 0 -21 -17 -18 -18 -9 -9 -11 -30 -27 -23 -20 -15 -21 -27 0 -21 -17 -18 -18 -9 -9 -11
  24. 24. #inFC14 Client Case Studies 25
  25. 25. #inFC14 American Express integrated approach in LI ecosystem fuels customer journey 27 BUILDING BRAND ADVOCACY POWERING USER EXPERIENCE DRIVING NEW MEMBERS AND CARD ACQUISITIONS
  26. 26. ©2013 LinkedIn Corporation. All Rights Reserved. CITI
  27. 27. 29 200+ years of heritage… Individuals Businesses Institutions & Governments ENABLING & CATALYST OF PROGRESS
  28. 28. 30 Progress Content Schema Mapped to Global Events Environment Financial Literacy Community Urbanization Emerging Markets WOMEN 1. THOUGHT LEADERSHIP FROM CITI EXPERTS 2. CITI CONTENT 3. 3RD PARTY CONTENT CORE CONTENT SOURCES
  29. 29. ORGANIC UPDATE TO FOLLOWERS SPONSORED UPDATE INFLUENCER POST Interweaving Progress on LI
  30. 30. 32 Citi’s Ecosystem on LinkedIn From networking, to news, communities, thought leaders & brands Over 1.5M Touch Points Homepage Company Page 568K Sponsored Updates Group 310K Pulse 568K Influencer 42K
  31. 31. TOTAL Citi | Outcomes: Return on Reach 33 PAID 233% RETURN IMPRESSIONS
  32. 32. HSBC
  33. 33. #inFC14 35 Key Tenets to building a relationship with Content Marketing Don’t Just Sell, Add Value Ask Them What They Want to Hear Be Human Tap Into the Power of Story Empower Employees to Contribute Content Compel Your Customers to Spread the Word
  34. 34. Thank You

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