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SoMazi - Finance industry educational package - Part 1


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Are financial institutions missing opportunities in social media? This is the first part of a 3-piece educational package which aims to assist Financial institutions in developing a clear social media strategy.

Published in: Business, Economy & Finance
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SoMazi - Finance industry educational package - Part 1

  1. 1. e Social Media for Financial Institutions: Educational Package – Part 1 SoMazi is one of the world’s leading strategic social media consultancies, specialising in amplification and monetisation of social engagement.
  2. 2. 2 Social Media Fun Facts 645,000,000: Views of local business Facebook pages during an average week. (Source: Facebook) 442,000,000: The number of views per month generated by the top 500 brands on YouTube. (Source: Outrigger Media) 150: The number of times the typical “smartphone” user checks their phone per day. (Source: KPCB) 500,000,000: The number of photos uploaded and shared per day in 2013. (Source: KPCB) 50,000,000: The number of unique visitors per month to the Foursquare website. (Source: Foursquare) 6,000,000,000: Hours of YouTube video watched per month. (Source: YouTube) 24: The percentage of online teens that use Twitter, up from 16 percent in 2011. (Source: Pew Internet)
  3. 3. 3 Social Media & Financial Institutions Source: SAP Blog “The Influence of Social Media on the Banking Industry” While most industries have adopted new marketing tools, most financial institutions simply have missed the opportunity to fully exploit social media channels. For reasons of security, compliance and risk, the majority of financial institutions have so far made a cursory pass through this communication channel, but social media allows financial institutions to connect with their customers in a completely new manner. Financial institutions must start to take the social media channels seriously and develop a clear strategy. The challenge is the “how to” in such a highly regulated industry.
  4. 4. 4 Google Search When searching online for banks, customers look for social media pages first. (Source: The Financial Brand) Facebook dominates social media related search results in the banking industry. Are you utilising this platform efficiently?
  5. 5. 5 Social Media & Financial Institutions The challenge is to develop and implement a holistic social media strategy and combine it with cross-channel efforts. The social media strategy needs to include aspects of: (1) High Quality Content, well laid out (2) Key Performance Indicators (KPIs), clearly defined and measurable (3) Governance Model that allows the company to react ad hoc without having to run through several levels of approval, and (4) Customer Care Paradigm Shift Social Media Search Engines New Customers The Social Media Challenge
  6. 6. 6 Banking Social Media Success Story Wells Fargo is an example of a financial institution running a successful social media strategy. It uses social media to “further personalize service” it provides to customers: •  Beyond Today – discusses retirement planning •  Wells Fargo Environmental Forum – highlights how they “integrate environmental stewardship” into everything they do •  AdvantageVoice – analyses breaking news, ideas about investing trends, and unique economic insights •  The Student LoanDown – helps students learn how to prepare and pay for college •  Commercial Electronic Office® (CEO®) Blog – discusses topics such as business process optimisation, product and technology enhancements, and mobile banking trends. Wells Fargo also maintains several Twitter accounts where customers can pose questions or view job openings, Facebook pages where customers can view career opportunities and even a Wells Fargo pictorial history, and finally, several YouTube channels where they provide personal banking, business and commercial how-to videos.
  7. 7. 7 SoMazi At a Glance •  In 2012, Forbes included Maz in its Global Top 50 list of Social Media Power Influencers. •  In 2011, The Sunday Times listed Maz amongst its Global Top 50 Social Media People. •  In 2010 Maz was asked to join a select research team at Oxford University’s Business School to address the subject of ‘Social Media and Innovation’. •  He is a judge at the Shorty Awards alongside the likes of Steve Wozniak (“Woz”), Jimmy Wales of Wikipedia, and Craig Newmark, founder of Craigslist. •  Maz is an advisory board member for the globally renowned “Social Media Week” and “Social Media World” events. SoMazi was founded by social media specialist Maz Nadjm. His background in blue-chip multidisciplinary cross-channel social media amplification has seen him rise to become one of the world’s leading social media authorities. SoMazi operates on a simple principle – any involvement in social media should drive financial gain Contact Info: 18 Steynings Way N12 7LN, London England Maz Nadjm Mobile: 07960811351 Landline: 02035981294 Email: Website: Twitter: @Somaziww
  8. 8. 8 SoMazi