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BDI – Future of Financial Services 
November 2014 
melissa@brandwatch.com 3477141303
© 2014 Brandwatch | www.brandwatch.com 2
© 2014 Brandwatch | www.brandwatch.com 3
© 2014 Brandwatch | www.brandwatch.com 4
Summary of 2014 – Financial Services 
Less Silos, more hub and spoke social listening models 
Continual trend to internal ...
4 consumer groups 
Who are they? 
Why are they important for 2015? 
How do we find them? 
How do we engage with them? 
© 2...
Millennials 
© 2014 Brandwatch | www.brandwatch.com 7
Millennial Michael 
Works at a tech startup 
On his 8th job Since college 
2 iPhones, 1 iPad, Macbook Air, iPod 
“social m...
9 
Unless they roll out 
Apple Pay and/or a 
new mobile app, I will 
be switching banks 
as there are plenty 
other banks ...
First generation mobile 
Technology is the distinguishing trait of their 
generation 
They’re in debt 
69% of millennials ...
New Movers 
© 2014 Brandwatch | www.brandwatch.com
New Mover Nancy 
She moves apartment every 12-15 months 
Primarily uses Facebook, Instagram and Twitter 
© 2014 Brandwatch...
53 Million Americans move every year 
More than 58% of new movers are single 
More likely to be under 44 years old 
During...
“Why is moving 
so #$%ing 
expensive!” 
© 2014 Brandwatch | www.brandwatch.com 
“Can anyone 
recommend a 
GOOD mortgage 
p...
The Overbanked 
© 2014 Brandwatch | www.brandwatch.com 15
Overbanked Bob 
Owns his own small business (50 employees) 
© 2014 Brandwatch | www.brandwatch.com 
2 homes (2 mortgages) ...
Overbanked Bob 
They’re older 
Time is important to them 
25% more likely to be mobile bankers (+51 years old) 
Affluent A...
“I've just 
retired, and I 
need to 
consolidate my 
investments....” 
© 2014 Brandwatch | www.brandwatch.com 
I take it t...
Women 
© 2014 Brandwatch | www.brandwatch.com 19
Wendy the Woman 
Is married with 2 children 
Part Time professional 
Part Time domestic Engineer 
iPhone and desktop comp ...
Wendy the Woman 
Personally control $8 trillion worth of assets in the US 
Projected to control 22 trillion by 2020 
95% o...
I have had Bofa forever. 
But let me just say. This 
picture. I like how it's an 
average looking woman. 
Not a fake one. ...
Consumer v’s Brand Determinism 
23
“Personal mobile devices are the new branch” 
© 2014 Brandwatch | www.brandwatch.com 24
Consumer determinism 
Wells Fargo, Fidelity, Discover are beta 
testing versions of Glass wear 
Fidelity also released a d...
Brand Determinism 
Command centers & distributing social value 
© 2014 Brandwatch | www.brandwatch.com 26
Social Listening 
Understand consumer groups / targeted demographics 
Leveraging social insights to validate and support i...
Social Engagement 
SEC and FINRA regs. change daily – understanding what you CAN 
do is important. Maintain the dialogue. ...
Remember Remember! 
Social Media requires businesses to customize content 
Consumers expect to be spoken to via social med...
By segmenting your consumers and prospects you can: 
Find them 
Engage with them 
Win their business!! 
© 2014 Brandwatch ...
Thank you 
Email melissa@brandwatch.com 
Web www.brandwatch.com 
Twitter @MelJKing 
Telephone +1 347 714 1303 
© 2014 Bran...
Endnotes 
• Javelin Strategy & Research, Gen Y: How to Engage and Service the New Mobile Generation, 
2011 
• US Census Bu...
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Social Listening Trends and the Paradigm Change in Financial Services - BDI 11/06 The Future of Financial Services Communications Summit

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Presentation: Social listening trends and the paradigm change in financial services

Presented by: Melissa King, Social Analytics Consultant, Brandwatch

Social media’s impact on the relationships between businesses and consumers has led to a defined shift in how the heavily regulated financial services sector interacts with customers. This session will address how FinServ professionals can leverage the insights uncovered via social listening tools (including ways to mitigate risk, what drives consumers’ decisions, and what motivates them to choose particular services) to make an impact, support customers, and generate revenue.

http://www.bdionline.com/

Published in: Business
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Social Listening Trends and the Paradigm Change in Financial Services - BDI 11/06 The Future of Financial Services Communications Summit

  1. 1. BDI – Future of Financial Services November 2014 melissa@brandwatch.com 3477141303
  2. 2. © 2014 Brandwatch | www.brandwatch.com 2
  3. 3. © 2014 Brandwatch | www.brandwatch.com 3
  4. 4. © 2014 Brandwatch | www.brandwatch.com 4
  5. 5. Summary of 2014 – Financial Services Less Silos, more hub and spoke social listening models Continual trend to internal social mobilizing Continual trend towards online platforms Willingness to use social to generate revenue © 2014 Brandwatch | www.brandwatch.com 5
  6. 6. 4 consumer groups Who are they? Why are they important for 2015? How do we find them? How do we engage with them? © 2014 Brandwatch | www.brandwatch.com 6
  7. 7. Millennials © 2014 Brandwatch | www.brandwatch.com 7
  8. 8. Millennial Michael Works at a tech startup On his 8th job Since college 2 iPhones, 1 iPad, Macbook Air, iPod “social media savvy” Receives Bank balance via text Chase Pays friends if it’s cash only 8
  9. 9. 9 Unless they roll out Apple Pay and/or a new mobile app, I will be switching banks as there are plenty other banks out there that offer more. How do I have a sterling bank #mobileapp that allows me to check my account balance and do transfer and more? @Sterling_Bankng' @smilepaige @margarrrrr_et the 25th works for me! Let me know when you buy the tix & I'll chase pay you :)
  10. 10. First generation mobile Technology is the distinguishing trait of their generation They’re in debt 69% of millennials have logged into their bank in the past 12 months Millennial Michael 24% of the US population is between 18 and 24 years old
  11. 11. New Movers © 2014 Brandwatch | www.brandwatch.com
  12. 12. New Mover Nancy She moves apartment every 12-15 months Primarily uses Facebook, Instagram and Twitter © 2014 Brandwatch | www.brandwatch.com Purchasing Ikea furniture online Amazon for everything else No time for physical banking Very receptive to online marketing
  13. 13. 53 Million Americans move every year More than 58% of new movers are single More likely to be under 44 years old During this time they’re 3 times more likely to switch bank accounts 11.2% prefer online shopping in contrast to their non-moving counterparts (7.2%) © 2014 Brandwatch | www.brandwatch.com New Mover Nancy
  14. 14. “Why is moving so #$%ing expensive!” © 2014 Brandwatch | www.brandwatch.com “Can anyone recommend a GOOD mortgage provider? #buyingahouse #stressed” “Covered in paint, exhausted, eating rice from a bag and falling over boxes. But I'm so happy. #movinghouse #firsttimebuyer #ITSALLMINE!” I think I have found a house that I love hope the family gets it omg I hate packing tho ugh #MovingHouse SO MANY BOXES!!  ✌️
  15. 15. The Overbanked © 2014 Brandwatch | www.brandwatch.com 15
  16. 16. Overbanked Bob Owns his own small business (50 employees) © 2014 Brandwatch | www.brandwatch.com 2 homes (2 mortgages) 3 savings accounts Healthy 401k account Facebook, Blogs and Forums Online banking Multiple Financial Advisors
  17. 17. Overbanked Bob They’re older Time is important to them 25% more likely to be mobile bankers (+51 years old) Affluent Americans control $7.2 Trillion worth of Assets More than 13 million (11%) US households have assets between $250k and 1 Mil *Neilson They maintain many accounts with many financial institutions © 2014 Brandwatch | www.brandwatch.com
  18. 18. “I've just retired, and I need to consolidate my investments....” © 2014 Brandwatch | www.brandwatch.com I take it that the author doesn't monitor weekly charts. Tremendous upside potential throughout the overall markets. Definitely buying more tomorrow. That's what makes it fun. If it was easy everyone would be doing it. Hedges just aren't the shrubs in front of your house. All wonderful Credit Cards…my Fidelity AMEX and VISA Cards put money into an IRA Account. jw
  19. 19. Women © 2014 Brandwatch | www.brandwatch.com 19
  20. 20. Wendy the Woman Is married with 2 children Part Time professional Part Time domestic Engineer iPhone and desktop comp Uses Facebook and reads blogs and online news sources, beginning to adopt Instagram. Mix of traditional banking (branch) but makes majority of her financial decisions based on forums and blogs
  21. 21. Wendy the Woman Personally control $8 trillion worth of assets in the US Projected to control 22 trillion by 2020 95% of women in the US are household decision makers Values banking relationship (focus on trust and customer service) Are more conservative with their investments
  22. 22. I have had Bofa forever. But let me just say. This picture. I like how it's an average looking woman. Not a fake one. One more reason why I love this bank. Small business(female)own er: I love you guys at the bank. Not easy your job. Thank you for telling me I look good for my age. Have to leave an hour early for work today cause I have to make a run to the bank.
  23. 23. Consumer v’s Brand Determinism 23
  24. 24. “Personal mobile devices are the new branch” © 2014 Brandwatch | www.brandwatch.com 24
  25. 25. Consumer determinism Wells Fargo, Fidelity, Discover are beta testing versions of Glass wear Fidelity also released a demo of a new pebble smart watch investment app. © 2014 Brandwatch | www.brandwatch.com 25
  26. 26. Brand Determinism Command centers & distributing social value © 2014 Brandwatch | www.brandwatch.com 26
  27. 27. Social Listening Understand consumer groups / targeted demographics Leveraging social insights to validate and support investment decisions Finding conversations to engage © 2014 Brandwatch | www.brandwatch.com 27
  28. 28. Social Engagement SEC and FINRA regs. change daily – understanding what you CAN do is important. Maintain the dialogue. Pre-approved content and ad hoc approval (procurement is sitting WITH social) Social Selling!!!! – taking advantage of existing networks © 2014 Brandwatch | www.brandwatch.com 28
  29. 29. Remember Remember! Social Media requires businesses to customize content Consumers expect to be spoken to via social media Social media is an extension of the Country Club! © 2014 Brandwatch | www.brandwatch.com 29
  30. 30. By segmenting your consumers and prospects you can: Find them Engage with them Win their business!! © 2014 Brandwatch | www.brandwatch.com 30
  31. 31. Thank you Email melissa@brandwatch.com Web www.brandwatch.com Twitter @MelJKing Telephone +1 347 714 1303 © 2014 Brandwatch | www.brandwatch.com 31
  32. 32. Endnotes • Javelin Strategy & Research, Gen Y: How to Engage and Service the New Mobile Generation, 2011 • US Census Bureau Population Estimates, 2012 • Currency Marketing and Andera, How Credit Unions Can Engage the Youth Market, 2012 • Institute for College Access & Success, Project on Student Debt, 2013 • Acton Financial Services, Case Study: Get to New Movers First, 200? • Epsilon, New Mover Report, 2013, and New Movers Report, 2012 • Andera, The Future of Account Opening, 2013 • Nielsen, Affluence in America: A Financial View of the Mass Affluent, 2012 • Clientific and Andera, What About the Overbanked? Attracting Affluent Customers, 2013 • Visa, Affluent Study, 2013 • Boston Consulting Group, Leveling the Play Field: Upgrading the Wealth Management Experience for Women, 2010 • MasterCard, Ladies First: Why Women Are the Key to Relationship Banking, 2011 © 2014 Brandwatch | www.brandwatch.com 32

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