Six Principles for Social Success inFinancial Services: Case studies, Trendsand Regulatory RequirementsJoanna BelbeySocial...
Agenda About Actiance State of the Nation Social Media Maturity Curve Social Media – a Powerful Marketing Tool The Six Ess...
Why are we presenting to you today?  Joanna Belbey  Social Media and Compliance Specialist  FINRA Education Department  Ru...
About Actiance    A decade of expertise, a history of firsts    Global Operations     •   3 US offices, three continents  ...
Why Customers Select Actiance“We chose Actiance because they had the resources and partnering culture to help us with our ...
97.09% of people questioned in a survey said theirbuying decisions are influenced by social groups
Social media usage      A majority of respondents indicate using social media for one or more      business purposes.     ...
Social Media Maturity Curve                                                                                    Early Major...
Case Study: Wealth Management Firm (NJ)Outline                           Real Results  LinkedIn Only                     L...
Case Study: RW BairdOutline                           Real Results  LinkedIn Already Available to     @MaryS_rwbaird  1200...
Social Media – A Powerful Marketing Tool     Proven to attract customer attention     Promotes customer loyalty     Enable...
The Advantages of Social Media     It’s free or relatively inexpensive     It’s interactive     It offers immediate, direc...
e
Slow Adoption by Financial Services Firms     Demanding oversight of online communications     are required (SOX, FRCP, GL...
So why is social important to us in Financial Services?   In the USA Gen Y accounts for $2.4 trillion worth of personal in...
Mobile, Social and Finance“5 billion people in the world who have phones, and a billion people using    Facebook. There ar...
Contact
20% of enterprises that employ socialMedia beyond marketing will lead their industriesin revenue growth by 2015. GARTNER, ...
The Six Essential Principles for Social Media Success
Principle 1: Strategy     Social media is just another way to broaden your reach     Companies are successful in their soc...
Principle 2: Personal Brand     You, Dear Reader, are my most valuable asset     17% of consumers trust a brand. 70% trust...
Principle 3: Relevant Content     Content is King: use the personal approach     Deliver compelling, informative and enter...
Principle 4: Crowdsource     Empower the Social Consumer to work for you     Convert consumers into evangelists promoting ...
Principle 5: EducationKey Elements of a Social Media Training Program     Understand the role of social media in sales and...
Principle 5: Education (cont.)     Follow best practices to build out and maintain your     network     Integrate social m...
Principle 6: Analytics     Measuring clicks vs. measuring engagement     Comments are more valuable than “likes” and share...
Six Social Principles for SuccessCreate Integral Strategy       Develop Personal Brand   Crowdsource Content Leverage Cust...
Webinar Series     The Six Essential Principles for Social Media Success     The Legal Issues of Social Media     Social M...
Contact Information     info@actiance.com     @Actiance, @belbeyFurther reading:     Marketers Guide to Social Media in   ...
Thank YouJoanna BelbeySocial Media and Compliance Specialisthttp://www.linkedin.com/in/belbey@belbeyConfidential and Propr...
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Six Principles for Social Success in Financial Services - BDI 10/9/12 Chicago Social & Mobile Financial Services Leadership Forum

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Case Study: Six Principles for Social Success in Financial Services
Presented by: Joanna Belbey, Social Media and Compliance Specialist, Actiance, Inc
www.bdionline.com

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Six Principles for Social Success in Financial Services - BDI 10/9/12 Chicago Social & Mobile Financial Services Leadership Forum

  1. 1. Six Principles for Social Success inFinancial Services: Case studies, Trendsand Regulatory RequirementsJoanna BelbeySocial Media and Compliance Specialisthttp://www.linkedin.com/in/belbey #BDI1 @Belbey@belbeyhttps://about.me/belbeyConfidential and Proprietary © 2012, Actiance, Inc.All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc
  2. 2. Agenda About Actiance State of the Nation Social Media Maturity Curve Social Media – a Powerful Marketing Tool The Six Essential Principles for Social Media Success Upcoming Webinars, Materials #BDI1 @Belbey
  3. 3. Why are we presenting to you today? Joanna Belbey Social Media and Compliance Specialist FINRA Education Department Running training firm I help firms use social media while complying with the regulations Twitter: @belbey, @actiance LinkedIn: http://www.linkedin.com/in/belbey About.me/belbey My biggest challenge?
  4. 4. About Actiance A decade of expertise, a history of firsts Global Operations • 3 US offices, three continents • 210 employees Dedicated Social Engagement Team • Partnering: networks, platforms, service providers • Regulators: FINRA, IIROC, FSA, SEBI… • Best Practice enablement, education Client Engagement • 9 out of the top 10 US Banks, Top 5 CDN Banks • 284 FINRA firms • 100,000 Social Networking users under license3
  5. 5. Why Customers Select Actiance“We chose Actiance because they had the resources and partnering culture to help us with our long term strategy” – VP Technology, Interactive Marketing, Top 3 Wirehouse“Actiance’s platform allows us to execute our long term vision of integrating our internal social platforms with consumer networks” – SVP & CIO, Major Mutual Fund Company“Socialite Enable and Engage offer the best mix of compliance and marketing capabilities allowing our advisors to develop their personal brands” – Marketing Director, Top Regional Brokerage4
  6. 6. 97.09% of people questioned in a survey said theirbuying decisions are influenced by social groups
  7. 7. Social media usage A majority of respondents indicate using social media for one or more business purposes. SOCIAL MEDIA USAGE For which of the following business purposes do you use social media today? Respondents under 35 are more likely to use social media for business purposes than those 55 or older (68% vs. 45%)Base: all respondents in 2012 (1,428) and 2011 (1,597); multiple responses.
  8. 8. Social Media Maturity Curve Early Majority Early Adopters • Corporate SM • Corporate Presence presence Early Consideration • Acceptable use policy • Social media usage • Some Corporate by distributed teams • Social media being Presence advisors used by distributed Pre-Consideration • Banned/ restrictive teams/advisors • Acceptable use policy policy in place • No Social Presence • Need to: use social to • Next step, use social • Pilot program for develop, strengthen to develop, strengthen • Restrictive social content distribution relationships, for relationships, for some policy might be in place some also as a sales also as a sales channel • No Social Tools channel • Need to: justify • Previous concerns • Need to: identify distributed teams about IIROC and/ or options, best practices usage impact of social media overcome by market acceptance and demonstrable results.7
  9. 9. Case Study: Wealth Management Firm (NJ)Outline Real Results LinkedIn Only LinkedIn Connection retirement Listening is Key, watching status change = $2.75m account acquisition connections who matter – Job Change noticed on Using Social as an integral Status Update = 401k rollover element of communications mix – FA obtains 400 new to spot change prospects in Energy market – New Commercial Account Opportunity through colleagues LinkedIn Connections
  10. 10. Case Study: RW BairdOutline Real Results LinkedIn Already Available to @MaryS_rwbaird 1200 – 51 followers Veteran Advisers, tech savvy – 93 Tweets (at the time) Authentic Content – $1m prospect
  11. 11. Social Media – A Powerful Marketing Tool Proven to attract customer attention Promotes customer loyalty Enables companies to communicate with hundreds of thousands of people at once Increases opportunities for “viral” transmission of information about you or your services Allows companies to interact on a more personal level with customers10
  12. 12. The Advantages of Social Media It’s free or relatively inexpensive It’s interactive It offers immediate, direct feedback It’s adaptable11
  13. 13. e
  14. 14. Slow Adoption by Financial Services Firms Demanding oversight of online communications are required (SOX, FRCP, GLBA) Regulations governing electronic communications – FINRA, SEC, IIROC, FSA, SEBI (record keeping, advertising, suitability, supervision) Fear of data leakage, malware and viruses Banks, credit unions and brokerage houses are typically slow to change13
  15. 15. So why is social important to us in Financial Services? In the USA Gen Y accounts for $2.4 trillion worth of personal income In 2025 Gen Y will account for 46% of personal income Source: Javelin Research http://www.stltoday.com/business/local/article_719f49d8-15e6-5c5d- 94b7-992ab12d9f97.html?print=1Based on 26,749 online adults, USA, Source: Forrester Research, June 2011
  16. 16. Mobile, Social and Finance“5 billion people in the world who have phones, and a billion people using Facebook. There are actually already 600 million people using Facebook on phones, so thats growing really quickly.“ Facebook CEO Mark Zuckerberg , October 4, 2012 Mobile phones and mobile Internet access are in widespread use 87% of U.S. population has a mobile phone 44% of mobile phones are smartphones 84% of smartphone users have accessed the Internet on their phone this week Changing the way consumers access financial services Check account balances or recent transactions Texts from banks for “low balance alerts” , transfer money between accounts Check balance / credit before making purchases Manage finances (track purchases and expenses) Mobile payments Unbanked and underbanked Board of Governors of Federal Reserve System
  17. 17. Contact
  18. 18. 20% of enterprises that employ socialMedia beyond marketing will lead their industriesin revenue growth by 2015. GARTNER, MAY 2011
  19. 19. The Six Essential Principles for Social Media Success
  20. 20. Principle 1: Strategy Social media is just another way to broaden your reach Companies are successful in their social media use when social networking is part of the corporate DNA – Executive sponsorship. Senior management embraces social media as a way to reach customers, prospects, and partners – Executive engagement. Senior management understands the value and they are enthusiastic about the opportunities – Part of the corporate culture – Eliminate politics and streamline “Social Media is a part of the content approvals mix, not the solution” GARTNER23
  21. 21. Principle 2: Personal Brand You, Dear Reader, are my most valuable asset 17% of consumers trust a brand. 70% trust recommendations given by friends and connections Consumers are starting to purchase products through social media Movenbank requires individuals to register on Facebook ICICI Bank enables use of social to login in to one’s bank account Long-term objective: consumers and customers engage with the brand as embodied by individual employees24
  22. 22. Principle 3: Relevant Content Content is King: use the personal approach Deliver compelling, informative and entertaining content Start with pre-approved content Develop a library of interesting insights, investment challenges, wealth management tips, etc. Strive for personalized, unique content that informs your connections about you. Don’t just broadcast a brand message25
  23. 23. Principle 4: Crowdsource Empower the Social Consumer to work for you Convert consumers into evangelists promoting your products or services Before making buying decisions, consumers research online and seek recommendations from their network Provide useful information that establishes your expertise and is worth sharing26
  24. 24. Principle 5: EducationKey Elements of a Social Media Training Program Understand the role of social media in sales and marketing Establish your social media objectives Select which social networks are best for you Avoid regulatory pitfalls Build a network27
  25. 25. Principle 5: Education (cont.) Follow best practices to build out and maintain your network Integrate social media activities with corporate systems Analyze metrics to assess engagement levels of network Adjust your social media program28
  26. 26. Principle 6: Analytics Measuring clicks vs. measuring engagement Comments are more valuable than “likes” and shares are more valuable than comments The number of followers on Twitter, LinkedIn and Facebook is an important metric Active listening leads to effective engagement Create your own real-time data stream One measure of social media success is gamification29
  27. 27. Six Social Principles for SuccessCreate Integral Strategy Develop Personal Brand Crowdsource Content Leverage Customers Educate and Train Measure & Analyze Norv Leong Director, Product Marketing
  28. 28. Webinar Series The Six Essential Principles for Social Media Success The Legal Issues of Social Media Social Media Best Practices- Implementation Checklist Social Networking USA- Compliance for FINRA Regulated Organizations Social Networking USA- Compliance for SEC Regulated Organizations Social Networking Canada- Compliance for IIROC Regulated Organizations31
  29. 29. Contact Information info@actiance.com @Actiance, @belbeyFurther reading: Marketers Guide to Social Media in Financial Services IIROC and FINRA requirements mapped to Facebook, LinkedIn, and Twitter features Social Media Handbook Osterman Research: The Impact of New Communication Tools for Financial Services Firms Actiance Collateral Library http://actiance.com/products/collateral-library.aspx32
  30. 30. Thank YouJoanna BelbeySocial Media and Compliance Specialisthttp://www.linkedin.com/in/belbey@belbeyConfidential and Proprietary © 2012, Actiance, Inc.All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc

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