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Top 8 Trends in
Financial Services
& Social Media
Examples of the best innovations in
social media and financial service...
2
T r e n d # 1 : C h a t C o m m e r c e
•  Messaging used for commerce
–  Send money
–  Hail a taxi/transportation
–  Bo...
3
T r e n d # 2 : D i g i t a l & S o c i a l M e d i a M a r k e t i n g
•  Targeted marketing that delivers:
–  Be‫מּ‬er ...
4
T r e n d # 3 : V i r t u a l B r a n c h e s
•  DenizBank Facebook virtual
branch
–  10% of DenizBank’s online banking
...
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T r e n d # 4 : C o m m u n i t y C r o w d s o u r c i n g
•  Barclaycard Ring—a community-
built card. Card members st...
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T r e n d # 5 : S o c i a l , U n i v e r s a l P a y m e n t W a l l e t – P o c k e t s
•  The Pockets app from ICICI ...
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T r e n d # 6 : S o c i a l C o m m e r c e A p p s — P a y K e y
•  PayKey enables users to directly
send payments from...
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T r e n d # 6 : S o c i a l C o m m e r c e A p p s — V e n m o
•  Venmo enables users to make
and share payments
–  Use...
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T r e n d # 7 : I n n o v a t i v e M o b i l e F i n a n c e E c o s y s t e m s
•  China is leading the way in mobile
...
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T r e n d # 8 : S o c i a l M e d i a f o r C u s t o m e r S e r v i c e
•  Banks and other financial services
companie...
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R e s o u r c e s a n d R e f e r e n c e s
•  Amex Offers for Social Media:
h‫מּ‬p://www.amexoffers.com/Amex%20Offers
%20S...
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Contact us
Extractable is a digital experience strategy and design
firm that consults with financial services organizatio...
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Top 8 Trends in Financial Services & Social Media

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People no longer think about banking in terms of checking accounts or even ATMs for that matter. They think about how they can make the payments they need to with the least amount of effort. Whether buying a movie ticket online, repaying a friend for lunch, saving for college, or ensuring the lights stay on for another month, people are increasingly turning to new payment methods including social media and mobile payments.

Published in: Economy & Finance
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Top 8 Trends in Financial Services & Social Media

  1. 1. 1 Top 8 Trends in Financial Services & Social Media Examples of the best innovations in social media and financial services from around the world. By Dana Larson May 2016
  2. 2. 2 T r e n d # 1 : C h a t C o m m e r c e •  Messaging used for commerce –  Send money –  Hail a taxi/transportation –  Book a restaurant –  Send a giﬞ card/certificate –  Customer service
  3. 3. 3 T r e n d # 2 : D i g i t a l & S o c i a l M e d i a M a r k e t i n g •  Targeted marketing that delivers: –  Be‫מּ‬er segmentation –  Real-time marketing –  Reduced acquisition costs –  Faster time-to-market
  4. 4. 4 T r e n d # 3 : V i r t u a l B r a n c h e s •  DenizBank Facebook virtual branch –  10% of DenizBank’s online banking customers regularly use the app –  150,000+ people used the app within 2 weeks of the media blast –  3M+ viral impressions were generated through Facebook Ads
  5. 5. 5 T r e n d # 4 : C o m m u n i t y C r o w d s o u r c i n g •  Barclaycard Ring—a community- built card. Card members start discussions in any of five areas, and then vote, ultimately shaping the product features: –  Card Basics –  Community –  Financial Stats –  Financial Health –  Credit Lines and Rewards
  6. 6. 6 T r e n d # 5 : S o c i a l , U n i v e r s a l P a y m e n t W a l l e t – P o c k e t s •  The Pockets app from ICICI Bank lets you use Facebook to: –  Access your account –  Book movie tickets –  Track, split and pay the bill for entertainment with friends –  Recharge a mobile phone –  Pay bills –  Get discounts
  7. 7. 7 T r e n d # 6 : S o c i a l C o m m e r c e A p p s — P a y K e y •  PayKey enables users to directly send payments from within supported social and messaging platforms
  8. 8. 8 T r e n d # 6 : S o c i a l C o m m e r c e A p p s — V e n m o •  Venmo enables users to make and share payments –  Use Facebook to sign up and share payment activity –  Fastest growing payments app
  9. 9. 9 T r e n d # 7 : I n n o v a t i v e M o b i l e F i n a n c e E c o s y s t e m s •  China is leading the way in mobile finance with WeChat’s WeBank, Alipay from Alibaba and Baidu •  Customers enjoy all of the features of a regular bank online and more •  Facial-recognition soﬞware from apps like Megvii ensures accurate identity “In 2004, whenever I had to pay my rent, I would go to my bank, queue, withdraw my rent as cash, walk it across the street to my landlord’s bank, take a number and queue, and then eventually deposit the money into his account,” he says. “Today, I pay my rent using Alipay from Alibaba. I invest using WeChat from Tencent, and I bought a mutual fund from Baidu. The landscape has completely changed.”
  10. 10. 10 T r e n d # 8 : S o c i a l M e d i a f o r C u s t o m e r S e r v i c e •  Banks and other financial services companies are using social media to handle customer service inquiries –  In some cases, response times can be faster on Facebook or Twi‫מּ‬er than they might be via phone –  When situations are handled well publicly, it can end up being a positive experience for everyone –  The most successful organizations are those who don’t merely placate customers
  11. 11. 11 R e s o u r c e s a n d R e f e r e n c e s •  Amex Offers for Social Media: h‫מּ‬p://www.amexoffers.com/Amex%20Offers %20Social •  DenizBank for Facebook success story: h‫מּ‬ps://www.facebook.com/business/success/ denizbank •  Barclaycard Ring: h‫מּ‬p://www.barclaycardring.com/ •  ICICI Pockets app: h‫מּ‬p://www.icicibank.com/Personal-Banking/ insta-banking/internet-banking/pockets/ index.html •  PayKey social commerce app: h‫מּ‬ps://www.paykey.me/ •  Venmo social commerce app: h‫מּ‬ps://venmo.com/ •  WeBank: h‫מּ‬p://www.webank.com/ •  Alipay: h‫מּ‬ps://intl.alipay.com/ •  Megvii facial recognition app: h‫מּ‬ps://megvii.com/
  12. 12. 12 Contact us Extractable is a digital experience strategy and design firm that consults with financial services organizations to strengthen brand perception, improve customer acquisition, and increase share of wallet via online channels.  Based in San Francisco, the award-winning agency’s work centers on website, mobile, and product transformation, with services including research, strategy, user experience, technology and analytics. 612 Howard Street, 4th Floor San Francisco, CA 94105 415.426.3600 facebook.com/extractable @Extractable

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