Using Social Business to Drive Innovation at Standard Life


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Throughout 2010 and early 2011, Standard Life has been rolling out a program to put in place a scalable digital enabling technology foundation based on IBM WebSphere Portal. The solution offers both business services for independent financial advisors and retail services for customers. The investment made by Standard Life came while delivering a new visual identity for the organization. Join this session to understand the business drivers, audience demographics, and how this organization successfully combined their digital strategy with the business case for WebSphere Portal as enabling technology, resulting in multiple business propositions to be developed in parallel. Learn how the enhanced digital platform integrates key data sources, web analytics, collaboration, and social channels leading to improved employee productivity, advisor, and customer service levels.

Simon Quinton, Director of Delivery, Ascendant Europe

Published in: Business, Technology
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Using Social Business to Drive Innovation at Standard Life

  1. 1. Using Social Business to drive Innovation at Standard Life Simon Quinton
  2. 2. What we are going to cover• Who are Standard Life and what do they do• Building the foundations – Portalise the Enterprise• From Portalise to Socialise - Engaging with their audiences• How are Standard Life approaching Social Business• What does the future look like• Questions
  3. 3. Who are Standard Life and what do they do
  4. 4. An established provider of long term savings & investmentsAll figure correct at 30 June 2011
  5. 5. Operating across the globeAll figure correct at 30 June 2011
  6. 6. Audiences include both B2B and B2C customers
  7. 7. Building the foundations – Portalise the Enterprise 2010-2011
  8. 8. UK Financial Adviser eCommerce Extranet
  9. 9. UK Financial Adviser eCommerce Extranet • Intuitive Interface • Enhanced personalisation and customisation • New Business functionality • Tracking Quotes and Funds • Access to Client Portfolios • “Investment Centre” for Fund Filtering, Fund Fact Sheets, and Favourite Funds
  10. 10. UK Customer WebSite
  11. 11. UK Customer Website• New and intuitive experience• Simplify financial messages• Allow everyday consumers to take control of their investment decisions• Front-end capability that is adaptive• A platform that consumers can trust• Improved performance and usability
  12. 12. BUT………The changing environment in which we liveNEVER STOPS MOVING!
  13. 13. The industry is being shaped by a number of significant market forces • Economic conditions • Changing regulation and legislation • Changing customer needs • Technology advances • Competitive pressures
  14. 14. The linear approach is gone, replaced by a complex ecosystem The Old Way… The New Way... entertain connect inform assist convert Brand Banner
  15. 15. Even when a complex mix of the ‘Wild numerous…there is categorised, the options are West’tools But…it currently feels like channels and Image credit: Brian Solis,
  16. 16. Making sense of these opportunities is going to be vital to how successful they become:“Businesses will have to embrace all of the disruptive elements, such asmobile and social technology, in a new, cohesive organization that isfocused outward and inward.” - Brian Solis, Digital Analyst The Altimeter Group 2012
  17. 17. From Portalise to Socialise‘Engaging with their audiences’
  18. 18. Financial Services has always been social – but now with more channels
  19. 19. So what does this mean for Standard Life?
  20. 20. Social Media is changing the way customers engage with their offerings at different stages of the purchase cycle Value ofrelationship Depth of relationship
  21. 21. Social Media is changing the way they engage with the CONSUMERaudience Established Affluent: Emerging Affluent: % of the UK population •12% •13% •Mainly older families and •Mix of young, mature and Audience type singles single home-sharers and families •Spectators and critics; •Creators and critics; publish Social Media traits read blogs, forums blogs and post updates on reviews and tweets Facebook and Twitter Social Media is being used to unbox products and explain complex changes to the financial landscape, helping SL to engage more effectively.
  22. 22. Social Media plays a key role in delivering ADVISER propositions helping to provide greater value to the relationship Financial Advisers: •Holistic Advisers and Traditional Advisers Audience type •Supported by Business Writers, Paraplanners and Administration Assistants •Access to information quickly and effectively Key needs •Client engagements •Need to meet regulatory requirements •Traditional channels Social Media traits •LinkedIn, Twitter and blogs for information and peer-to- peer conversationsSocial Media allows SL to augment traditional product offerings with thought leadership and opinions while helping advisers communicate more effectively with their clients
  23. 23. Social Media is helping CORPORATE clients engage with their employees Employers: Employees: Audience type •Mid-to-large companies •Wide range of customer types •Wide variety of industries •Access to benefits packages •Cost effectiveness •Easy-to-maintain benefits Key needs •Employee engagement packages •Regulatory requirements •Individuals use all forms of •Use traditional channels Social Media Social Media traits •Twitter and blogs to source informationDue to the nature of the audience a wide variety of Social Media networks will be used to support the delivery of the SL workplace benefits proposition.
  24. 24. INTERNAL demand for better collaboration and communication Employees: •Europe - 78% Audience type •North America - 21% •Asia – 1% •Increase productivity Key needs •Knowledge sharing •Improved communication and collaboration •Individuals use all forms of Social Media •Growing desire to access these networks while at work Social Media traits •Use of personal mobiles for work purposesWhile it is still in its infancy, the provision of a Social platform has proved valuable; creating new ways for staff to engage and work together across business units – and borders.
  25. 25. How are Standard Life approaching social business
  26. 26. Having clear business goalsTo ensure Standard Life derives maximum value from any social activity a framework has been introduced:
  27. 27. The approach is to think long term, start slow and scale fast... External Internal •Educate widely •Focus on key problem •Create a social •Define outcomes framework •Create sharing •Focus on where the environment traffic is •Measure •Measure and monitor Top down buy-in and advocacy
  28. 28. External Social Media Interaction Points
  29. 29. Internal Social Business Interaction Points“Recognising the need to enable employees worldwide, to communicate andcollaborate more efficiently, the choice was made to pursue the development of aninternal Social Business network”Kevin O’Shaunessy – Digital Director, Standard Life
  30. 30. Their internal activity is led by connecting people within theirtraditional organisational structure
  31. 31. Trialling Connections• Who is involved: • 730+ Evaluation participants • 300+ Control group • 7 lines of business, 5 with global participants • All members of the Senior Leadership Team• Our objective: • Test the impact a Social Business tool has on: • Increased productivity • Knowledge sharing • Improve communication • Idea Generation• Evaluation programme: • Pilot programme (underway) • Initial performance metrics are well above expected averages• Primary benefit of this evaluation: • Ability to assess the impact Social Business collaboration software provision has on existing working structures
  32. 32. Good levels of engagement and changes in working practices
  33. 33. Lessons learnt UK GlobalWhat went well • Executive buy-in • Executive participation • Established active profiles across key platforms • All initiatives set up properly, • 3-5 Curators per community preparing for all eventualities • Preparatory training facilitated • Increased education and buy-in understanding across theWhat SL could do better business • Greater promotion of our • Solution design meeting profiles demands of system • Undertaken a greater number of ‘short-term’ campaigns • Mobile integration and Senior deriving more learnings to aid Leadership access internal buy-in • Ensure on-boarding content relevant and tailored to audience
  34. 34. What does the future look like
  35. 35. The future is about going broader and deeper and fullyintegrating into the way they do business Global, Digital Audience Standard Life Internal, Social Business Network
  36. 36. The future is about going broader and deeper and fullyintegrating into the way they do business Global, Digital Audience Standard Life Collaborate with customers and partners Intranet integration & Internal, Social Social Business Business network Network
  37. 37. Remember………..
  38. 38. Thank you and questionsTack och frågor * simon_quinton atech_europe Simon Quinton