Getting True Value from Social Media - BDI 9/26/13 Financial Services Social Business Leadership Forum
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This document discusses how social media can benefit financial services companies and wealth managers. It provides statistics showing that most top US and European banks, as well as global wealth managers, use Actiance's social media platform. Examples are given of advisors who have gained new clients and sales through social networks like LinkedIn. The document also outlines a social media maturity model and principles for successful social media strategies, which include measuring results and training employees.
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Getting True Value from Social Media - BDI 9/26/13 Financial Services Social Business Leadership Forum
- 1. Confidential and Proprietary © 2013, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc. Doug Kaminski VP, Western Region & Canada Delivering True Value from Social
- 2. 2 Compliance 10 of 10 8 of 10 Top US Banks Top European Banks Dominant in Financial Services Key Partners 76% 2 of 3 Global Wealth Managers 60,000+ Finance Professionals on Socialite 5 of 5 Top Canadian Banks Social We are the Market Leader 13M+ Social Network Connections
- 3. 3 Business Relationships go Back to the Future
- 4. 4 Who Do We Trust? 70% 15% Base: 57,499 US online adults (18+) *Base: 15,654 EU-7 online adults (18+) Source: North American Technographics® Online Benchmark Survey (Part1), Q2 2012 (US, Canada) *Source: European Technographics® Online Benchmark Survey, Q3 2012 Corporate Brand Personal Brand
- 5. 5 Why Wealth Should be Social Base: Advised Social Platform Users; Source: LinkedIn LinkedIn Topic- specific discussion boards Facebook, Google+, and Twitter combined 73% 53% 29% 5 Million investors with $100K+ assets who use social media to research and make financial decisions #FW2012/2013 Those worth over $4 million place about three times as much importance on their wealth manager's blog posts and social networking presence compared to those with less than $500,000. Investors who would interact with their advisor via social media. Investors who do interact with their advisor via social media. 52% 4%.4%.
- 6. 6 Why Banking Should be Social 30% 35% 40% 45% 50% 2011 2012 Attrition Rates 13% 10% 5% 8% 12% Find out more about their products and services. Access your account. Share your budget and spending patterns. Share great banking-related offers. Comment on the level of service you’ve received. How Americans Use Social for Banking 63% Seek advice from friends, family, and colleagues
- 7. 20% of enterprises that employ social Media beyond marketing will lead their industries in revenue growth by 2015. GARTNER, MAY 2011
- 8. 8 Social Media Maturity Curve Pre-Consideration • No Social Presence • Restrictive social policy • No Social Tools • Need to: identify options, best practices Early Consideration • Small Corporate Presence • Banned/ restrictive policy in place • Pilot program for content distribution might be in place • Need to: justify distributed teams usage Early Adopters • Corporate Presence • Acceptable use policy • Social media being used by distributed teams/advisors • Need to: use social to develop, strengthen relationships, for some also as a sales channel Early Majority • Corporate presence • Acceptable use policy • Social media usage by distributed teams • Next step, use social to develop, strengthen relationships, for some also as a sales channel • Previous concerns about FINRA and/ or impact of social media overcome by market acceptance and demonstrable results. I n t e g r a t e d
- 9. 9 Six Social Principles for Success Crowdsource ContentDevelop Personal BrandCreate Integral Strategy Measure & AnalyzeEducate and TrainLeverage Customers
- 10. 10 How distributed teams use social effectively 2. Listening 3. Participating 4. Contributing 5. Mining 1. Starting
- 11. 11 Social Delivers Success $2M$2M Current: Retired 401(k)401(k) One of your connections has a new job. “Hold on to your AAPLs!” “… [The access] provides a real opportunity for our advisors to showcase some of the initiatives they are putting together and to reach a broader audience.” Monique Gravel, managing director and head of Wood Gundy • 200 LinkedIn connections • 159 messages • 33 policies sold “3 new mortgage quotes a month from Facebook”
- 12. 12 Further Reading.. and materials 12 • info@actiance.com • @Actiance, @SarahActiance Further reading: • Great Content – fuelling social • Getting started with your Social Media Policy • Measuring Social ROI • FINRA 10-06 and11-39 requirements mapped to Facebook, LinkedIn, and Twitter features
- 13. Confidential and Proprietary © 2013, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc. Question Time!