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© 2013 Social Edge Consulting. Confidential.
Social Business Drivers for
Financial Services
Financial Services Social Business Leadership Forum
September 26, 2013
© 2013 Social Edge Consulting. Confidential.
Our Story
founded
February 2012
20 people in 7 states / 3 countries
Veterans of well-known Fortune
500 companies
Work exclusively with Jive Software
as a partner
Offer complete Jive implementation
services
© 2013 Social Edge Consulting. Confidential.
Why social for financial services?
McKinsey Global Institute study on social
technologies (July 2012)
Potential to generate $1.3 trillion annually in the
economy from four sectors
Raise knowledge-worker productivity by 20-25
percent
Estimated untapped value for consumer financial
services is $256 - 423 billion annually
The social economy: Unlocking value and productivity through
social technologies | McKinsey & Company
© 2013 Social Edge Consulting. Confidential.
Source:
“The social economy:
Unlocking value and
productivity through social
technologies”
McKinsey Global Institute
© 2013 Social Edge Consulting. Confidential.
How is value generated?
Social technologies amplify tried and true
organizational functions
. . . by applying a novel capability or "lever" to that
function
Value is also generated across entire enterprise
© 2013 Social Edge Consulting. Confidential.
© 2013 Social Edge Consulting. Confidential.
A lever: Co-create Products
With a social platform, a company can tap a large community
to solve product development problems
Broad spectrum of participants can submit ideas and
comment on them
Customers can also be invited to submit concepts and
designs
© 2013 Social Edge Consulting. Confidential.
© 2013 Social Edge Consulting. Confidential.
Ground-level view of social levers
in financial services
Use cases from large investment banking and asset
management firms with thousands of employees and trillions
in assets
Situational Teaming (Lever 10: Match Talent to Tasks)
New Learning Model for Advisors (Lever 9: Business Support)
Sales Intelligence (Lever 6: Generate and foster sales leads)
© 2013 Social Edge Consulting. Confidential.
Use Case #1
Situational Teaming
© 2013 Social Edge Consulting. Confidential.
Brokers traditionally team up to complement their skills
or when they both lay claim to a client
Modern teaming requires focus on micro-needs of a
client
Example: Estate planning requiring a foreign language
for elderly parents to participate
Social collaboration via profiles allows brokers to
extend their network and find a complementary skillset
The ability to find experts in an internal network directly
impacts ability of financial advisors to make money
Requires that advisors fill out their social profile with
skills and capabilities, but they have every incentive to
do so
© 2013 Social Edge Consulting. Confidential.
Use Case #2
New Learning Model
for Advisors
© 2013 Social Edge Consulting. Confidential.
Firm has an interest in increasing advisor knowledge and ability to add value
Some advisors have more experience or innate talent
Having advisors speak about best practices to peers in same office/region is
problematic
Traditional solution is to pay certain advisors to fly to other areas of the
country and share expertise (e.g., equities)
Private collaboration space is used to extend physical meeting and deepen
relationships and peer-to-peer learning
The firm's community manager supports discussions with relevant content
and can bring in relevant thought leaders
© 2013 Social Edge Consulting. Confidential.
Use Case #3
Sales Intelligence
Photo: “To Sell Is Human – Official Book Trailer”
© 2013 Social Edge Consulting. Confidential.
Product specialists provide the latest research on funds to sales team
on a weekly basis
Only a few product specialists are available to serve dozens of sales
people
Sales people ask similar questions on research via email and phone,
taking extensive time from specialists
Research is presented instead in threaded discussions within a
collaborative space creating knowledge base
Sales people close loop by posting feedback from clients to these
discussions after meetings in the field
Option to deliver key research securely from collaborative space to
sales people via tablet
© 2013 Social Edge Consulting. Confidential.
Drawing inspiration from other
regulated industries
Health care organization in 21 states with 87,000 employees
and $13 billion revenue
Recognition of rising costs and unsatisfactory treatment
quality
eVisits connect patients with doctors in a HIPPA-secure virtual
meeting room
50 million times a year patients use an eVisit in US for
conditions like sinus and urinary tract infections
eVisits offer extraordinary value when embedded in a social
external community with wellness content
© 2013 Social Edge Consulting. Confidential.
© 2013 Social Edge Consulting. Confidential.
Using social technology across the
enterprise
Using social technology across entire enterprise is also a way to add
significant value
This is often called a Social Intranet, which pushes content to
employees but also pulls people into interactions
Business support functions like HR and Finance are now capable of
having a two-way conversation
Leads to 20-25% increase in productivity from "interaction workers"
MGI estimates two-thirds of all value in sectors studied comes from
communication, coordination, and collaboration
© 2013 Social Edge Consulting. Confidential.
© 2013 Social Edge Consulting. Confidential.
We’d love to talk more
Brooks Jordan, Senior Social Strategist
brooks.jordan@socialedgeconsulting.c
om
@brooksjordan
SocialEdgeConsulting.com

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Social Business Drivers for Financial Services - BDI 9/26/13 Financial Services Social Business Leadership Forum

  • 1. © 2013 Social Edge Consulting. Confidential. Social Business Drivers for Financial Services Financial Services Social Business Leadership Forum September 26, 2013
  • 2. © 2013 Social Edge Consulting. Confidential. Our Story founded February 2012 20 people in 7 states / 3 countries Veterans of well-known Fortune 500 companies Work exclusively with Jive Software as a partner Offer complete Jive implementation services
  • 3. © 2013 Social Edge Consulting. Confidential. Why social for financial services? McKinsey Global Institute study on social technologies (July 2012) Potential to generate $1.3 trillion annually in the economy from four sectors Raise knowledge-worker productivity by 20-25 percent Estimated untapped value for consumer financial services is $256 - 423 billion annually The social economy: Unlocking value and productivity through social technologies | McKinsey & Company
  • 4. © 2013 Social Edge Consulting. Confidential. Source: “The social economy: Unlocking value and productivity through social technologies” McKinsey Global Institute
  • 5. © 2013 Social Edge Consulting. Confidential. How is value generated? Social technologies amplify tried and true organizational functions . . . by applying a novel capability or "lever" to that function Value is also generated across entire enterprise
  • 6. © 2013 Social Edge Consulting. Confidential.
  • 7. © 2013 Social Edge Consulting. Confidential. A lever: Co-create Products With a social platform, a company can tap a large community to solve product development problems Broad spectrum of participants can submit ideas and comment on them Customers can also be invited to submit concepts and designs
  • 8. © 2013 Social Edge Consulting. Confidential.
  • 9. © 2013 Social Edge Consulting. Confidential. Ground-level view of social levers in financial services Use cases from large investment banking and asset management firms with thousands of employees and trillions in assets Situational Teaming (Lever 10: Match Talent to Tasks) New Learning Model for Advisors (Lever 9: Business Support) Sales Intelligence (Lever 6: Generate and foster sales leads)
  • 10. © 2013 Social Edge Consulting. Confidential. Use Case #1 Situational Teaming
  • 11. © 2013 Social Edge Consulting. Confidential. Brokers traditionally team up to complement their skills or when they both lay claim to a client Modern teaming requires focus on micro-needs of a client Example: Estate planning requiring a foreign language for elderly parents to participate Social collaboration via profiles allows brokers to extend their network and find a complementary skillset The ability to find experts in an internal network directly impacts ability of financial advisors to make money Requires that advisors fill out their social profile with skills and capabilities, but they have every incentive to do so
  • 12. © 2013 Social Edge Consulting. Confidential. Use Case #2 New Learning Model for Advisors
  • 13. © 2013 Social Edge Consulting. Confidential. Firm has an interest in increasing advisor knowledge and ability to add value Some advisors have more experience or innate talent Having advisors speak about best practices to peers in same office/region is problematic Traditional solution is to pay certain advisors to fly to other areas of the country and share expertise (e.g., equities) Private collaboration space is used to extend physical meeting and deepen relationships and peer-to-peer learning The firm's community manager supports discussions with relevant content and can bring in relevant thought leaders
  • 14. © 2013 Social Edge Consulting. Confidential. Use Case #3 Sales Intelligence Photo: “To Sell Is Human – Official Book Trailer”
  • 15. © 2013 Social Edge Consulting. Confidential. Product specialists provide the latest research on funds to sales team on a weekly basis Only a few product specialists are available to serve dozens of sales people Sales people ask similar questions on research via email and phone, taking extensive time from specialists Research is presented instead in threaded discussions within a collaborative space creating knowledge base Sales people close loop by posting feedback from clients to these discussions after meetings in the field Option to deliver key research securely from collaborative space to sales people via tablet
  • 16. © 2013 Social Edge Consulting. Confidential. Drawing inspiration from other regulated industries Health care organization in 21 states with 87,000 employees and $13 billion revenue Recognition of rising costs and unsatisfactory treatment quality eVisits connect patients with doctors in a HIPPA-secure virtual meeting room 50 million times a year patients use an eVisit in US for conditions like sinus and urinary tract infections eVisits offer extraordinary value when embedded in a social external community with wellness content
  • 17. © 2013 Social Edge Consulting. Confidential.
  • 18. © 2013 Social Edge Consulting. Confidential. Using social technology across the enterprise Using social technology across entire enterprise is also a way to add significant value This is often called a Social Intranet, which pushes content to employees but also pulls people into interactions Business support functions like HR and Finance are now capable of having a two-way conversation Leads to 20-25% increase in productivity from "interaction workers" MGI estimates two-thirds of all value in sectors studied comes from communication, coordination, and collaboration
  • 19. © 2013 Social Edge Consulting. Confidential.
  • 20. © 2013 Social Edge Consulting. Confidential. We’d love to talk more Brooks Jordan, Senior Social Strategist brooks.jordan@socialedgeconsulting.c om @brooksjordan SocialEdgeConsulting.com