Social media has become a powerful tool for communication and building communities. It allows information to be shared among vast networks of connections, rather than just being pushed out to passive audiences, as was the case with traditional mass media. Key points: - Social media gives control of information and communities to their members, who decide who and what is let in. - Popular social platforms like Facebook and YouTube have hundreds of millions of active users and are growing rapidly. - Financial institutions previously saw social media as a time-waster or security risk for employees, but it is now recognized that customers and employees are already using it, so institutions should consider how to join the conversation in a regulated way that protects customers and integrates with

1. How it works for financial
institutions.

2. Communication doesn’t work
the way it used to.

3. Old Model:
ORGANIZATION (control)
AUDIENCE

4. New Model: control?

5. "Once every hundred years, media changes. The
last hundred years have been defined by the mass
media. In the next hundred years, information won't
be just pushed out to people: it will be shared
among the millions of connections people have."
- Mark Zuckerberg, Facebook founder (Rolling Stone, June 26,
2008)

6. What is “social” media?

7. Social: living or disposed to live
in companionship with others or
in a community

8. Information is controlled by the
members of the community.
The members decide who to let
into the community.

9. PERSONAL BLOGS VIDEO
Facebook Wordpress YouTube
MySpace Typepad Skype
Twitter Blogsmith Podcasts
Eons
IMAGES OTHER
BUSINESS Flickr Wikipedia
Linked In Shutterfly Squidoo
Ning
In every case, the members of the community a) control
the content and b) invite the content into their lives.

10. These “new” media are powerful
tools for creating communities
and building relationships.

11. Source: Duct Tape Marketing

12. What can social media do?
build loyalty
engage people
support SEO efforts
integrate marketing

13. Social Media Best Practices
integrate communications
amplify efforts
repurpose content
engage the community
use analytics

14. Case in Point:
Facebook

15. Millennials now outnumber Baby Boomers;
96% of them join social networks.
Years to reach 50 million users:
radio (38 Years), TV (13 Years), internet (4 Years), iPod (3 Years);
Facebook added 100 million users in less than 9 months.
If Facebook were a country it would be the
world’s 4th largest after the USA.

16. Social media for financial institutions.
Facebook has more than 400 million active users.
The average Facebook user has 130 “friends”
and is connected to 60 pages, groups, and events.
Business pages add 4.5 million new “fans” per day.
The fastest-growing group on Facebook
Is women over age 30.

17. Facebook users spend an average of 22 minutes
per day on Facebook.
Facebook is adding almost 1 million users per day.

18. Social media for financial institutions.

19. • Time-waster for employees
• Information security risk
• Reputation risk

20. Employees don’t need social media
to waste company time.

21. Online behavior same as offline
only faster.
Fiduciary responsibilities same online
as offline.

22. • identify risk
• set policy and communicate
• apply controls
• monitor and adjust

23. Setting Policy
• separate social media policy
• adjust existing policies

24. • Acceptable Use Policies
• Gramm-Leach-Bliley Act (GLBA)
• Sarbanes-Oxley Act
Protect customer information and investor
interests…online and offline.

25. Your employees [ and everybody else ]
are already using social media.
Will you join the conversation?

26. Follow banking regulations.
Have a communications strategy.
Integrate with other marketing efforts.
Join the conversation.

27. Desmond Omovie
Capital Media Ltd
desmond.omovie@capitalmediang.com
www.capitalmediang.com