Social Media In Financial Services Lee Provoost Headshift
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This document discusses social customer self-service in the financial services sector. It outlines benefits like lower total cost of support and faster response times through customer communities. Examples are given like Fidor Bank that engages customers as "friends" and Zopa that allows peer-to-peer lending. Customer communities can reduce contact costs while increasing reach of interventions. Community managers help set tones and welcome new users. Forrester Research estimates a hypothetical company could see a return on investment within the first year of creating an online customer community. The bigger picture is that everyone can now act as ambassadors through social media. Finally, examples of customer community platforms are provided.
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Social Media In Financial Services Lee Provoost Headshift
- 1. Social Customer Self Service in financial services sector Lee Provoost, Technology Strategy at Headshift Social Media in Financial Services 13 January 2010, London http://www.flickr.com/photos/reservasdecoches/3199872487/
- 2. Headshift, part of the Dachis Group smarter > simpler > social > Headshift is Europe's leading social business consultancy. We help organisations use smarter, simpler, social technologies to improve business performance, communication and employee engagement. London | Sydney | Austin
- 6. Social Customer Self Service What’s in it for me? “... study of the Lenovo community noted a 20% decline in the rate of call volume comparative 2007 to 2008 time periods ...” http://lithosphere.lithium.com/t5/Enterprise-on-the-Surface/bg-p/scott/date/8-1-2009 Lower TCO of support. Faster response time. Scalability in peak situations
- 7. Fidor Bank AG Banking with friends Matthias Kroner, CEO Fidor: “It is the people who are the bank.” http://www.fidor.de/ http://www.slideshare.net/SOMESSO/matthias-krner-innovation-in-banking-finance http://www.youtube.com/watch?v=0nJ97CGcJJk
- 8. giffgaff People powered mobile network giffgaff - the people powered mobile network http://giffgaff.com/
- 9. Zopa Marketplace for Social Lending People lend and borrow money with each other, sidestepping the banks. http://uk.zopa.com
- 10. Customer Communities The benefits • Reduced cost in dealing with customer contact • Greater reach when interventions are made • Gradual creation of a knowledge base, co-created by members • Generation of interesting data for customer care, marketing and PR http://www.flickr.com/photos/stevenwarburton/3209461104/
- 11. Swarm Intelligence User generated content, ambassadors and 1/9/90 rule
- 12. Community Manager The intentional creation of a community Task: • Set the tone of the boards. • Welcome new users. • Thank users for contributions. • Summarise discussions. • Act as the face of the brand. Background: • “social media junkies” • ex-community leads • Customer care • Technical support team Enjoy engaging with customers! http://www.flickr.com/photos/renaissancechambara/3543135684/
- 13. Return On Investment Show me the money Natalie and Forrester modelled some ROI estimates on a hypothetical company with 500,000 customers that receives approximately 30,000 calls per month. In the report, she calculates that over a three-year time frame, such a typical company will probably need to invest approximately $1.2 million for a well- functioning online customer service community. The estimated payback in benefits will be seen within the first year, Forrester estimates. The analyst firm’s model suggest that the first-year outlay for the hypothetical company will total about $500,000 in start-up costs, but will return about $900,000 in benefits. Benefits will continue to accrue at about $900,000 a year in the years after than, while annual costs will run about $400,000. Forrester Research - The ROI of Online Customer Service Communities http://www.fastforwardblog.com/2009/07/16/roi-found-here-online-Customer- service-communities/
- 14. Everyone is an ambassador now The bigger picture http://darmano.typepad.com/logic_emotion/2009/11/tweeting.html
- 15. Customer Community Platforms Overview with some of their high profile clients Jive Social Business Software Telligent Awareness Social Media Marketing Lithium
- 16. Thank you! Q&A + Contact details Lee Provoost Technology Strategy at Headshift Twitter: @leeprovoost E-mail: lee.provoost@headshift.com http://www.headshift.com London SE1 2NQ http://www.flickr.com/photos/stevezaslavsky/1363027861/