The document summarizes a conference on using social media for financial services. It provides an agenda for the event, including presentations on complying with regulations from the speaker Lisa Barnett, and using social data to understand customers from speaker Joel Davis. The final presentation by Bridget O'Connor-Read discusses building engagement through community and content on social media for financial brands.

1. Data protection 2013
Friday 8 February
#dmadata
Supported by
Who’s afraid of the FCA? How to comply and thrive on social media
Thursday 2 October 2014
@DMA_UK #dmafs

2. 8.30am Registration and breakfast
9.00am Welcome and introductionIan Holmes-Lewis, Commercial and sales director, CUNA Mutual Group Europe
@Kickon01 @CUNA
9.30am The 5 dos and don’ts of using social media for financial services within the regulatory environment
Lisa Barnett, Social media services director, Emoderation
@lisab88 @Emoderation
10.00amAchieve exceptional results with the power of social data
Joel Davis, Chief executive, agency:2
@joeldavis@agency2
10.30amThe bold and the brave
Bridget O’Connor-Read, Senior digital producer, Tangible
@bgocr@TangibleUK
11.00am Questions
11.20amClosing comments
Agenda

3. Welcome and introduction
Ian Holmes-Lewis, Commercial and sales director, CUNA Mutual Group Europe
@Kickon01 @CUNA

4. Making insurance mutually beneficial
Key topics
–Navigating the world of social media with the overlay of the FCA guidelines
–Social media and the customer revolution
•An FCA outcome?
–Facebook isn’t the scouts / girl guide badge in social media
Who is afraid of the FCA?

5. Making insurance mutually beneficial
Who is afraid of the FCA?

6. The 5 dos and don’ts of using social media for financial services within the regulatory environment
Lisa Barnett, Social media services director, Emoderation
@lisab88 @Emoderation

7. www.emoderation.com
Top financial Facebook accounts
Stats on social media
Source: Social Bakers, August 2014

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Top financial Twitter accounts
Stats on social media
Source: Social Bakers, August 2014

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LinkedIn
Stats on social media
Source: Social Bakers, August 2014

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Top financial G+ accounts
Stats on social media
Source: Social Bakers, August 2014

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Top financial YouTube accounts
Stats on social media
Source: Social Bakers, August 2014

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Social media and customer communications
Investment product promotions on Twitter should include the #ad to ensure firms meet the specific requirement that investment product promotions can be clearly identified as such
Each communication should be considered individually in its own right and it must comply with relevant rules
Consider inserting images into tweets to convey risk warnings or other required statements
Consider using images instead of text
FCA Guide Consultation August 2014

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Financial Conduct Authority said:
FCA’s approach to financial promotions in social media
“There is an overarching principle that any communication should be fair, clear and not misleading.”

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Basic principles Community Managers follow
Be transparent and genuine
Have a two-way conversation
Ensure consistency
Listen to what your customers are saying
Be proactive, rather than reactive
Respond to negative and positive comments
Create compelling and relevant content
Develop a tone of voice
Build awareness about brands and products
Don’t overshare
Social media best practices

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Five ‘Dos’ of using social media and staying compliant!
Social media best practices

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No 1: Always apply the ‘is it clear, fair and not misleading’ rule
The five ‘Dos’

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No 1: Always apply the ‘is it clear, fair and not misleading’ rule
The 5 Do’s

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No 2: Does it stand alone if someone retweets/shares it?
The five ‘Dos’

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No 3: Use hashtags to show it is a promotion
The five ‘Dos’

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No 3: Use hashtags to show it is a promotion
The five ‘Dos’

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No 4: Target your audience
The five ‘Dos’

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No 5: Keep it personal
The five ‘Dos’

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No 5: Keep it personal
The 5 Dos

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Five ‘Don’ts’ of using social media and keeping compliant!
Social media worst practices

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No 1: Don’t ignore your customers
The five ‘Don’ts’

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No 2: Keep your space clean
The five ‘Don’ts’

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No 3: Make sure your presence is verified
The five ‘Don’ts’

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No 4: Try to communicate through one channel
The five ‘Don’ts’

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No 4: But don’t forget what you have set up
The five ‘Don’ts’

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No 5: Don’t try to control the conversation
The five ‘Don’ts’

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No 5: Expect a backlash
The five ‘Don’ts’

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Summary
Summary

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Emoderation LtdThe Media Village131-151 Great Titchfield StLondon W1W 5BBUK
© Emoderation Limited 2014. This document is the intellectual property of eModeration Limited and may not be duplicated or disclosed to any third party without the written permission of an authorised officer of the company.
For further information:
Tel: +44 (0) 203 178 5050
Email: lisa.barnett@emoderation.com
Twitter: @lisab88
LinkedIn: https://www.linkedin.com/in/lisabarnett

34. Achieve exceptional results with the power of social data
Joel Davis, Chief executive, agency:2
@joeldavis @agency2

35. Inspiring global customers since 2007
UK’s first social media agency, Europe’s leading Social Data Insights company
PARTNERS / INVESTORS

36. Current challenges with insight gathering
Social Media Monitoring
Focus groups
CRM
Inaccurate and misleading
Timely and expensive
Limited to existing customers & connections

37. Just imagine if you could know more about your customers
Their goals / aspirations
The life stage they are at
Their favourite magazines
Their comfort with risk
The teams & sports they follow
Where they like to go shopping
Their levels of sophistication in financial planning

38. This could transform your
Content marketing
Media planning
Partners
Segmentation
Brand positioning

39. COLLECT customer data
CONNECT
with your audience through data insights
CONVERT audiences to customers & encourage loyalty
Consider exploring the power of big data

40. COLLECT customer data
CONNECT
with your audience through data insights
CONVERT audiences to customers & encourage loyalty
Passions
Favourite brands
Personal motivations
Travel
Education, activities
Inspiration/ Inspirational people
Amusing / nostalgia
Books
Example degree educated mums with young children
Health, cooking & wellness

41. Food and drinks
Clothing and cosmetics
Education and child protection
Art and culture
Lets explore some of the interests of degree-level educated mums with children aged 5-9

42. Growth
mindset
Fixed
mindset
Let’s explore some of the interests of degree educated mums with children aged 5-9

43. Current affairs
Culture
Technology
Business & inspiration
Industry / Scientific
Lets explore some of the interests of entrepreneurs in the science & tech industry.

44. Aspirational
Practical
Lets explore some of the interests of entrepreneurs in the science & tech industry.

45. How big data helps drive the customer lifecycle
Consider providers and products
Renewing customer: Loyalty loop
Learn & explore various finance solutions
Evaluate options, perhaps price comparison sites / trusted advisors
Identify finance needs
Example buying cycle

46. How big data helps drive the customer lifecycle
Consider providers and products
Renewing customer: Loyalty loop
Learn & explore various finance solutions
Evaluate options, perhaps price comparison sites / trusted advisors
Identify finance needs
Inform search terms, ad placements & propositions
Inspiring content that drives engagement and the sales process
Intelligently segment audience
Personalise communications
Identify the right type of influencers that build brand trust
Example buying cycle

47. Key takeaways
Social Media Monitoring
Buying cycle
Consider your customer insight needs & connect them to your buying cycle model
Don’t rely on social media monitoring tools alone to collect accurate insights
Work flow insights to deliver exceptional results
Collect > Connect >
& Convert

48. 0207 253 4263

49. The bold and the brave
Bridget O’Connor-Read, Senior digital producer, Tangible
@bgocr @TangibleUK

50. The Bold
and the Brave

51. Copyright 2013 Tangible. All rights reserved.
Why be afraid of the FCA?
FCA guidelines endorse good practice, promote transparency and greater competition for the benefit of the end consumer.
This should result in greater user engagement, new opportunities for those prepared to invest social media strategy and community management.
Some organisations get too caught up with self regulation and internal sign offs. They can easily loose sight of the end consumer.
We need to bring that consumer into focus.

53. Copyright 2013 Tangible. All rights reserved.
Common criticism of FS use of Social media
•Social Media’s real purpose is to increase consumer Interaction not self promotion or continuous product placement
•Should not be seen as an alternative format for the company newsletter
•Competitions and promotions that are just aimed at gaining ‘likes’ are short lived and do not hold real customer engagement or value
•If emphasis is on SM as direct sales tool can lead to being too product focused, too transactional, too hard sell
•Typical brand positioning for financial products are inextricably linked with risk and insecurity in life. Lacks entertainment or positive association. Find positive angle to break inertia and encourage longer term relationships

54. Copyright 2013 Tangible. All rights reserved.
Sustainability

55. Copyright 2013 Tangible. All rights reserved.
What are your objectives?
➜Customer Relationship Management / Thought Leadership / Reputation Management
Who are your audiences?
➜How will your objectives serve their needs?
Do you know whoyou are as a brand? *
➜Living and breathing beyond brand guidelines
How can your efforts demonstrate ‘value’?
➜Reporting and Insight

57. Copyright 2013 Tangible. All rights reserved.
Two routes into audience insight
Analytical data –tracks page activity, posts, likes, retweets, shares etc
And Social listening tools that picks up sentiment of conversations, identifies related topics and key influencers within our audience –search for quality interactions.
We use Pulsar: http://pulsarplatform.com/
Practical applications would be to register regular contributors or positive engagement. 90% of consumers would recommend a brand to others after interacting on SM
There are also social signals to look out for, with customers are sharing key life info, which you can use to profile through consumption.
This is where we can go beyond basic customer service to provide Social CRM

59. Copyright 2013 Tangible. All rights reserved.
Community building
Your internal objectives of selling a product, pushing a message or rebuilding reputation will not work longer term. These only serve a one sided self interested agenda.
To only broadcast makes subscribers out of your audience, not engaged members
People form a community for support to further a common need or purpose. They are loyal to values, passions and not brands. to b
How?
•Find out what makes your audience tick
•Learn where your interested parties live and interact
•Don’t assume setting up a Linked group or FB page is enough, alter tactics accordingly

61. Copyright 2013 Tangible. All rights reserved.
•Good content isn’t just about frequency or variety of production
•Content without relevance is just noise
•You want cut through in your communications
•This is all the more important given FB move to discontinue ‘Like Gate’
•Demonstrates a real commitment to growing an organic following. Harder to capture, but will produce better quality leads/ longer term engagement

62. Copyright 2013 Tangible. All rights reserved.
•80 % of business decision makers prefer to get company information in a series of articles versus an advertisement
•70% say content marketing makes them feel closer to the sponsoring company
•60 % say that company content helps them make better product decisions
Source: Roper Public Affairs

64. Copyright 2013 Tangible. All rights reserved.
Organisational rethink required
Challenges for the marketer –considerable more resource intensive to remain compliant.
Responsiveness is a challenge for compliance depts. Promote ‘nimble’
Organisations much face the requirement for real investment in community management.

66. Copyright 2013 Tangible. All rights reserved.
How to improve ways of working
Education:
•Invest in channel education
•Share audience insight, campaign objectives and strategy
Process
•Create a content plan with timelines for sign off and delivery
•Agree FAQs and customer escalation process
•Build in a SLA for PR responsiveness

68. Copyright 2013 Tangible. All rights reserved.

69. Copyright 2013 Tangible. All rights reserved.

70. Copyright 2013 Tangible. All rights reserved.
http://www.salesforce.com/

71. Copyright 2013 Tangible. All rights reserved.

73. Questions
Lisa Barnett, Social media services director, Emoderation
@lisab88 @Emoderation
Joel Davis, Chief executive, agency:2
@joeldavis @agency2
Bridget O’Connor-Read, Senior digital producer, Tangible
@bgocr @TangibleUK

74. Closing comments
Ian Holmes-Lewis, Commercial and sales director, CUNA Mutual Group Europe
@Kickon01 @CUNA