social media for financial services
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Social Media for Financial Services- Best Practices
Ayse Kok
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AGENDA
General Overview of Social Media Use- 2011 Social Media in Financial Services Report
Global Banking from the Perspective of Social Media- A Pragmatic Approach for Using Social Media
Suggestions for Using Social Media Based on Best Practices
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General Overview of
Social Media Use
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Social Media Channels Used by Bank Customers
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2011 Social Media in Financial Services Report
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Social Media Adaptation within the Next 2-3 Years
No one thinks that it is going away completely.
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Departments Governing Social Media Initiatives
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Social Media Strategies
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Reasons for Using Social Media Platform
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Yearly Change in Social Media Budget
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Global Banking from the Perspective
of Social Media
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Best Practice Examples/ Deutsche Bank
• * Australia: NAB* US: USAA, GEICO, 53* Germany: Deutsche Bank* Russia: Alfa Bank* Switzerland: Credit Suisse* UK: Fidelity International, Lloyds TSB - Our Social Network
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Best Practice Examples/ Credit Suisse
All social media tools integrated in one place
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Blogging about the banking community general or social responsibility projects
Best Practice Examples/ Blog
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Best Practice Examples/ Blog
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FOLLOWERS?
UK (60%) 9.7% 1,000+38.3% <50
TOTAL(100%) 9.1% 1,000+47.1% <50
Know your followers/fans!
Best Practice Examples/ Twitter
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How Much Do You Think You Know?
Aviva suffered a massive backlash on social media site Twitter last night against its placement of an advert for income protection (IP) showing a motorbike accident during ITV's popular period drama Downton Abbey. The advert aims to show how IP can safeguard customers' standard of living in the event they are unable to work, for example due to an accident. But angry viewers labelled it "depressing" and said it spoiled their enjoyment of the eagerly awaited start of the second series of the hit show.
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Facebook Trends: March 2010-2011
March, 2010
Pages: 276Fans: 2,589,203Applications: 20
Top 10
# Fans: 2,295,379 (88%)New Fans: 112
March, 2011
Top 10
# Fans: 6,759,373 (64%)New Fans: 1,348
Pages: 626Fans: 10,411,227Applications: 75
Source: http://Visible-Banking.com/VBFW
September, 2010
Top 10
Pages: 428Fans: 4,787,405Applications: 37
# Fans: 3,612,235 (75%)New Fans: 459
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Utilizing the Power of the Crowd
CHANGE THE BRAND PERCEPTION
2.9 (1.1) Million
IMPROVE AVAILABLE PRODUCTS
CREATE NEW PRODUCTS & SERVICES
263 (17) Ideas
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Citibank: Social Credit Card
ThankYou Point Sharing www.facebook.com/citibank
Basically, the bank aims to urge its card holders to spread the word around them on the likes of Facebook or Twitter about the card and its perks, and reward them for doing so. Citi’s new long term social strategy involves monthly contests on Facebook and to support the launch, an initial contest to become a ‘Social A Lister’.
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Chase: Use of Facebook for Social Responsibility Project
Kbank- Foursquare Promotional Offers
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Best Practice Examples/ Podcast
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Best Practice Examples/ Video - Web TV & Webcast
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Best Practice Examples/ Web Initiatives
Prepare for RetirementLearn all you need to know about planning for retirement: How much you need to save, the best investments for reaching your savings goals, the advantages of tax-deferred investing and making your money last once you retire
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Best Practice Examples/ Web Initiatives
What is the Little Black Book?It's somewhere that first direct customers can share their best experiences. It can be anything from an unforgettable meal, or a gem of a hotel, to a brilliant day out for kids, or a tradesman that has done them proud.
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Suggestions for
Using Social Media Based on
Best Practices
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General Suggestions for Using Social Media
1. Raising awaress about the brand name
2. Humanizing the brand3. Serving customers 4. Leading generation
Source: Analytics Demystified and the Altimeter Group
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1. Raising Awareness about the Brand Name
objective: thought leadership- in 140 or fewer characters
expert advice
Source: Analytics Demystified and the Altimeter Group
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objective: thought leadership, increasing brand awarenesscorporate social responsibility
Social media for social good
Philanthropy & community service
messages
Source: Analytics Demystified and the Altimeter Group
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2. Humanizing the Brand
objective: humanizing the brand
increased transparencySource: Analytics Demystified and the Altimeter Group
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3. Serving CustomersIncrease your happiness index through social listening
objective: customer service
timely problem solutionSource: Analytics Demystified and the Altimeter Group
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4. Leading Generationobjective: leading generation
Different promotions
Source: Analytics Demystified and the Altimeter Group
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objective: increase your networkrecruitment
Source: Analytics Demystified and the Altimeter Group
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Social Media Optimization
Design your social media sites as content aggregators and communities
Source: Analytics Demystified and the Altimeter Group
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Use your social media sites for publishing micro-content.
Source: Analytics Demystified and the Altimeter Group
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Video Types
• Orientation booklets• Product reviews• Organizational tours• Interviews (employee/customer suggestions)• News• Promotions
Source: Analytics Demystified and the Altimeter Group
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thought slides
1 week700+ views
Source: Analytics Demystified and the Altimeter Group
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thought slidesdo humanize your brand.
Display your corporate citizenship by documenting your volunteering activities
Source: Analytics Demystified and the Altimeter Group
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tools to quantify influence, impact and scope
Source: Analytics Demystified and the Altimeter Group
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what to measure?- Site traffic- Click rate- Network growth- P2P discussions- Number of individuals talking about it- Benefits received through use of promotion codes
Source: Analytics Demystified and the Altimeter Group
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Business objective Measurement DefinitionPromoting conversations Voice sharing Percentage of brand referrals in all social
channels - %
Building relationships with followers/fans Percentage of individuals who post a comment or sent an invitation to connect - %
Access to conversation Percentage of visitors who contributed to discussions about specific areas - #
Increasing brand reputation Motivating followers/fans to share their feelings about the brand
Number of individuals who showed positive feelings in a specific time period- #
Defending the impact of the followers/fans Impact of individuals through social media channels- %
Fan impact Direct or indirect contribution of followership
Providing support Resolution rate Percentage of customer complaints that have been resolved through use of social media
Resolution time Time required to respond to a customer complaint via use of social media channel
Satisfaction score Scor index showing customer satısfaction level
Making innovation faster Subject trends Specification of product/service topics by following conversations on social media
Feeling rate Rate of positive/neutral/negative comments
Idea impact Percentage of positive feelings that have been conveyed on social media due to a new product or serviceSource: Analytics Demystified and the Altimeter Group