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Social media and retail banking
1. Social media and retail banking
Passing fad or business tool?
29 September 2011
2. Introduction
Douglas Blakey, Editor
Retail Banker Interactive
3. Why do we need to talk
about social media?
Growth. It took Facebook just nine months to reach 50 million
users, compared with 4 years for the internet and 13 years for TV
Market leading activity. Social media is the most popular online
activity with people spending, on average, 4.6 hours per week
Business opportunity. The majority of firms will be spending 3-
10% of their marketing budget on social media in the next five years
4. Sanat Rao
Vice President and Global
Head, Business Development,
Client Engagements and Alliances
Finacle, Infosys
Natalie Cowen
Head of Brand and
Communications
First Direct
Michalis Michael
Managing Director
Digital MR
5. Sanat Rao
Vice President and Global Head, Business
Development, Client Engagements and Alliances
Finacle, Infosys
6. Social Media - Changing the way
we do our business…
SHIFT FROM TO
Who will influence Banks, Advisors, Customer Communities
customers Intermediaries
Where will Ubiquitous Exchanges
Traditional Channels
transactions occur
What will your Traditional Banks, Retailers, Telco’s,
competition look like Financial Institutions Aggregators, New Players
What will be the nature Impersonal, Personalized, Contextual,
of customer interactions Disconnected, Sporadic Real-time
7. Social Media as catalyst
for Banking Innovation
Product
Innovation
(Differentiated
Customer
Experience)
Regulation &
Compliance
Service Process
Innovation Innovation
(Internal (Create
Collaboration for right product
effectiveness) the first time)
8. Social Media as catalyst for
adopting Innovation
Service Innovation
• Educate – Social Networking, Blogging
and Micro-Blogging channels, Wiki,
Review sites
• Empower – Blogs/Wikis/Peer reviews
• Embrace – Interaction at the social
medium of choice
• Extend – Communities of advocates
9. Social Media as catalyst for
adopting Innovation
Product Innovation
• Design and Develop – Crowdsourcing for partnership
development
• Deliver – Right social media channel
10. Social Media as catalyst for
adopting Innovation
Process Innovation
• Design and Simplify – Benchmark against social media
• Rationalise and Orchestrate - Internal Collaboration
• for productivity
11. Impact of being Social
Improve
client
service
Generate
Leads
Social
Banking
Differentiate
from
competition
Deepen
client
relationships
12. Generate leads
Right message right audience – 88% more leads
• Leveraging communities
to drive transactions
• Top performing members
• Forums, blogs, trading
games
• Rich information
17. Why social media?
Our mission is to pioneer amazing service….no matter what the channel
To do this we need to take our brand and services to the places we know
our customers and prospective customers are, this means embracing
social media.
We know that our customers love social media:
255k of our customers have visited Facebook in the last day
530k in the last week
58k have visited Twitter in the last day
127k in the last week
67k have visited YouTube in the last day
431k in the last week
18. How have customers engaged with us so far?
27,394 registered users
4,128 1,936 live recommendations
9,411 users login more than once per
month
2,522
followers 6,040 comments
172 subscribers
Talking
241,396 channel Point
views
Lab 5,989 comments
19. Learning as we go
Natural next steps
1. Listen: 2. Learn:
The 2009 ‘live’ campaign was our first step into social From the ‘live’ campaign we could see that conversations
media – and primarily it was about listening to what were happening in which we were a hot topic. But, we
people were saying about us in online environments were not a part of these conversations and we had no
and visualising this in an engaging way (showing, not presence in the forums in which these conversations
telling). were taking place.
We published the good and the bad and broadcast it We were missing valuable opportunities to join in the
through digital display spaces across London, and conversation and encourage the positive
online. recommendation of our services through word of mouth.
3. Adapt: 4. Respond:
We needed to change our approach to communication. We have responded by creating a presence in key social
media channels (Facebook, YouTube & Twitter), and will
Instead of continuing to expect people to come to us, we continue to evolve these channels as well as other key
realised we needed to go to them. We needed to join the forums.
conversations in the places where they were actually
happening and adapt our communication model to fit in We hope to encourage and facilitate word of mouth
the new social media society. recommendation, with our customers empowered to
share their experiences with prospective customers and
act as brand ambassadors on our behalf.
20. What do we hope to achieve? And how will we judge our
success?
Objectives
• Continue to pioneer amazing service in a world where social media is the new word of mouth
• Enable our people to do what they do best and have great conversations with customers in these
spaces
• Create, share and engage via storytelling
• Recruit new customers
Measures
1. Engagement on social media platforms
2. Customer satisfaction, brand awareness and consideration, recommendation
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30. Some lessons we’ve learned
• Do your homework
• Be prepared
• Take action
33. If Web Listening is not yet an integral part of
your Marketing, Operations and Product
Development Function….
Explore Define Target Design POC Execute Pilot Debrief
Customers?:
•Consumers
•Investors
•SMEs
34. Business Benefits of Active Web
Listening: Growth Vs Fear!
The opportunity: how much can you grow?
The fear/risk factor : What can happen to your company if you do not engage?
34
35. The Drill Down
Level 1. Top 8 features
Feature Ranking for banking
Level 2. Brands
within Feature
Brand ranking
Within Customer Care
Level 3.
By Source
HSBC
Within Customer Care
By source
36. The Drill Down cont.
Level 4. Sentiment
Sentiment for HSBC’s
of brand within Customer Care on
feature on specific Uswitch.com
source
All Negative Comments
Level 5. List of on Uswitch.com for
Posts HSBC’s Customer Care
Level 6. The negative post of
Individual Post Katquin82 On Uswitch
From 27/01/10 read
by 98 people
38. Where are you on the curve and where do
you want to go?
Source: www.collectiveintellect.com
39. Sanat Rao
Vice President and Global
Head, Business Development,
Client Engagements and Alliances
Finacle, Infosys
Natalie Cowen
Head of Brand and
Communications
First Direct
Michalis Michael
Managing Director Douglas Blakey, Editor
Digital MR Retail Banker Interactive
40. This webinar will be available for replay at Retail Banker
Interactive from 30 September 2011
The next webinar in this series is on Wednesday 26th at
15:00 GMT and looks at how technology is driving revolution
in branch design. Please register at
www3.gotomeeting.com/register/545690054 or follow the
links at the Retail Banker Interactive site.
For more information contact:
SanatR@infosys.com
mmichael@digital-mr.com
