Matt Dooley speaking @ "The Future of Digital Finance" , a Sitecore Event in Hong Kong on 24 Nov 2011
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why banks need to use social media.
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Matt Dooley speaking @ "The Future of Digital Finance" , a Sitecore Event in Hong Kong on 24 Nov 2011
- 1. Why Banks need to become social. Isola5on or integra5on? Ma: Dooley Director, Connected Thinking Ltd Former Head of Digital Experience, Global Commercial Banking, HSBC Future of Digital Finance Hong Kong, 24 November 2011
- 2. Welcome to the Social Era
- 3. Agenda 1. Why social media? 2. Social Media in Asia 3. Cases: Isola5on or Integra5on? Forced Par5cipants: • BP • HSBC Willing Par5cipants: • First Direct • Amex 4. What should you do?
- 4. Why should you care? • Over 750m social users • 22% of all 5me online • #1 ac5vity on the web • Impacts SEO • Impacts credibility Sources: Facebook, Neilson, Socialnomics, SEOmoz
- 5. People trust people not ads • 90% trust peer recommenda5ons • Only 14% trust ads Social media = people • Connec5ons • Conversa5ons • Rela5onships
- 6. People influenced by social media Social ads deliver! • 3x Ad recall • 3x Awareness • 4x Purchase Intent • 93% of marketers use social media for business
- 7. Asia is more social The Players • Facebook dominates • Local players dominate North Asia Usage • North Asia for video watching/sharing • South Asia for social networking. Source: Edelman & Comscore
- 8. Social Media Growth in Asia Social Media Growth • Highest growth as you travel North Emerging Asia • Mobile driving growth and ac5vity • More ac5ve on social sites Source: Asian Banker Research
- 9. Most corpora>ons and industries are very reluctant to enter into social media world A genuine fear where conversa5ons are ü Open ü Not controlled ü Transparent, and ü Poten5ally viral
- 10. Social Media Cases: Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK) Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
- 11. BP’s First Disaster: Gulf Oil Spill April 20, 2010
- 12. BP’s Second Disaster: Social Response Q. What are your goals, what are you trying to accomplish by using social media?
- 13. Fake TwiKer Account: Brandjacked! VS @BP_America @BPGlobalPR • Under 7,000 • 55,000+ within one week
- 14. Viral success @ BP’s expense Traffic and headline news in one week • 55,000 Twi:er followers in a week • Online ar5cles • TV and print: Newsweek, CNN, Fox, CNBC
- 15. They even mone>sed their success • Spoof “BP cares” design • Sell t-‐shirts with proceeds to the cause
- 16. Today, BP on twiKer • Invested in 5me and resources • 32,000+ followers • Planorm to drive traffic to BP sites and other relevant local sites
- 17. Social integra>on on BP.com Crea5ng dialogue, ac5on, empathy, respect and community • Richer, engaging content • More transparent and relevant • Links to wider network of sites
- 18. on wide network of “relevant” sites Response & issue related sites BP owned Relevant non BP sites
- 19. and woven into “new corporate DNA”
- 20. Social Media Cases: Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK) Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
- 21. HSBC introduces fees on student accounts • Promised free GBP1,500 overdrao for 1 year • But introduces 9.9% rate for Graduates Ini5al HSBC response • “Every year the graduate fee changes so students can re-‐evaluate their borrowing needs.”
- 22. Students set up facebook campaign
- 23. Students go public for HSBC to reconsider • More than 5,000 student go online to protest • Daily news – online, TV, print
- 24. HSBC backs down • Listens to students • Reverse/ refund fees Revised HSBC response “….we have taken the decision to freeze interest charging”
- 25. Students 1: HSBC 0
- 26. Today, new offering to Graduates • Promote their Graduate service on UK social media sites
- 27. Social integra>on on hsbc.co.uk • Social Newsroom • Plus use Facebook, Twi:er, Youtube, Flickr
- 28. And at “heart” of their growth strategy • Rumors: social media is at heart of business growth strategy
- 29. Social Media Cases: Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK) Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
- 30. First Direct: A leading social bank • Truly digital with no branches • Seen as innova5ve and customer service orientated Today, • 84% ac5ve digital banking users • 89% of customer contact is digital • 53% of sales are now online • UK’s most loved brand! Social is the rule, not the excep>on.
- 31. Social to listen
- 32. Social for insight and conversa5on
- 33. Social to amplify news
- 34. Social to inspire advocates
- 35. Social for more engaging ads
- 36. Social for brand engagement and teaser…… First Direct Buddy Video
- 37. FD’s iPhone Apps • First UK Bank to launch a “Bank on the go” app in January 2011
- 38. Social for trust, respect, and results
- 39. Social for product feedback, sugges5ons and test ideas
- 40. Social Media Cases: Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK) Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
- 41. Amex driving community and business • 7 million registered businesses • Resources and network to grow • Connect peers • Celebrity experts provide advice and discussion.
- 42. Small Business Saturday A real grassroots movement! Last Year Results: • 41 officials from 27 states declared it a holiday. • 28% boost in sales in stores accep5ng Amex • Largest ever small business community on Facebook
- 43. American Express >es up with Foursquare: “Check in and save” • Offer foursquare users "coupon less, hassle-‐free savings within the foursquare app.” • AmEx card holders simply link their credit cards to foursquare and deals and discounts are automa5cally applied. • Ini5al offers @ popular stores (H&M) and some restaurants in NYC
- 44. Isola>on or Integra>on? 1. BP Integra5on 2. HSBC Integra5on 3. First Direct Integra5on 4. AMEX Integra5on
- 45. So what should you do? Listen Act & Respond Results • Iden5fy unhappy • Fix problem or relevant • Be:er customer customers informa5on rela5onship • Iden5fy their pain • Help your customer • Improved brand points • Improve product/service reputa5on • Watch for customer • Improve process • Improved product/ complaints service • Look for advocates • New Ideas As a minimum 1. Social Media Monitoring – brands, products, compe5tors 2. Iden5fy your social stakeholders -‐ nominate a “Champion” and Commi:ee 3. Social Media Policy
- 46. Then, use social media to funnel sales traffic Connect, build rela>onships, and track right through to sales
- 47. One final thought
- 48. ABS has launched a Facebook branch
- 49. Thank you! Email: ma:@connectedthinking.asia linkedIn: ma:hew dooley Twi:er: ma:ldooley