1. Made in heaven or a
Marriage from hell?
Social media and the
financial sector
Chris Jackson, Head of Digital, Cicero
2. Cicero Consulting
• Launched in 2000
Government Relations
• Financial sector focused
Financial
Research
sector
Digital
Comms • London, Washington, Sing
apore and Brussels
Media Relations
• Over 130 clients across
the globe
3. Our experience
European Association of
Public Banks
European Association of
Cooperative Banks
4. What is social media?
Principles of social media The impact
Learning 50 million
tweets per
day in Pinterest:
2010 over
Commerce Communicating 104415903
visits in
March 2012
Facebook:
750 million
active users
in 2011
Engagement Sharing LinkedIn:
13+% of
companies
Social media on LinkedIn
is no longer a are in the
Discussing finance
fad
sector
5. The value of social media
Close the gap through social media
Customer Business
6. “Today, the brand is no longer determined by
what the company says about itself; it’s
determined by all the things that are said
about the company by others, in the real
world”
7. “The financial sector and social media is like
teenagers and sex. Everyone is talking about
it, very few are doing it and those that aren’t
doing it too well (with one or exceptions)”
8. Our research
• To understand how the financial sector views social
media
• 158 interviews with senior decision makers in the
financial services sector
• Captured perspectives of those working across
Europe, North America, Asia and the Middle East
• Conducted between October-November 2011
9. Social media and the finance
sector
• Used to working with • The financial crisis
sophisticated technology
• Traditionally conservative
approach
• Understanding large quantities
of fast moving data
• Compliance and regulation
• Well resourced • Social media is for teenagers(?)
• Often thought leaders • The financial sector isn’t ‘loved’
by the public
10. Financial crisis & social media boom
Financial crisis damaged
trust in the sector
Social media used to criticise
financial sector for crisis
Financial crisis damaged
budgets
Self-confidence in the
financial sector declined
11. How the financial sees social media
1/3 interested in
35% see social media Interest in Social media offers a
45% excited by social how social media can
as a source of market monitoring and new way to
media influence
intelligence listening communicate (57%)
government
Expectation of Communicating to
Cost effective form Fear of competitors
customers and customers of
of marketing leaving them behind
employees tomorrow
Social media viewed as the future of communications
12. Fears of social media
Lacking skills and Return on
Brand damage Resource and cost
experience Investment
27% fear compliance Limited senior buy in
Financial sector lacks skills, experience, confidence and
capacity to maximise potential
13. Compliance and social media
Fear from compliance teams leads to reluctance
to engage
Financial regulators unsure about social media
Rapid and fluid nature of social media tests
capcity
Danger of employees using social media against
the company
Importance of capturing discussions
14. Social media use today
Management of social media
3% 3%
7%
11%
30% of financial firms manage their social
media strategy through one department
11%
29%
42% of organisations surveyed have used
consultants to understand the bigger picture
36% 48% of organisations are using agencies to
monitor social media
We do not use social media
We are interested but do not have a social media presence
We are exploring how we can use social media
We use social media platforms to supplement existing business activity The financial sector is building up capacity
Social media is fully integrated into our business activity
As an organisation we do not yet know how to maximise the use of social media
Don't know
15. Looking ahead
Return On Which are the best methods of measuring a successful social media
Investment strategy?
35
31.3 31.1
27.5 30
26.7
24.4 24.4
22.9 22.9 25
Metrics 20.6
20
15
9.2
10
5
Gaining
buy-in 0
Strategic
approach
18. The financial sector is
Conclusions
waking up to social
media
Must embrace social
media rather than shy
away
Social media can help
rebuild brands and
trust
Social media is not
about selling
Ultimately
revolutionising
communications
19. The more willing you are to surrender
control, and rely on external endorsement and
validation, the more credible and powerful the
message can become.
20. Thank you
For more information
Chris Jackson
Chris.Jackson@cicero-group.com
www.cicero-group.com
+44 2076659540
