Presentation: Social Business Drivers for Financial Services Presented by: Brooks Jordan, Senior Social Strategist, Social Edge Consulting Although the financial services industry is tightly regulated, there are a number of ways companies in this space can adapt tried and true business practices to social collaboration. Social tools simply amplify business performance in product innovation, market research, sales, and so on, and yet the impact can be extraordinary. This presentation looks at how it is being done. www.bdionline.com

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Social Business Drivers for
Financial Services
Financial Services Social Business Leadership Forum
September 26, 2013

2. © 2013 Social Edge Consulting. Confidential.
Our Story
founded
February 2012
20 people in 7 states / 3 countries
Veterans of well-known Fortune
500 companies
Work exclusively with Jive Software
as a partner
Offer complete Jive implementation
services

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Why social for financial services?
McKinsey Global Institute study on social
technologies (July 2012)
Potential to generate $1.3 trillion annually in the
economy from four sectors
Raise knowledge-worker productivity by 20-25
percent
Estimated untapped value for consumer financial
services is $256 - 423 billion annually
The social economy: Unlocking value and productivity through
social technologies | McKinsey & Company

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Source:
“The social economy:
Unlocking value and
productivity through social
technologies”
McKinsey Global Institute

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How is value generated?
Social technologies amplify tried and true
organizational functions
. . . by applying a novel capability or "lever" to that
function
Value is also generated across entire enterprise

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A lever: Co-create Products
With a social platform, a company can tap a large community
to solve product development problems
Broad spectrum of participants can submit ideas and
comment on them
Customers can also be invited to submit concepts and
designs

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Ground-level view of social levers
in financial services
Use cases from large investment banking and asset
management firms with thousands of employees and trillions
in assets
Situational Teaming (Lever 10: Match Talent to Tasks)
New Learning Model for Advisors (Lever 9: Business Support)
Sales Intelligence (Lever 6: Generate and foster sales leads)

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Use Case #1
Situational Teaming

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Brokers traditionally team up to complement their skills
or when they both lay claim to a client
Modern teaming requires focus on micro-needs of a
client
Example: Estate planning requiring a foreign language
for elderly parents to participate
Social collaboration via profiles allows brokers to
extend their network and find a complementary skillset
The ability to find experts in an internal network directly
impacts ability of financial advisors to make money
Requires that advisors fill out their social profile with
skills and capabilities, but they have every incentive to
do so

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Use Case #2
New Learning Model
for Advisors

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Firm has an interest in increasing advisor knowledge and ability to add value
Some advisors have more experience or innate talent
Having advisors speak about best practices to peers in same office/region is
problematic
Traditional solution is to pay certain advisors to fly to other areas of the
country and share expertise (e.g., equities)
Private collaboration space is used to extend physical meeting and deepen
relationships and peer-to-peer learning
The firm's community manager supports discussions with relevant content
and can bring in relevant thought leaders

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Use Case #3
Sales Intelligence
Photo: “To Sell Is Human – Official Book Trailer”

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Product specialists provide the latest research on funds to sales team
on a weekly basis
Only a few product specialists are available to serve dozens of sales
people
Sales people ask similar questions on research via email and phone,
taking extensive time from specialists
Research is presented instead in threaded discussions within a
collaborative space creating knowledge base
Sales people close loop by posting feedback from clients to these
discussions after meetings in the field
Option to deliver key research securely from collaborative space to
sales people via tablet

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Drawing inspiration from other
regulated industries
Health care organization in 21 states with 87,000 employees
and $13 billion revenue
Recognition of rising costs and unsatisfactory treatment
quality
eVisits connect patients with doctors in a HIPPA-secure virtual
meeting room
50 million times a year patients use an eVisit in US for
conditions like sinus and urinary tract infections
eVisits offer extraordinary value when embedded in a social
external community with wellness content

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Using social technology across the
enterprise
Using social technology across entire enterprise is also a way to add
significant value
This is often called a Social Intranet, which pushes content to
employees but also pulls people into interactions
Business support functions like HR and Finance are now capable of
having a two-way conversation
Leads to 20-25% increase in productivity from "interaction workers"
MGI estimates two-thirds of all value in sectors studied comes from
communication, coordination, and collaboration

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We’d love to talk more
Brooks Jordan, Senior Social Strategist
brooks.jordan@socialedgeconsulting.c
om
@brooksjordan
SocialEdgeConsulting.com