1. Social Media Market in Wealth Management
Report Details:
Published:August 2012
No. of Pages: 148
Price: Single User License – US$3800
Synopsis
This report is a detailed study that explores the potential of Web 2.0
•Provides insight into social media practices
•Details the demographics of current social media users
•Examines different platforms and methods of engaging with customers
•The report reviews case studies of banks that have employed Web 2.0 tools and identifies the
best practices that have maximised their success
The increasing number of wealthy individuals from diverse backgrounds means that traditional
providers of services to high-net-worth individuals (HNWIs), from luxury goods companies to
private banks, must adapt if they are to succeed. Today, the majority of HNWI wealth worldwide is
self-made rather than inherited and private banks and wealth managers need to target a new type
of client. Although inherited wealth is set to play a smaller role, the transfer of wealth from the
‘Baby Boomers’ to Generations X and Y is a crucial factor, with these generations set to become
the beneficiary of the largest global wealth transfer in history. For banks looking to capture this
sector, the challenge is to adapt their communication and marketing strategies to meet the needs
of the younger generation rather than provide service offerings designed for their parents and
grandparents.
Scope
This report provides an extensive analysis on the impact of social media in wealth management
•It examines how social media tools such as networking sites, blogs, online communities, virtual
worlds, and interactive online tools can be used by banks to improve areas such as product
development, marketing, marketing research, customer services and customer engagement
•It details the social media strategies adopted by various banks
•It examines the future use of social media in financial services, as well as prospective trends
Key highlights
•Despite the rapid growth of social media marketing, its effectiveness at promoting customer
engagement is doubted
•Despite having numerous advantages over online focus groups, online communities have not
fared well in most financial institutions
•Though blogging is an effective Web 2.0 tool, most institutions find it inconvenient to maintain

2. •Financial services institutions have been somewhat slower than other industries in embracing
Web 2.0
Reasons to buy
•Ideal for understanding the potential of Web 2.0 tools and how they can be effectively employed
in wealth management firms
•Extensive case studies that detail the positives and negatives of Web 2.0 tools
•Suggests potential tools and strategies for promoting customer engagement through Web 2.0
tools
•Suggests contemporary methods for measuring customer engagement through Web 2.0 tools
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Major points covered in Table of Contents of this report include
Table of Contents
Executive Summary
1 Introduction
1.1 The Tools Explained
1.2 Overview of the Report
2 Web 2.0 And Customer Engagement
2.1 Introducing Web 2.0
2.2 Introducing Customer Engagement
2.3 Web 2.0 Usage in Financial Institutions
2.4 Summary
3 Customer Engagement and Web 2.0 In Customer Service
3.1 Summary
4 Customer Engagement and Web 2.0 in Marketing
4.1 The Declining Effectiveness of Traditional Marketing
4.2 Word-of-Mouth Marketing and Web 2.0
4.3 Search Engine Optimisation and Web 2.0
4.4 Summary
5 Customer Engagement and Web 2.0 In Market Research and Product Development
5.1 Summary
6 Blogs
6.1 The Case for Corporate Blogging
6.2 Blogging Best Practices
6.3 Case Studies
6.4 Summary
7 Social Networking Sites
7.1 Marketing on Social Networks
7.2 Case Studies
7.3 Summary

3. 8 Online Communities
8.1 Case Studies
8.2 Summary
9 Virtual worlds
9.1 Case Studies
9.2 Summary
10 Consumer-Generated Ratings And Reviews
10.1 Case Studies
10.2 Summary
11 Personalisation And Customization
11.1 Case Studies
11.2 Summary
12 Online Personal Financial Management Tools
12.1 Case Studies
12.2 Summary
13 Interactive Online Tools
13.1 Summary
14 Viral Marketing And Multimedia Campaigns
14.1 Case Studies
14.2 Summary
15 Authenticity
15.1 Summary
16 Starting Out
16.1 Summary
17 Risk Management
17.1 Summary
18 Measuring Customer Engagement with Web 2.0 Initiatives
List of Tables
Table 1: Companies’ Reasons For Not Having A Corporate Blog
Table 2: Consumer Likelihood of Using Brand if Represented in Second Life
Table 3: Consumer Attitude Towards Second Life as a Marketing Medium
List of Figures
Figure 1:US User Generated-Content Creators, 2007-2012* (Millions And % Of Internet Users)
Figure 2:US User-Generated-Content Consumers, 2007-2012* (Millions And % Of Internet Users)
Figure 3:Relationship Between Bank Customer Engagement and Purchase Intent
Figure 4:Relationship Between Bank Customer Engagement and Purchase Intent
Figure 5:Relationship Between Advertising Spending And Word-Of-Mouth Buzz
Figure 6:Screenshot Of Verity Credit Union Blog
Figure 7:Screenshot Of Wells Fargo Guided By History Blog
Figure 8:Screenshot Of Wells Fargo Student Loandown Blog
Figure 9:Screenshot Of Wells Fargo Beyond Today Blog
Figure 10:Screenshot Of Wells Fargo Environmental ForumBlog

4. Figure 11:Screenshot Of Wells Fargo AdvantageVoice Blog
Figure 12:Screenshot Of Raboplus Help Yourself
Figure 15:Screenshot Of Techcu Money Savvy Blog
Figure 16:Screenshot Of Tech CU Blog For Community Change Project
Figure 17:Screenshot Of UWCU Source Code Blog
Figure 18:Screenshot of Standard Bank Team’s blog
Figure 19:Global Social Network Usage And Engagement, 2011
Figure 20:Number Of Users On Popular Social Networking Sites(In Millions)
Figure 21:Demographics Of Social Networking Users
Figure 22:Screenshot of TD Money Lounge homepage
Figure 23:Screenshot Of TD Canada Trust’s $PLIT IT Facebook Application
Figure 24:JP Morgan Chase’s Facebook Marketing Initiative
Figure 25:Screenshot Of Visa Business Network Facebook Login Page
Figure 26:Comparison Of Online Panels And Online Communities
Figure 27:Comparison of Online Panels and Online Communities
Figure 28:Screenshot of American Express Open Forum
Figure 29:Screenshot of Vancity CU’s Changeeverything Homepage
Figure 30:Screenshot of Fidelity Labs Homepage
Figure 31:Screenshot of Fidelity.Com Beta
Figure 32:Screenshot of ING Bank in Second Life
Figure 33:Screenshot of ING Bank in Second Life
Figure 34:Screenshots of Deutsche Bank's Q110 Branch in Second Life
Figure 35:Screenshot of Bankinter in Whyville
Figure 36:Screenshot of Citibank Feedback Form
Figure 37:Screenshot of Citibank Feedback Form
Figure 38:Screenshot of Flexi Site
Figure 39:Screenshot of Winning Entry in Caisse d’Epargne Visa Card Design Contest
Figure 40:Screenshot of Capital One Image Card
Figure 41:Screenshot of Wells Fargo ‘My Money Map’
Figure 42:Screenshot of Bank of America’s‘My Portfolio’
Figure 43:US Consumers’ Perception of Their Savings Habits
Figure 44:US Consumer Interest in Yodlee Billpay and Personal Finance
Figure 45:US Consumers’ Willingness to Switch Bank to Use Online PFM Tools
Figure 46:US Consumers’ Willingness to Switch Bank to Use Online PFM Tools
Figure 47:Likelihood of US Consumers Telling a Friend or Relative about Yodlee’s Online PFM
Tools
Figure 48:Screenshot Of Mortgagebot Widget From Fairwinds Credit Union
Figure 49:Screenshot Of Billeo's Billpay Widget
Figure 50:Screenshot Of Billeo's Billpay Widget
Figure 51:Screenshot Of Bank-Anywhere.Com
Figure 52:Screenshot Of Google Mashup For Search On ‘California Banks’
Figure 53:Royal Bank Of Canada’s Virtual Agent “May”

5. Figure 54:Screenshot Of Bank-Anywhere.Com
Figure 55:Gulf Bank RSS Channels
Figure 56:Screenshot of ING Direct Advertisement on YouTube
Figure 57:Screenshot of ING Direct Advertisement on YouTube
Figure 58:Screenshot of ING Direct Advertisement on YouTube
Figure 59:Screenshot of ING Direct’s “I-Needtogo” Website
Figure 60:Screenshot of Citibank Identity Theft Commercials on YouTube
Figure 61:Screenshot of Forum Credit Union’s Online Video Magazine
Figure 62:Screenshot of Forum Credit Union’s Online Video Magazine
Figure 63:Screenshot Of Member Video’s From Forum Credit Union’s “Fifteen Minutes Of Fame”
Campaign
Figure 64:Screenshot of HSBC Your Point of View Homepage
Figure 65:Screenshot Of Winning Entry In UMB Bank’s “My Ugly Room” Contest
Figure 66:Screenshot of Carolina Postal CU’s “I Love My Hoopty” Blog
Figure 67:Royal Bank Of Canada – RBC Next Great Innovator Challenge
Figure 68:Screenshot Of Common Wealth CU’s Young & Free Website
Figure 69:Why Company Began First Blog, 2006
Figure 70:Ron Shevlin’s Schema For Measuring Engagement To Help Marketeers customers
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