social media in financial services
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Page 1
Mala.sarat.chandra@gmail.com
@MalaChandra
Social Media in Financial Services
Mala Sarat ChandraCEO, MyMobilife LLC
Page 2Social Media in Finance
Agenda
Introduction to Social Media
Social Media in Financial Services
Case Studies
Next Steps
Resources
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Page 3Social Media in Finance
Social Media …
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… is mainstream todaySource: Burson Marsteller Global Social Media Checkup Feb 2010
Page 4Social Media in Finance
Many Financial Services firms across the globe …
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… are using Social Media effectively
Page 5Social Media in Finance
Social Media Adoption …
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… by financial services institutions
Page 6Social Media in Finance
Twitter Adoption …
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… by financial services institutions
Page 7Social Media in Finance
Social Media are Online Tools …
Enable people to create, publish and share content Facilitate conversations Review and promote brands, products and services Get news and information Connect and collaborate Organize for political, charity, community activities Campaign for causes and raise funds Seek advice and provide answers Transact business, bank, trade, conduct commerce
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… Blogs, Facebook, YouTube, Linkedin, Twitter, Flickr
Page 8Social Media in Finance
The Power of Social Media is …
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… in the Online Communities they build
Page 9Social Media in Finance
Social Media gives you the opportunity …
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… to tell your story in your own words
Listen and Interact with your followersBuild a community of advocates through EngagementGain valuable business insights through MonitoringFind customers through Word-of-MouthProtect and grow online reputation through Presence
Page 10Social Media in Finance
Social Media significantly alters …
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… Business – Customer Relationships
Organization
Consumers
11
Organization
Consumers
22
Organization
Consumers
33
Source: Adapted from Social Media ROI by Olivier Blanchard
Page 11Social Media in Finance
The Social Media Landscape
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Page 12Social Media in Finance
Social Media Jargon
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Social Bookmarking
Crowdsourcing
User Generated Content (UGC) Vlogs
Alerts
Aggregators
BlogsBlogrolls
MicrobloggingAvatars
Chat
Collective intelligence
Comments
Communities
wikis
Feeds
Folksonomy
Forums
Facilitator
Friends
Social Networking
Sharing
Links
Lurking
Malware
Profile
Presence
Post
MembershipRegistration
Mashup
Tags
TaxonomyWidgets
Democratization of Content
Podcasts
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Social Media Goals for Business Professionals
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Network with Colleagues and ClientsPost my name, title and company informationProspect for BusinessShare industry knowledge and best practices
Page 14Social Media in Finance
LederMark’s 2010 Survey of Social Media Use …
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… by Wall Street, RIA, Brokerage, Marketing Professionals in Financial Services
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Regulatory Compliance
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Page 16Social Media in Finance
Popular Finance Brands …
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… on Social Media
Page 17Social Media in Finance
Charles Schwab posts guidelines …
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… on its ability to participate as a regulated industry
Page 18Social Media in Finance
Charles Schwab built a private community in 2008 …
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… to understand the needs of Gen X-ers
schwab.com/moneyandmore: 32 % increase in Gen X investors over previous year
Serves as a Go-to guide for Finances, management and planning
Schwab actionable insights targeted at Gen X-specific life stages
-- Glossary of financial terms
-- Calculators including: college savings calculator, cost-of-debt calculator, savings calculator
-- Link to an online community where Gen Xers can discuss money and more with one another
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Social Media Overview
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Page 20Social Media in Finance
In 2007, Intuit used social media …
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Over 500 videos submitted 3,000,000 + views 900 + incoming links 700 + blog mentions 950 + MySpace Friends 20+ features on TV Positive ROI in < 1 year
… to market TurboTax
Source: WOMMA Case Studies Library
Page 21Social Media in Finance
In 2008, Intuit leveraged social media …
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Contest with $50,000 business grant on iwilljuststart.com Entrants submitted videos or letters Join a community Get how-to tips and advice In-Market events Viral buzz through blogger outreach Social sharing by contestants
Results Received 2500 contest entries and pledges with 22,000 votes cast. Over 130,000 people were touched by the events. Distributed over 300,000 CDs and downloads of QuickBooks Simple Start. Obtained over 80 blog postings about the campaign.
… to market QuickBooks Source: WOMMA Case Studies Library
Page 22Social Media in Finance
Social Media continues at Intuit …
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Quizzle.com free site425,000 + visits70,000 + accounts500 + mortgage applications12 loans closed (< 1 year)
Zero dollars marketing spend
Quizzle Twitter accountQuizzle BlogBlogger outreach PR
Lots of PublicityInfluential blogsBaltimore Sun, WSJ, NY TimesThe NetbankerFuture of Real Estate Marketing
… with Quicken Loans Quizzle.comSource: WOMMA Case Studies Library
Page 23Social Media in Finance
Deutsche Bank integrates its social media ….
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…. into its website
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Financial Professionals use Social Media …
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… despite regulatory compliance impediments
To generate business by
Reconnecting with friends and associates in need of their expertise
Referrals by clients to others through a social network
Discussions and referrals at / through speaking engagements
Generating awareness and reputation through social media
Cultivating and building strong relationships with clients on social media
Sharing expertise and gaining business insights
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Guidelines for Financial Services …
Do’s Continuously build your
network of connections. Research prospects before
meeting with them. Use your networks for referrals
and introductions. Join groups for marketing
purposes, not just financial services groups.
Don’ts Give financial advise on group
discussions. Install applications which
violate your firm’s security policies.
Update your status that disclose company activities.
Send mass emails to connections.
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… using Social Networking Sites
Page 26Social Media in Finance
Next steps for Financial Services …
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… leveraging Social Media
Social Media growth seems unstoppable
Financial Services Industry lags others in adopting social media
Regulatory fears must be handled with education and policy
Groups of financial services practitioners must work together to develop guidelines and best practices
Page 27Social Media in Finance
Resources for Social Media …
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… and Financial Services
Free 40-page e-book describing the FINRA rulings regarding Social Media and input provided to FINRA http://catherinesherwood.com/free-info/white-papers/financial-services- regulations-and-social-media/
Directory of Social Media Initiatives in Banking, Financial Services and insurancehttp://clanglois.blogs.com/internet_banking/banking20-socialmedia-directory.html
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