Social Media and Banking

January 5, 2018 | Author: Anonymous | Category: Arts & Humanities, Communications, Marketing
Share Embed Donate


Short Description

Download Social Media and Banking...

Description

Social Media and Banking

Erin Handel Managing Director Education

J. Michael Beird Managing Director Financial Services,

Overview of Today’s Presentation  What is social media?  Is Social Media a Fad?  Why should I even bother…and should I even bother?

 What are other banks like yours doing with social media  What works and what doesn’t  What’s the future of social media for banks?  How are banks like mine getting it done (time, resources, money)  How can I convince my bank to support the adoption of social media  Reasons banks are and are NOT doing it – voice of the banker  A five step plan to get started now

What is Social Media?

 Social Marketing

 Leverages the value that customers place on sharing among each other and the bank

 Provides for two-way communication between customers and the bank

What is Social Media?

Is it a Fad?

Social Media is now the

activity on the Internet

If

Was a Country….

1. China 2. India

3. Facebook (950 Million) 4. United States

5. Indonesia

5 Primary Ways in Which Customer Interact with Social Media Channels 1. Obtaining information or assessing recommendations 2. Finding apps or downloads 3. Asking a question or addressing an issue 4. Seeking discounts or rebates 5. Responding to a good/bad experience

7

Most banks, however, are still NOT involved in Social Media sites like Facebook or LinkedIn

Of the most common venues, banks use Facebook the most, but lesser-known or private channels dominate

Presidents and Marketers are the Main Decision Makers around Social Media

Well, should you or shouldn’t you?

Why some banks utilize social media and others do not….

Reasons for why banks choose to participate in Social Media vary widely Score

Ranking

It doesn't cost anything to do it

1135

1

To be perceived as being 'with it'

1064

2

A channel for fielding customer service questions

1063

3

Facilitation of referrals

827

4

Your competitors are there

714

5

Cross-selling products and services

670

6

Customer/member acquisition

612

7

Avenue for communicating news and events

606

8

Making a stronger connection with your community

538

9

Customer/member retention

527

10

Note: Score is weighted sum of all rank counts.

Cost – It’s FREE!

 It's free advertising. It would be crazy not to  It's free (except for your time) Why would you not participate?  It is a free marketing avenue.. a good way to let people know of our banks community involvement & etc.

Perception of “coolness”

 Because it is the trendy thing to do right now  We do for our younger customers  ...appealing to the younger generations

 able to reach the "new" computer generation

Helps Customers

 Concerned about customer security, but feel the need to participate  One more way to connect to customers

Reasons why banks choose NOT to participate in Social Media also vary widely

Score

Ranking

It's a place where FI's don't belong

1000

1

There are no hard business metrics against the investment

959

2

You don't know enough about it

747

3

We're afraid that we can't sustain what we started

735

4

You'd be creating a venue for customers and prospects to air grievances

730

5

It would consume too much time and human resources

658

6

The fear of appearing too risky or frivolous

622

7

Being perceived as exploiting your customers/members through their personal space

617

8

The idea that you'd be putting your customers/members at risk

520

9

Note: Score is weighted sum of all rank counts.

FIs Don’t Belong There

 We have decided it is probably not something we should get tangled up in

 I have more important things to do than continually check to see what messages I have received when I have actual people beside me that I can converse with

No Hard Business Metrics

 We can not agree on the pros and cons - I personally can see some benefits but also see some problems  We do not see any business advantage to participating in social media

Don’t Know Enough About It

 Don't know anything about it  UNCERTAINTY

 There are many unknowns that we are not comfortable with at this time, we are taking a wait and see approach

What Doesn’t Work?  Doing everything

 Having no specific, measurable goals  Having no plan, no roadmap  Inconsistency  Always selling and telling

What Does Work? •

Not reinventing the wheel



Being consistent



Listening to the conversation



Engaging and responding



Not overpromising



Providing value

Any Social Media policy requires the right players  HR  IT  Compliance  Marketing  Board of Directors

What Treasury Professionals should do NOW!

What do you need to get started?

What if you DON’T want to do anything in Social Media?

 Pick your social media team

 Watch trends

 Find out what customers are saying

 Learn more

 Pick your Top 5 SM goals

 Assess the competition

 Outline a policy

 Stay opened minded

 Get Started!

Questions?

Erin Handel, Managing Director – Education Bankerstuff, a cbanc Network Company 312.316.0305 [email protected] J. Michael Beird, Managing Director – Financial Services Bankerstuff, a cbanc Network Company 781.588.3147 [email protected]

View more...

Comments

Copyright � 2017 NANOPDF Inc.
SUPPORT NANOPDF