matt dooley speaking @ "the future of digital finance" , a sitecore event in hong kong on...
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why banks need to use social media.TRANSCRIPT
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Why Banks need to become social. Isola5on or integra5on? Ma: Dooley Director, Connected Thinking Ltd Former Head of Digital Experience, Global Commercial Banking, HSBC Future of Digital Finance Hong Kong, 24 November 2011
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Welcome to the Social Era
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Agenda 1. Why social media? 2. Social Media in Asia 3. Cases: Isola5on or Integra5on?
Forced Par5cipants: • BP • HSBC
Willing Par5cipants: • First Direct • Amex
4. What should you do?
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Why should you care?
• Over 750m social users • 22% of all 5me online • #1 ac5vity on the web • Impacts SEO • Impacts credibility
Sources: Facebook, Neilson, Socialnomics, SEOmoz
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Social media = people • Connec5ons • Conversa5ons • Rela5onships
• 90% trust peer recommenda5ons • Only 14% trust ads
People trust people not ads
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People influenced by social media
Social ads deliver! • 3x Ad recall • 3x Awareness • 4x Purchase Intent
• 93% of marketers use social media for business
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Asia is more social
The Players • Facebook dominates • Local players dominate
North Asia
Usage • North Asia for video
watching/sharing • South Asia for social
networking.
Source: Edelman & Comscore
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Source: Asian Banker Research
Social Media Growth in Asia
Social Media Growth • Highest growth as you
travel North
Emerging Asia • Mobile driving growth
and ac5vity • More ac5ve on social
sites
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Most corpora>ons and industries are very reluctant to enter into social media world
A genuine fear where conversa5ons are
ü Open ü Not controlled ü Transparent, and ü Poten5ally viral
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Social Media Cases:
Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK)
Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
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BP’s First Disaster: Gulf Oil Spill
April 20, 2010
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Q. What are your goals, what are you trying to accomplish by using social media?
BP’s Second Disaster: Social Response
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Fake TwiKer Account: Brandjacked!
@BPGlobalPR • 55,000+ within one week
@BP_America • Under 7,000
VS
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Viral success @ BP’s expense Traffic and headline news in one week • 55,000 Twi:er followers in a week • Online ar5cles • TV and print: Newsweek, CNN, Fox, CNBC
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They even mone>sed their success
• Spoof “BP cares” design
• Sell t-‐shirts with proceeds to the cause
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Today, BP on twiKer
• Invested in 5me and resources
• 32,000+ followers
• Planorm to drive traffic to BP sites and other relevant local sites
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Social integra>on on BP.com
Crea5ng dialogue, ac5on, empathy, respect and community • Richer, engaging
content
• More transparent and relevant
• Links to wider network of sites
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on wide network of “relevant” sites
BP owned Relevant non BP sites
Response & issue related sites
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and woven into “new corporate DNA”
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Social Media Cases:
Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK)
Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
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HSBC introduces fees on student accounts
• Promised free GBP1,500 overdrao for 1 year
• But introduces 9.9% rate for Graduates
Ini5al HSBC response • “Every year the graduate fee changes so students can re-‐evaluate their borrowing needs.”
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Students set up facebook campaign
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Students go public for HSBC to reconsider
• More than 5,000 student go online to protest
• Daily news – online, TV, print
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HSBC backs down
• Listens to students • Reverse/ refund fees
Revised HSBC response “….we have taken the decision to freeze interest charging”
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Students 1: HSBC 0
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Today, new offering to Graduates
• Promote their Graduate service on UK social media sites
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Social integra>on on hsbc.co.uk
• Social Newsroom • Plus use Facebook, Twi:er, Youtube, Flickr
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And at “heart” of their growth strategy
• Rumors: social media is at heart of business growth strategy
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Social Media Cases:
Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK)
Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
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• Truly digital with no branches • Seen as innova5ve and customer service orientated Today, • 84% ac5ve digital banking users • 89% of customer contact is digital • 53% of sales are now online • UK’s most loved brand!
Social is the rule, not the excep>on.
First Direct: A leading social bank
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Social to listen
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Social for insight and conversa5on
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Social to amplify news
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Social to inspire advocates
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Social for more engaging ads
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Social for brand engagement and teaser……
First Direct Buddy Video
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FD’s iPhone Apps • First UK Bank to launch a “Bank on the go” app in January 2011
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Social for trust, respect, and results
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Social for product feedback, sugges5ons and test ideas
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Social Media Cases:
Forced par5cipants: 1. Energy: BP 2. Financial services: HSBC (UK)
Willing par5cipants: 1. Financial Services: First Direct (UK) 2. Financial services: AMEX (US)
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Amex driving community and business
• 7 million registered businesses • Resources and network to grow • Connect peers • Celebrity experts provide advice
and discussion.
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Small Business Saturday
Last Year Results: • 41 officials from 27 states
declared it a holiday. • 28% boost in sales in stores
accep5ng Amex • Largest ever small business
community on Facebook
A real grassroots movement!
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American Express >es up with Foursquare: “Check in and save”
• Offer foursquare users "coupon less, hassle-‐free savings within the foursquare app.”
• AmEx card holders simply link their credit cards to foursquare and deals and discounts are automa5cally applied.
• Ini5al offers @ popular stores (H&M) and some restaurants in NYC
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Isola>on or Integra>on?
1. BP Integra5on 2. HSBC Integra5on 3. First Direct Integra5on 4. AMEX Integra5on
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So what should you do?
As a minimum
1. Social Media Monitoring – brands, products, compe5tors 2. Iden5fy your social stakeholders -‐ nominate a “Champion” and Commi:ee 3. Social Media Policy
Listen • Iden5fy unhappy
customers • Iden5fy their pain
points • Watch for customer
complaints • Look for advocates
Act & Respond • Fix problem or relevant
informa5on • Help your customer • Improve product/service • Improve process
Results • Be:er customer
rela5onship • Improved brand
reputa5on • Improved product/
service • New Ideas
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Then, use social media to funnel sales traffic
Connect, build rela>onships, and track right through to sales
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One final thought
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ABS has launched a Facebook branch
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Thank you! Email: ma:@connectedthinking.asia linkedIn: ma:hew dooley Twi:er: ma:ldooley