social media as a change driver in financial services
DESCRIPTION
Presentation to Social Media in Financial Services conference, 29th June 2011TRANSCRIPT
![Page 1: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/1.jpg)
Social Media as a Driver of Organisational & Cultural Change Within Financial Services
Martin Thomas @crowdsurfing
![Page 2: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/2.jpg)
“Digital communications is a destabilizing force in a bureaucratic environment. And I am sitting right in the middle of a bureaucratic environment.’”Senior corporate communications director
“We’re not set up for this shit”UK CEO
![Page 3: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/3.jpg)
The Real Social Media Effect
o Driving new behaviours & expectations Dramatizing institutions’ structural, operational
& cultural weaknesses
Connected Consumer meets Disconnected CorporationConnected Consumer meets Disconnected Corporation
![Page 4: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/4.jpg)
Social Media Success Built On
o Being responsive
o Being human
o Being open/transparent
Slow & bureaucratic
Faceless
Opaque
![Page 5: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/5.jpg)
Thriving by Loosening Up
o Operational & cultural traits of successful organisations
TrustingOpenAgileInformal Collaborative
![Page 6: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/6.jpg)
Tight Thinkers Need Not Apply
o Organisations & people that struggle with this new worldHierarchicalBureaucraticProcess orientedDistrustful
![Page 7: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/7.jpg)
1. Trusting
o Bedrock of strong internal cultureo Allows shared responsibility & real time
decision making
The best company rulebook ever written?
![Page 8: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/8.jpg)
Nordstrom Revisited
“Prescriptive rules have the effect of infantilising staff & make it harder for them to adapt to different situations. This goes as much for digital communications as for selling socks … Like the Nordstrom handbook we’re trusting staff to follow the spirit, not just the letter, of our guidelines”Meg Pickard, writing about The Guardian’s new social media guidelines, November 2010
![Page 9: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/9.jpg)
How to Build an Empire
“Presumed Competence”
![Page 10: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/10.jpg)
Trust Your Own People
![Page 11: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/11.jpg)
2. Open
o Transparency & honesty non negotiable
Capable of transforming reputations
![Page 12: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/12.jpg)
Openness is more than this …
![Page 13: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/13.jpg)
Openness is …
o Encouraging real conversations with people inside & outside the organisation
o Being transparento Engaging critics & embracing criticism
![Page 14: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/14.jpg)
A Simple, Proven Formula
Openness
Trust
![Page 15: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/15.jpg)
3. Agile
o Responding to hyper-speed culture
“The trouble with McDonald’s is it’s too bloody slow”
Instant access, instant response, instant gratification “living life through shortcuts” MTV
![Page 16: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/16.jpg)
Acceleration of News Agenda
1952Lynmouth
flood disaster
1952Lynmouth
flood disaster
1988Piper Alpha explosion
1988Piper Alpha explosion
May 2008Sichuan
Earthquake
May 2008Sichuan
Earthquake
Jan 2009Hudson River plane crash
Jan 2009Hudson River plane crash
2 days 1 hour 30 minutes
Real Time
Real Time+
Spring 2011Live blogging during Arab
Spring
Spring 2011Live blogging during Arab
Spring
![Page 17: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/17.jpg)
Service Innovations Heightened Expectationso Speed & responsiveness
![Page 18: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/18.jpg)
Crisis Management in Real Time
![Page 19: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/19.jpg)
Why Many Institutions Struggle
o Not configured to work in real time, in terms of speed or resources
10 minutes10 minutes60 minutes60 minutes
* Critical response time for responding to negative comments
![Page 20: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/20.jpg)
Organisational Agility
o Ability to improvise & operatein close to real time & to act on real time information
o Long-term planning has its place… but successful institutions have the ability to improvise & respond smartly to unexpected opportunities as the emerge
![Page 21: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/21.jpg)
4. Informal
o NPD: Living life in Beta
o Design: Messy vitality
o Creativity: Authenticity more important than production values
![Page 22: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/22.jpg)
Informality in the Workplace
o Emphasis on freedom & trust
o Encouragement of creativity & individual responsibility
“We’re giving people the latitude to go off & do their own thing. We trust them to do their regular jobs & to experiment, innovate & have fun”Microsoft Snr Mgr, quoted in Business Strategy Review
![Page 23: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/23.jpg)
5. Collaborative
o Tapping into spirit of collective self expression
o Leveraging people’s willingness to shape service & product offers
![Page 24: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/24.jpg)
No Excuses
o Being highly regulated may require caution but doesn’t excuse inaction
o Why would any institution not want to be: Trusting? Open? Agile? Informal? Collaborative?
o This could be the change driver that financial services industry needs
![Page 25: Social Media as a Change Driver in Financial Services](https://reader035.vdocuments.site/reader035/viewer/2022070303/54b2bf774a795981068b45cb/html5/thumbnails/25.jpg)
@crowdsurfing
Get your organisation & culture right … & the social media will look
after itself… & it will also make you
a better business