social media - the financial services club social media: risk’s friend or foe? ... (2 social...
TRANSCRIPT
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Social Media:
Risk’s friend or foe?
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Hello
I’m Andrew Walker
from @Tweetminster
www.tweetminster.co.uk
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The new peasants’ revolt?
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The old peasants’ revolt
Wat Tyler
1381
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Had an easy fix back then
Wat Tyler
Died 1381
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Today it’s not so easy
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Technology is disruptive
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It’s actually
re-inventing the wheel…
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This is a period
of profound cultural change
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Matthew
(Age 5 ½)
Digital Native
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Daddy (Age 41 ½) digital immigrant
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unbelievable
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“This is a phone, daddy…”
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You think…
computers = smartphones
games = chat & shopping
opinions = sharing data work = networking
They think…
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How does the
digital native
change the
finance industry?
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Information parity challenges…
Your clients
You
Know more about your FS products than
you do through content & shared opinion…
Know more about your customers through
big data than about your own capabilities…
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Comms team
Copywriting/
Marketing
Legal team
Real time Really long time
Real time process challenges
Individual & Scalable
Departmental & Rigid
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= (1xstaff)
+ (1xphone)
+ (100 contacts)
x (2 social networks)
x (12 months)
+200 brochures
+2300 emails
+12 conference PPTs
+400 biz cards
+240 new clients
+480 prospects
+free data
-Travel expenses
-Training costs
-Marketing budget
-Acquisition costs
The end of marketing?
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BIG DATA gold rush…
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What are the risks?
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BIG DATA risks…
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HR risks…
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Reputational risks
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Regulatory risks…
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You can’t stop it, but you can adapt
• Adapt your HR policies to manage online relationships
(clear guidelines & sanctions)
• Privacy settings & data security are critical work skills
• You can manage participation, you can’t prohibit it
• You can build private networks
• Change management structures to facilitate
communications compliance within teams, not between
departments
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There’s an app for that…
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The real time world
works differently
because we
think differently
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We used to wait patiently to be led
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Now we’re bored of waiting
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Thanks
The most important part of
social media is the social
bit, so if you want to chat…
I’m @killdozer