We turn online conversations into insights

The Financial Sector & Social Media

April 2011

@marketsentinel

Who are we?

• Team of technologists, network scientists, linguistic engineers, analysts and brand consultants

• Our journey started in 2002, when Ian Davis developed MyRSS, an application which enabled users to create a MyRSS feed from any web page

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What do we do?

• Social media monitoring, analytics and research

– We understand the problems, we answer the questions and most importantly we deliver solutions that meet the business challenges and opportunities

• Deliver solutions via consultancy and software

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Our tools

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• LiveBuzz: Buzz Monitoring

• Market Context: Influence Analysis

• Skyttle Real-time: Twitter Analytics

• Skyttle Friends: Facebook Analytics

Social Media: A passing craze?

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• 70% of people* were involved in social media

• Social media has reached mass maturity

What’s changing behaviour?

• Social networks are a primary media• TV and radio are now becoming ambient media

• A combination of touchscreen devices, 3G and Wi-Fi have created a casual computing culture

• Media consumption shifts towards “lean in” mediums: search, social and web applications

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A reality in each home

> One Screen

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Value of a Facebook user?

• 88% of people on Facebook have incomes in between $25 – $150, 000+

• DoubleClick AdPlanner 2011

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Nature of activity

• Social Networks are used for part communication and part entertainment

– People share opinions about the most exciting, everyday and mundane things:

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Opportunities

• Banks and the financial sector have for key reasons to utilise social media either directly or indirectly

• CRM & Community Management• Reputation Management • Engagement (Marketing) • Fostering Advocacy • Compliance (FINRA/SEC)

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CRM

• Customer service discussions are spreading to social networks

conversations provide insights

CRM

Monitoring facilitates control

• Social media monitoring allows the tracking of conversations related to brands, products and customer service

• Tracking provides the opportunity to respond directly or passively

CRM

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CRM

DIRECT RESPONSE

PASSIVE RESPONSE

Case study

• Wanted to understand the impact of outsourcing their customer service to India– Was it problematic? – Were customer ambivalent, happy

or unsatisfied?

• Market Sentinel used Social Media Monitoring to investigate

CRM

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Case Study

• Needed to understand the level of trust people had in their brand and credit checking services– Success of the business – Where were the promoters and detractors

CRM

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Reputation Management

• It’s important put out small flames before they turn into inextinguishable fires

• Conversations are omnipresent and can be discovered by anybody

REPU

TATI

ON

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#UKUNCUT

REPU

TATI

ON

• Conversations across social networks and Guerrilla SEO

• Search and social work together: highly shared, authoritative content appears in search results

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HSBC Customer Service

REPU

TATI

ON

Opinions spread through networks

REPU

TATI

ON

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Proactively monitoring

• Important to track:– Any known issues– New issues as they arise– Historical issues which may resurface– Monitor networks of detractors and promoters

• Proactive monitoring helps to quickly determine the reach and influence of critical conversations

REPU

TATI

ON

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Case Study

• Analysing conversations in response to fabricated opinions on forums – Community backlash against staff pretending to be

customers

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REPU

TATI

ON

How we can help? CRM

REPU

TATI

ON

• Social Media Monitoring• Network Mapping• Community Analytics: Skyttle Friends & Skyttle Real-time

Engagement

ENG

AEM

ENT

@marketsentinel

• Wells Fargo created a virtual world that lets members learn and experience financial management

• Research, Buzz Monitoring and community analysis can feed content strategy and drive continual engagement

Understanding customer needs

• Wells Fargo are responding to a customer need: education and knowledge

• The community and the blog continually deliver tips for personal financial management

• Look outside of you own community, discuss and understand broader issues

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ENG

AEM

ENT

Be useful

ENG

AEM

ENT

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Advocacy

• Identify and empower and brand advocates– Understand and utilise their influence

• First Direct understand that happy customers are their most powerful marketing tool – They framed and effectively broadcast positive

conversations

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Advo

cacy

Customers could speak about the bank live and unedited

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Advo

cacy

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Advocacy

• Social Media is becoming an increasingly complex environment– Who are your advocates? – Where do they share their opinions? Blogs,

Facebook, Foursquare or Twitter?

• Identification of advocates is helpful to the business and brands

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Advo

cacy

In practice

Advo

cacy

Facebook SuperFans

SuperFan rates of interaction

Compliance

Virtually all company data is subject to discovery should legal action be taken, including communication traffic over Web 2.0, social media, and unified communications.

At the end of the day, these are all simply forms of “electronic communications.”

In order to comply with most industry and government regulations, including FINRA, organizations need to demonstrate sufficient supervisory review, approval, and retention procedures and capabilities are in place.

Com

plia

nce

Not just FINRA

Com

plia

nce

Monitoring facilitates compliance

• In addition to archiving public conversation through social media monitoring, Skyttle Friends allows Financial organisations to archive comments on their Facebook Pages

Com

plia

nce

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