Social Media In Financial Services Lee Provoost Headshift

Social Customer Self Servicein financial services sector

http://www.flickr.com/photos/reservasdecoches/3199872487/

Social Media in Financial Services13 January 2010, London

Lee Provoost, Technology Strategy at Headshift

Headshift, part of the Dachis Groupsmarter > simpler > social >

Headshift is Europe's leading social business consultancy.

We help organisations use smarter, simpler, social technologies to improve business performance, communication and employee engagement.

London | Sydney | Austin

Workforce CollaborationEnterprise 2.0

Customer ParticipationSocial Media

Clientshttp://www.headshift.com/projects

Social Customer Self ServiceWhat’s in it for me?

“... study of the Lenovo community noted a 20% decline in the rate of call volume

comparative 2007 to 2008 time periods ...”http://lithosphere.lithium.com/t5/Enterprise-on-the-Surface/bg-p/scott/date/8-1-2009

Lower TCO of support.Faster response time.

Scalability in peak situations

Fidor Bank AGBanking with friends

Matthias Kroner, CEO Fidor: “It is the people who are the bank.”

http://www.fidor.de/http://www.slideshare.net/SOMESSO/matthias-krner-innovation-in-banking-financehttp://www.youtube.com/watch?v=0nJ97CGcJJk

giffgaffPeople powered mobile network

giffgaff - the people powered mobile network

http://giffgaff.com/

ZopaMarketplace for Social Lending

People lend and borrow money with each other, sidestepping the banks.

http://uk.zopa.com

Customer CommunitiesThe benefits

http://www.flickr.com/photos/stevenwarburton/3209461104/

• Reduced cost in dealing with customer contact• Greater reach when interventions are made• Gradual creation of a knowledge base, co-created by members• Generation of interesting data for customer care, marketing and PR

Swarm IntelligenceUser generated content, ambassadors and 1/9/90 rule

Community ManagerThe intentional creation of a community

http://www.flickr.com/photos/renaissancechambara/3543135684/

Task:• Set the tone of the boards.• Welcome new users.• Thank users for contributions.• Summarise discussions.• Act as the face of the brand.

Background:• “social media junkies”• ex-community leads• Customer care• Technical support team

Enjoy engaging with customers!

Return On InvestmentShow me the money

Natalie and Forrester modelled some ROI estimates on a hypothetical company with 500,000 customers that receives approximately 30,000 calls per month. In the report, she calculates that over a three-year time frame, such a typical company will probably need to invest approximately $1.2 million for a well-functioning online customer service community.

The estimated payback in benefits will be seen within the first year, Forrester estimates. The analyst firm’s model suggest that the first-year outlay for the hypothetical company will total about $500,000 in start-up costs, but will return about $900,000 in benefits. Benefits will continue to accrue at about $900,000 a year in the years after than, while annual costs will run about $400,000.

Forrester Research - The ROI of Online Customer Service Communitieshttp://www.fastforwardblog.com/2009/07/16/roi-found-here-online-Customer-service-communities/

Everyone is an ambassador nowThe bigger picture

http://darmano.typepad.com/logic_emotion/2009/11/tweeting.html

Customer Community Platforms Overview with some of their high profile clients

Jive Social Business Software

Telligent

Awareness Social Media Marketing

Lithium

Thank you!Q&A + Contact details

Lee ProvoostTechnology Strategy at Headshift

Twitter: @leeprovoostE-mail: [email protected]

http://www.headshift.comLondon SE1 2NQ

http://www.flickr.com/photos/stevezaslavsky/1363027861/