Social Media in Financial Services Industry: Building a Winning Strategy


Dallas, TX -- (ReleaseWire) -- 10/08/2012 -- Early pioneers have demonstrated the enormous benefits that can be gleaned from using social media to the rest of the financial services industry. Providers are becoming increasingly sophisticated in their utilization of social media. It is changing the way providers interact with their customers, impacting every area of the customer experience from marketing to customer service to brand building.

Features and benefits
- Discover how to make the most of the opportunities offered by social media.
- Sculpt future strategies by harnessing lessons from best practice examples.
- Understand how your organization can be internally structured to use social media.
- Prepare today for the challenges social media will bring tomorrow.
- Keep ahead of the curve by learning how your competitors are using social media.

Building an effective operational structure of social media within the organization is necessary to harness the benefits of social media. Consumer use of social media within financial service is growing quickly which means that providers must build sustainable, scalable social programs.
Social media big data analytics offers a rich source of insight into customers which providers utilize to deliver more targeted marketing which has a higher chance of leading to up-selling, cross-selling, and new customer acquisition. It can also be used to locate dissatisfied customers and proactively address their concerns.

Crowdsourcing, customer reviews, and interaction between providers and customers on social media offer a means to be open, inclusive, and customer-centric. Social media shows customers that the provider is listening and responding to what they are saying. This helps to restore consumer confidence that has recently been lost in providers.

Your key questions answered
- How can providers seize the opportunities in using social media in their marketing, customer service, product innovation, and brand building?
- What changes need to be made to social media operations within your organization?
- What is the untapped potential of social media in financial services?
- Which providers are being innovative and pioneering the use of social media in financial services?
- What is the future of social media use in financial services?

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List of Figures

Figure: The usage of social media has grown
Figure: Twitter is favored for customer service while Facebook and YouTube are preferred for marketing and brand building
Figure: Chase has a Facebook page dedicated to promoting its Freedom credit card
Figure: HSBC encourages students to upload their own videos on HSBC's Facebook page
Figure: American Express uses customers' social media profiles to offer personalized offers
Figure: Providers are using social media to promote products consumers might not otherwise be aware of
Figure: ANZ has used Facebook to acquire new customers moving to Australia
Figure: The majority of global retail banks offer customer service on Twitter
Figure: An effective social media response to a service failure can gain positive responses from consumers
Figure: The Commbank blog offers information and advice for consumers and commercial clients
Figure: Crowdsourcing portals are mostly offered by smaller or regional financial services providers
Figure: Barclaycard Ring increases transparency by opening up the program's financial statements
Figure: USAA's rating system inspires consumer confidence with its transparency
Figure: RB Jacobs provides a consistent experience for FNB customers
Figure: Chase creates a more personalized feel by displaying its customer service team
Figure: American Express has strengthened its links to small businesses with the Small Business Saturday campaign
Figure: Umpqua's social media strategy reflects its "community bank" brand identity
Figure: Scotiabank encourages consumers to share what is important to them for charity
Figure: There are various ways providers can organize social media within the corporation
Figure: Each internal model of social media usage has pros and cons
Figure: Breaking down silos will be an important challenge to fostering collaboration
Figure: ANZ delivers effective customer service by responding to tweets directed at other ANZ twitter handles
Figure: Social media needs to be incorporated into a single view of the customer
Figure: Santander is not using social media to its full potential
Figure: Fidor Bank empowers its customers to affect the interest rate the bank offers
Figure: Wells Fargo is a rare example of a provider utilizing forums to generate advocacy
Figure: HSBC's newsroom is dedicated to journalists and bloggers

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