social media for financial institutions
DESCRIPTION
Financial institutions social mediaTRANSCRIPT
How it works for financial
institutions.
Communication doesn’t work
the way it used to.
Old Model:ORGANIZATION (control)
AUDIENCE
New Model: control?
"Once every hundred years, media changes. The
last hundred years have been defined by the mass
media. In the next hundred years, information won't
be just pushed out to people: it will be shared
among the millions of connections people have."
- Mark Zuckerberg, Facebook founder (Rolling Stone, June 26,
2008)
What is “social” media?
Social: living or disposed to live in companionship with others or in a community
Information is controlled by the
members of the community.
The members decide who to let
into the community.
PERSONAL
MySpace
Eons
BUSINESS
Linked In
Ning
BLOGS
Wordpress
Typepad
Blogsmith
IMAGES
Flickr
Shutterfly
VIDEO
YouTube
Skype
Podcasts
OTHER
Wikipedia
Squidoo
In every case, the members of the community a) control
the content and b) invite the content into their lives.
These “new” media are powerful
tools for creating communities
and building relationships.
Source: Duct Tape Marketing
What can social media do?
build loyalty
engage people
support SEO efforts
integrate marketing
Social Media Best Practices
integrate communications
amplify efforts
repurpose content
engage the community
use analytics
Case in Point:
Millennials now outnumber Baby Boomers;
96% of them join social networks.
Years to reach 50 million users:
radio (38 Years), TV (13 Years), internet (4 Years), iPod (3 Years);
Facebook added 100 million users in less than 9 months.
If Facebook were a country it would be the
world’s 4th largest after the USA.
Facebook has more than 400 million active users.
The average Facebook user has 130 “friends”
and is connected to 60 pages, groups, and events.
Business pages add 4.5 million new “fans” per day.
The fastest-growing group on Facebook
Is women over age 30.
Social media for financial institutions.
Facebook users spend an average of 22 minutes
per day on Facebook.
Facebook is adding almost 1 million users per day.
Social media for financial institutions.
• Time-waster for employees
• Information security risk
• Reputation risk
Employees don’t need social media
to waste company time.
Online behavior same as offline
only faster.
Fiduciary responsibilities same online
as offline.
• identify risk
• set policy and communicate
• apply controls
• monitor and adjust
Setting Policy
• separate social media policy
• adjust existing policies
• Acceptable Use Policies
• Gramm-Leach-Bliley Act (GLBA)
• Sarbanes-Oxley Act
Protect customer information and investor
interests…online and offline.
Your employees [ and everybody else ]
are already using social media.
Will you join the conversation?
Follow banking regulations.
Have a communications strategy.
Integrate with other marketing efforts.
Join the conversation.
