social media in financial services lee provoost headshift
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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
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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
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Workforce CollaborationEnterprise 2.0
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Customer ParticipationSocial Media
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Clientshttp://www.headshift.com/projects
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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
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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
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giffgaffPeople powered mobile network
giffgaff - the people powered mobile network
http://giffgaff.com/
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ZopaMarketplace for Social Lending
People lend and borrow money with each other, sidestepping the banks.
http://uk.zopa.com
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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
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Swarm IntelligenceUser generated content, ambassadors and 1/9/90 rule
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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!
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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/
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Everyone is an ambassador nowThe bigger picture
http://darmano.typepad.com/logic_emotion/2009/11/tweeting.html
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Customer Community Platforms Overview with some of their high profile clients
Jive Social Business Software
Telligent
Awareness Social Media Marketing
Lithium
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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/