par Yvon Moysan pour le Master MOI

1. conseil organisation management
Réussir ensemble
Social media & the US banking industry
csa consulting
80, avenue de la Grande Armée, 75017 Paris
Tél. : +33 (0)1 56 60 20 00
Fax : +33 (0)1 56 60 20 70
www.csaconsulting.fr

2. UPO Students & Social Media
How many of you…
- Have a account ?
- Are fans of a brand on facebook ?
-Are fans of a bank on facebook ?
-Would prefer to connect through facebook or twitter to their bank instead of e mail,
phone or branch ?
-Would like to learn more about customers’ needs, expectations and fears on social
media ?
-Would like to learn more about how to design and implement a strategy on social
media ? 30/09/12

3. If you have questions, we will have time to
discuss further after the presentation….
But during the conference, you can connect to
Twitter to @yvonmoysan and start to ask your
first questions !
30/09/12

4. Social media &
the US banking industry in 2011
Facebook Focusing on financial institutions, 9 US brands are in
the top 10 in terms of fans on facebook !
Focusing on commercial brands, Chase with 3 millions
… of fans is currently ranked at the 700th world position…
far behind Coca Cola (14th position with 24 millions of
fans).
Twitter
Focusing on financial institutions, 3 US brands are in
the top 10 in terms of followers on Twitter.
Focusing on commercial brands, there are no financial
institutions in the top 1 000 on Twitter.
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Source : Social bakers, Juillet 2011 et Website-Monitoring, Avril 2010. Visible Banking Facebook & Twitter Watch, Août 2011. Twitaholic.
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5. In the United States of America, in 2011 and after
the financial crisis, banks regain customers’ trust.
About 57 % of American bank customers trust
their bank, compared to 47% of French bank
customers…
… However, a couple of months ago,
American banks were in a
completely different situation…
30/09/12
Source : Etude Deloitte pour l’Institut Harris Interactive, 2011.
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6. Social media as an opportunity
to regain customers’ trust ?
After the financial crisis, trust in banks
58 decreased in the US.
Regional Bank % Bank of America 31%
Ing Direct 46% Chase 31%
Wells Fargo 43% Capital One Bank 29% Primary objective : to rebuild
26 customer’s trust
US Bank 37% Citibank %
Charles
Schwab 34% HSBC 16%
On facebook or Twitter, a lot of negative
comments were posted by customers.
But, these new communication
channels allowed banks to answer and
customers to notice, in return, their
satisfaction.
Social media, a useful tool to
regain customers’ trust ?
30/09/12
Sources : Forrester Research. Citi Bank, Building the social bank, Social media strategies, Mai 2010.
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7. Social media & financial institutions,
a real opportunity.
1 An opportunity
84 % of Internet banking customers use social media, and among them, 11 % use social media to
connect to their bank.
2 A new way to reinforce customer relationship
For all generations, primary motivations to connect are
relational and not transactional.
3 A lack of awareness
Among the customers who wanted to connect in the next future, 71 % declared that they did not know
that this way of communication exists.
4 Online privacy and security: the fear factors
Customers are uncomfortable with private life and personal finance mix.
5 The customer add value is not perceived
Customers do not perceive the reason why they should connect to their bank through social media.
30/09/12
Source : Fiserv, Financial institutions and Social Media, Août 2010. Etude réalisée auprès de 3000 clients représentatifs de la population internautes américaine.
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8. Social media could be an opportunity for US
financial institutions to reinforce customers
relationship…
… but there are still some constraints and
challenges to manage.
Case study
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9. Citibank social media strategy
Problems / Complaints
Questions
1 By seizing the opportunity ! Ratings / Reviews / Feedback
Customer-to-customer support
Negative comments
Listen Misperceptions
Kudos
Determine
Fix systemic issues response
Reengineer Develop comms.
processes Adapt Analyze approach
Improve usability Apply policy /
Enhance offerings procedure
Page hits
Comments Servicing
Active users, Followers, Publish content
Influencers Measure Engage Educate
Favorites, Pass-alongs Enter dialogue
Sentiment Target marketing
Conversions Establish community
Enhance Relationship
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Source : Citi Bank, Building the social bank, Social media strategies, Mai 2010.
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10. Citibank social media strategy
2 By designing a roadmap to reinforce customer relationship !
S1 2010 S2 2010 S1 2011 S2 2011
Preparing Activating Scaling Winning
Consumer Listening Dialog Engagement Advocacy
Best practice
Competitive Challenger Industry parity Industry Leader
Leader
Organization Decentralized Centralized Centralized Distributed
3 By engaging customers and employees.
By integrating Facebook and Twitter icons in customers ads.
By launching Citi 2.0, an internal social media website allowing to 50 000 employees all around the world
to share information on projects and to work together
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Source : Citi Bank, Building the social bank, Social media strategies, Mai 2010.
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11. Citibank social media strategy
4 To Reassure customers
By communicating on potential risks
… and by personalizing the customer relationship
(in progress)
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Source : Citi Bank, Building the social bank, Social media strategies, Mai 2010.
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12. Citibank social media strategy
5 To deliver a clear add value to the customer
A unique « bank » page
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13. Citibank social media strategy
5 To deliver a clear add value to the customer
To provide
personalized offers
To reach the
customer
service
platform
through Twitter
To interact with customers
who have the same interests To support a cause 30/09/12 fun
To have
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14. Citibank conclusion
« It takes time to develop a strategy on social media, because you have to
convince people internally and it requires open-mindedness.
At Citi, it was a real cultural revolution,
facilitated by our internal social media website Citi 2.0.
It requires also to adapt to the customers needs and expectations, as an
example we are currently developing ‘‘click to chat” and “click to call’’
solutions to allow private communications.
In the near future, we imagine that our customers will use Twitter to
communicate with their personal financial advisor
and to manage their bank account.»
Senior VP Social Media
What about the other US financial institutions ?
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15. What could be the future of social media
in the US banking industry ?
« Social media allow us to target a specific customer category like students or
customers of a specific branch. We think that social media will allow us to
develop a more targeted and more local communication».
Senior VP Retail Payment Solutions & Internet Strategy
« Our youngest customers do not reach their bank through physical channels
like the branch, they also do not use so much phone or e mail compare to
older customers. We think that social media will become a major
communication channel for the millennium generation».
Senior VP Experiential Marketing
« We consider American Express as a best practice. Their social media
campaign had a direct impact in terms of purchases volume. We think that
social media will become a tool to develop sales in the next future».
Senior VP Internet Managing Director
30/09/12
Source : Interviews réalisées auprès des différents experts Média Sociaux, Août 2011.
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16. Let’s connect ! Questions & Discussion welcome !
fr.linkedin.com/pub/yvon-moysan
twitter.com/yvonmoysan
viadeo.com/fr/profile/yvon.moysan
30/09/12