Social Media as a Change Driver in Financial Services

Social Media as a Driver of Organisational & Cultural Change Within Financial Services Martin Thomas @crowdsurfing

“ Digital communications is a destabilizing force in a bureaucratic environment. And I am sitting right in the middle of a bureaucratic environment.’” Senior corporate communications director “ We’re not set up for this shit” UK CEO

The Real Social Media Effect ,[object Object],[object Object],Connected Consumer meets Disconnected Corporation

Social Media Success Built On ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Thriving by Loosening Up ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Tight Thinkers Need Not Apply ,[object Object],[object Object],[object Object],[object Object],[object Object]

1. Trusting ,[object Object],[object Object],[object Object]

Nordstrom Revisited “ Prescriptive rules have the effect of infantilising staff & make it harder for them to adapt to different situations. This goes as much for digital communications as for selling socks … Like the Nordstrom handbook we’re trusting staff to follow the spirit, not just the letter, of our guidelines” Meg Pickard, writing about The Guardian’s new social media guidelines, November 2010

How to Build an Empire “ Presumed Competence”

2. Open ,[object Object],[object Object]

Openness is more than this …

Openness is … ,[object Object],[object Object],[object Object]

A Simple, Proven Formula Openness Trust

3. Agile ,[object Object],“ The trouble with McDonald’s is it’s too bloody slow” Instant access, instant response, instant gratification “living life through shortcuts” MTV

Acceleration of News Agenda 1952 Lynmouth flood disaster 1988 Piper Alpha explosion May 2008 Sichuan Earthquake Jan 2009 Hudson River plane crash Spring 2011 Live blogging during Arab Spring 2 days 1 hour 30 minutes Real Time Real Time+

Service Innovations  Heightened Expectations ,[object Object]

Crisis Management in Real Time

Why Many Institutions Struggle ,[object Object],* Critical response time for responding to negative comments * Critical response time for responding to negative comments 10 minutes 60 minutes

Organisational Agility ,[object Object],[object Object]

4. Informal ,[object Object],[object Object],[object Object]

Informality in the Workplace ,[object Object],[object Object],“ We’re giving people the latitude to go off & do their own thing. We trust them to do their regular jobs & to experiment, innovate & have fun” Microsoft Snr Mgr, quoted in Business Strategy Review

5. Collaborative ,[object Object],[object Object]

No Excuses ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

@crowdsurfing Get your organisation & culture right … & the social media will look after itself … & it will also make you a better business

Social Media as a Change Driver in Financial Services

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Social Media as a Change Driver in Financial Services