My goal is to convince my peers that banks must embrace social media and web 2.0 now.
It gives us a unique opportunity to connect not only with our clients, but the whole market. It gives us the opportunity to show we listen and we care. It will help us drive customer advocacy.
I will publish a video response for every single reason I listed. Please find below my response to the reason around the ROI for social media projects.
No clear ROI
Contribute... and challenge me! What do you think a my video (content, format)? I created the initial post to start a discussion. An interactive online discussion. Please don't hesitate to leave a comment and add a new reason to the list: challenge me! I will post a video response for every single additional reason.
My goal is to convince my peers that banks must embrace social media and web 2.0 now.
It gives us a unique opportunity to connect not only with our clients, but the whole market. It gives us the opportunity to show we listen and we care. It will help us drive customer advocacy.
I will publish a video response for every single reason I listed. Please find below my response to my all time favourite reason "UGC is too risky".
Social Media, UGC... It is too risky!
Contribute... and challenge me! What do you think a my video (content, format)? I created the initial post to start a discussion. An interactive online discussion. Please don't hesitate to leave a comment and add a new reason to the list: challenge me! I will post a video response for every single additional reason.
In the last 15 months, I had the opportunity to participate to many industry leading conferences in the US and in Europe. I am always delighted to share my vision and my passion for social media with my peers.
Fact is there are still too few bankers who get social media and web 2.0. And there are still too few social media champions and evangelists in the banking industry.
Social media is not a big threat to the banks, it is a Great opportunity to connect with people and show we care. During my presentations, I use the same words over and over again: customer advocacy, transparency, honesty, engagement, Reward.
But is it enough to convince the whole industry? Probably not. I decided to adopt a different approach. I plan to identify all the reasons not to embrace social media. I identified 10 "good" reasons so far, but it is just a start.
I invite you to contribute: please feel free to leave a comment and flag any additional reasons!
Video reponse I plan to shoot a short video for every single "good" reason listed in this post (including the ones you flagged in your comments).
My goal is to challenge all of them, and demonstrate we don't have a choice anymore: social media must be part of your digital media / online marketing strategy.
From my opinion, Wells Fargo is "The" perfect example of how a bank should leverage the web 2.0. Tim Collins, SVP Experiential Marketing, and Ed Terpening, VP Social Media, surely have two of the most exciting jobs in the banking industry!
Back in 2005, Wells Fargo became one of the most innovative banks online when they became the first major bank to have a presence on Second Life.
vSafe: online storage facility Last week, Wells Fargo announced the launch of v-Safe, another innovative service available online.
The service will allow customers to securely store documents such as financial statements, loan and tax documents, wills, passports and birth, marriage and death certificates in an electronically secure centralised location.
In the UK, BT successfully launched its BT Digital Vault service. And O2 is currently extensively promoting its O2 Bluebook service. WF's goal is surely to increase stickiness, customer retention. Will they also manage to somehow increase the share of wallet of their users?
According to you, is it the role of telcos or banks to help us store our valuable documents?
Attending the event was an exceptional opportunity to network with the top European VCs, the top 25 start-ups and their CEO/Founder, the top executive search firms, and the media (press & prominent bloggers).
I have only heard a extremely positive feedback from all the finalists and the delegates.
The 25 finalists I met with most of the CEOs, and they were all very enthusiastic about the Summit.
Depending on the stage of their company, their expectations & goals varied quite a bit.
But they all agreed that the Summit was a superb opportunity to: * raise your profile and gain more exposure in the industry * identify potential investors (and more likely, being identified by VCs) * network with other entrepreneurs
The 25 start-ups which have made the final are: Amiando, Bragster, coComment, CyberSports, Dailymotion, delilui, Double
Trump International, Flashgames247.com, Goojet, Handmade Mobile,
MyThings, NEO, Polar Rose, Qype, Refresh Mobile, Seatwave, sMeet,
TestFreaks, Truphone, Wazap, WeFi, Wikio, WooMe, Xcerion, Zyb
Technologies.
Sectors: dating, internet content - video, online ticketing, e-commerce, online advertising, online games, mobile internet, mobile telecom, social networking, virtual worlds.
Congratulations to the teams behind those innovative startups!
Interviews
A special thank to Meryll Moreau who give me a hand and helped me schedule the video interviews.
I met Mark Rogers after the session about Monitoring Consumer Conversations Online. Market Sentinel helped Avis, the leading car rental company in the UK, to launch their blog WeTryHarder in January 2007.
Avi's main goal for the blog is to engage with its customers and provide the best customer service.
There is a similarity with the heavily regulated banking industry, and the risk of brand damage. Indeed, the car rental industry has been subject to bad press in the last couple of years. Xavier Vallee, Head of Marketing at Avis UK, proudly admitted that Avis put themselves in the line of fire.
Avis wanted to give their customers the chance to express themselves, they wanted to create a dialog. Xavier and his team make sure they respond to every comment, positive and negative.
Being sincere, honest and showing that you listen can help you not only win back an angry customer but turn to a brand ambassador.
Avis approach, with the help of Market Sentinel, is excellent: not only they make sure to respond to every comment on their blog (they have over 300 comments to date) but they also engage with influential industry bloggers, and they proactively browse forums. They surely got inspired by Dell or Sony.
Mark's advice on how to implement a successful blogging strategy A blog is an excellent medium to engage with your customers, as long as you make sure you respond to your customer comments. But how do you show you understand your customers? How can you respond? How can you measure success?
I got in touch with Catherine back in July. We have exchanged our thoughts on social networking and the innovative platform Fortis launched back in February 2007, Join2Grow.biz.
By the way, on Tuesday 26th September, they released the phase 3: the platform now offers a forum feature to its members.
Presentation of Join2Grow During our conversation, Catherine explains Fortis strategy and goals for Join2Grow and she gives a few statistics about the website which counts now over 2,000 members.
Please remember that they target a very specific audience: the number of members is limited and so is the risk of brand damage due to bad comments and User Generated Content.
Before executing a Web 2.0 project, it is important to clarify your objectives. What is your goal? Does it really make sens to launch a blog, a social network, or an island in Second Life?
Please note that all the interviews (audio podcasts) are available for free on the industry blogs.
About The Banking 2.0 Podcast The Banking 2.0 Podcast is an audio series from Voices In Business, investigating how the proliferation of Web 2.0 tools and technologies is changing how Banks interact and communicate with customers, regulators and other stakeholders.
I invite you to listen to the first two interviews available so far: * Nick Sandall, Head of Retail Banking at Deloitte - Branch Banking * Wichert van Engelen, Director, Innovation at ING Retail Bank - Second Life
Also, I advise you to listen to another very good interview available on the B2B Marketing Podcast: * Ingrid Van Den Hoogen, Senior Vice President, Brand, Global Communications & Integrated Marketing at Sun Microsystems - Web 2.0 & Second Life
firstdirect interactive: video review on Visible Banking In February/March 2007, fd launched their fd interactive platform which goal is to enhance the way they communicate with their clients; they want to create a community.
It is an excellent initiative, but even though they use some web 2.0 features such as video & audio podcasts and a RSS feed, the content of the site is still not user generated.
Please find below my video review of the platform.
first direct launched in 1989. It rapidly became the most recommended bank in the uk. It is a direct bank which belongs to the HSBC Group. It was the very first bank in the uk "to open" 24/7.
first direct's history of innovations first direct (fd) is one of the most innovative banks in the UK. They were the first bank to launch a text banking service and they even tried a 3G/UMTS video banking service back in October 2006.
* October 1989 - launched as UK's first telephone bank * May 1999 - launched the UK's first text banking service * November 1999 - launched internet banking * July 2001 - launched its offset mortgage * April 2004 - launched internet banking plus, aggregation service * August 2006 - launched webchat service * October 2006 - tested video banking service with 3 * February 2007 - launched their fd interactive plaftorm
first direct interactive: 7 main categories There are 7 main sections, from fd podcasts to fd decide. Some sections cross reference each other such as fd energy & fd virtual forest which both direct to fd podcasts.
I was surprised by how much exposure fd give to their interactive service on their homepage. Based on my experience in online sales at Lloyds TSB, product visibility is critical. Indeed, the homepage, the logon and the logoff pages are the most valuable non-restricted areas of the website to drive sales. first direct allocate up to two tiles to promote its interactive service.
fd podcasts To date (July 2007), they uploaded 12 podcasts between 28/08/06 and 04/06/07.
* It is an average of only 1 podcast per month. Unfortunately, you can't leave a comment nor rate the podcasts. You can't see how many people listened or downloaded them. * Like on YouTube, I would love to be able to recommend the podcasts to a friend. It lacks of "community features".
fd ask This is a regular FAQ service. There are 4 sections: * changes to internet banking * charging information * mortgages * behind the scenes
* I don't see the need for flash here. It is simply a list of FAQ with answers. There is usually no call to action, it is simply informative. * Please note that mortgages is the only product with a dedicated category (and check fd decide!). * It is just an anecdote, but it is not up-to-date. In the "changes to internet banking" section, there is still a question entitled "why can't I access internet banking with Safari". Whereas fd are proud to advertise on the homepage their new compatibility with Safari...
fd clarity Providing a few video interviews of satisfied customers is a good idea. I would rather listen to someone I can trust (someone like me or a wellknown expert) than visit a purely "brochureware" website.
But how am I supposed to choose from all the friendly faces? The most good looking man or woman?... They should at least add a title or give more information when your cursor is on the pictures: profile, product holding, customer since X years, switcher, credit cards customer? I selected Jennifer, a first direct customer for 8 years...
* In the text only version of fd interactive, you have access to the list of testimonials per topic (personal loans, credit cards, mortgages, high interest, credit cards, account service, mortgages, firstdirectory, customer services and current account) * I doubt there is no script: if you listen closely to Jennifer, you will hear "in terms of them not being a high street bank, that's not an issue"...
fd virtual forest cf my video review. It is a clever way to communicate a positive image of the company and urge their customers to register to internet banking and their e-statements service. Online, most sales are coming from the internet banking customers...
fd magic bus cf my video review.
fd energy cf my video review.
fd decide One of the most interesting services on fd interactive. It is a kind of "deep dive" approach.
Mortgages are traditionally products which are complex, it is a lot of money and a significant commitment for customers. They usually want to talk to a professional. But more and more banks are providing at least a partial online application process. In their search for value, and as part of their integrated channels strategy, banks want to convert more and more customers online.
Qo is a kind of virtual assistant/advisor or advanced product selector which guides the customers: it identifies the 2 most suitable products, it guides you to the right pages on the website and it provides the right telephone numbers.
After the first question (remortgaging or new mortgage), it is a 6 step process. Qo asks you a set of fairly generic questions. During the process, it gives you some info and advice.
Well done first direct. It is another very interesting experiment, even tough I didn't find it that useful. It merely lists the allegedly two most suitable products, and it directs you to the mortgages category page. You still need to better understand the products, and I wouldn't start the online application process before speaking with an expert.
I can only assume what first direct goal was with this service. I would love to find out: * How many people start the fd decide process? * Of those, how many answer all the questions? * What was the uplift in terms of start of online application or volume of calls to a dedicated number? * What is the next level for fd decide?
Key stats about first direct (July 2007) * first direct has 1.2 million customers * 885,000 of them use internet banking * 390,000 customers use SMS text message banking. * 43% of first direct's sales are via e-channels * 80% of customer contact with first direct is electronic
“Christophe's book is really the must-have synopsis of the current state-of-play in social media in banking. Christophe has taken a deep passion for the topic, and turned it into an account of the landscape valuable to anyone who has social media responsibilities in financial services” James Gardner, General Manager at Spigit
“Christophe is extremely well informed about the banking and financial services industries. He's at all the right conferences, and digs deep with his interviews of all the influencers and innovators. He's also a tremendously nice guy :-)” Aaron Patzer, Founder & CEO at Mint Software
“Christophe seems to have his finger on the pulse of the financial services industry. Visible Banking has become "the" source of information for innovations in the financial services industry.” Tim Collins, SVP-Experiential Marketing at Wells Fargo
first direct interactive
firstdirect interactive: video review on Visible Banking
first direct launched in 1989. It rapidly became the most recommended bank in the uk. It is a direct bank which belongs to the HSBC Group. It was the very first bank in the uk "to open" 24/7.
There are 7 main sections, from fd podcasts to fd decide.
To date (July 2007), they uploaded 12 podcasts between 28/08/06 and 04/06/07.
This is a regular FAQ service. There are 4 sections:
Providing a few video interviews of satisfied customers is a good idea. I would rather listen to someone I can trust (someone like me or a wellknown expert) than visit a purely "brochureware" website.
But how am I supposed to choose from all the friendly faces? The most good looking man or woman?... They should at least add a title or give more information when your cursor is on the pictures: profile, product holding, customer since X years, switcher, credit cards customer?
cf my video review.
cf my video review.
cf my video review.
One of the most interesting services on fd interactive. It is a kind of "deep dive" approach.
In February/March 2007, fd launched their fd interactive platform which goal is to enhance the way they communicate with their clients; they want to create a community.
It is an excellent initiative, but even though they use some web 2.0 features such as video & audio podcasts and a RSS feed, the content of the site is still not user generated.
Please find below my video review of the platform.
first direct's history of innovations
first direct (fd) is one of the most innovative banks in the UK. They were the first bank to launch a text banking service and they even tried a 3G/UMTS video banking service back in October 2006.
* October 1989 - launched as UK's first telephone bank
* May 1999 - launched the UK's first text banking service
* November 1999 - launched internet banking
* July 2001 - launched its offset mortgage
* April 2004 - launched internet banking plus, aggregation service
* August 2006 - launched webchat service
* October 2006 - tested video banking service with 3
* February 2007 - launched their fd interactive plaftorm
first direct interactive: 7 main categories
Some sections cross reference each other such as fd energy & fd virtual forest which both direct to fd podcasts.
I was surprised by how much exposure fd give to their interactive service on their homepage. Based on my experience in online sales at Lloyds TSB, product visibility is critical. Indeed, the homepage, the logon and the logoff pages are the most valuable non-restricted areas of the website to drive sales. first direct allocate up to two tiles to promote its interactive service.
fd podcasts
* 4 audio podcasts were produced by the Financial Times
* 2 video podcasts
* It is an average of only 1 podcast per month. Unfortunately, you can't leave a comment nor rate the podcasts. You can't see how many people listened or downloaded them.
* Like on YouTube, I would love to be able to recommend the podcasts to a friend. It lacks of "community features".
fd ask
* changes to internet banking
* charging information
* mortgages
* behind the scenes
* I don't see the need for flash here. It is simply a list of FAQ with answers. There is usually no call to action, it is simply informative.
* Please note that mortgages is the only product with a dedicated category (and check fd decide!).
* It is just an anecdote, but it is not up-to-date. In the "changes to internet banking" section, there is still a question entitled "why can't I access internet banking with Safari". Whereas fd are proud to advertise on the homepage their new compatibility with Safari...
fd clarity
I selected Jennifer, a first direct customer for 8 years...
* In the text only version of fd interactive, you have access to the list of testimonials per topic (personal loans, credit cards, mortgages, high interest, credit cards, account service, mortgages, firstdirectory, customer services and current account)
* I doubt there is no script: if you listen closely to Jennifer, you will hear "in terms of them not being a high street bank, that's not an issue"...
fd virtual forest
It is a clever way to communicate a positive image of the company and urge their customers to register to internet banking and their e-statements service.
Online, most sales are coming from the internet banking customers...
fd magic bus
fd energy
fd decide
Mortgages are traditionally products which are complex, it is a lot of money and a significant commitment for customers. They usually want to talk to a professional. But more and more banks are providing at least a partial online application process. In their search for value, and as part of their integrated channels strategy, banks want to convert more and more customers online.
Qo is a kind of virtual assistant/advisor or advanced product selector which guides the customers: it identifies the 2 most suitable products, it guides you to the right pages on the website and it provides the right telephone numbers.
After the first question (remortgaging or new mortgage), it is a 6 step process. Qo asks you a set of fairly generic questions. During the process, it gives you some info and advice.
Well done first direct. It is another very interesting experiment, even tough I didn't find it that useful. It merely lists the allegedly two most suitable products, and it directs you to the mortgages category page.
You still need to better understand the products, and I wouldn't start the online application process before speaking with an expert.
I can only assume what first direct goal was with this service. I would love to find out:
* How many people start the fd decide process?
* Of those, how many answer all the questions?
* What was the uplift in terms of start of online application or volume of calls to a dedicated number?
* What is the next level for fd decide?
Key stats about first direct (July 2007)
* first direct has 1.2 million customers
* 885,000 of them use internet banking
* 390,000 customers use SMS text message banking.
* 43% of first direct's sales are via e-channels
* 80% of customer contact with first direct is electronic
Find more about firstdirect.
Posted by Christophe on July 18, 2007 in Customer comments, Marketing, Podcasts, Videos, Web 2.0 | Permalink | Comments (0) | TrackBack (0)
Tags: firstdirect, interactive, internetbanking, onlinebanking, web2.0