Dec 30, 2013

The Future of Financial Services Communications

earlier this month,  I attended an event hosted by Business Development Institute and PR Newswire that focused on communications in the financial services industries, but included lessons most communicators can appreciate.

There were several short presentations with different speakers and topics that took place during the event. Here are some of the important topics and key points from topics each presentation:

Embracing Technology to Create Trust Among Small Businesses Presented by: Noah Breslow, chief executive officer of OnDeck

  • Technology is being disruptive to financial services.
  • Square is a form of classic disruption.
  • To gain trust with customers, you need to do the following: set the contrast; simplify your message; manage expectation closely; bring human to the online process; and engage your promoters.
  • Engage with your customers so they do not feel they are alone.
  • Use services like Yelp and build ratings to show customers they are not the first.

Big Data 101: What It Means for Business                                                  Presented by: David Ray, corporate vice president of corporate Internet at New York Life Insurance Company

  • “Big Data is data that is too large, complex, and dynamic for any conventional data tools to capture, store, manage and analyze.” (source: wipro.com)
  • Ninety percent of the data you have in your enterprise is unstructured.
  • If 90 percent is unstructured, at best, businesses are making decisions based on 10 percent of their data.
  • The present and future opportunity for big data may not be to process enormous amounts of data, but, rather, to tie together previously untied and/or isolated systems.
  • Lady Gaga uses big data. Her manager created a Gaga-centric social network by mining the singer’s Twitter and Facebook fans. This will effectively bypass other social media networks and allow them to keep 100 percent of future revenues.

Social Media and Compliance                                                                Presented by Joanna Belbey, social media and compliance specialist, and Victor Gaxiola, subject matter expert, at Actiance, Inc.

  • Social businesses can’t just use one collaborative technology to keep its      employees connected; they need to use them all.
  • Enterprises face the following challenges using social media: security, governance and enablement.
  • Successful financial advisors have been using social media all along, but now they have even more forms of electronic communications to further their reach.
  • Social media can be used to drive customer loyalty, leverage connections, and close new businesses.
  • The key is to come up with a communications policy in advance.
  • A salesperson emailed 200 LinkedIn connections and 158 got back to them. Perhaps social media will replace the cold call?

Finance: Community vs. Commodity                                                   Presented by: David Kelin, CEO and cofounder of CommonBond

  • You can’t buy a community; you have to build a community — and you need to build a community people want to belong to.
  • After someone applies for a loan with CommonBond, they will pick up the phone and call that person. It i a way of connecting on a human level.
  • Giving back is another important component to building a community.

Building Trust in a Content Rich World Presented by: Greg Matusky, president and founder of Gregory FCA

  • Consumers’ trust rate of financial services industry is at an all-time low.
  • Content bridges the digital divide between the business and consumer. It is the framework for building trust.
  • Eighty percent of consumers look for four sources of information before buying.
  • The five C’s of trusted content: compassion, credibility, creativity, contemporary, and compliance.

Allianz Global Investors Empowers Its Sales Force With Social Media Presented by: Erin Meijer, social media manager at Allianz Global Investors

  • Allianz uses social media to humanize their brand. Also, clients and prospects are on social media, so they need to be there too.
  • It is not social media — it is social business.
  • LinkedIn is the Google of the business world.
  • Your social media is your digital equity.
  • Here are some tips for social business: 1) Be visual (use charts/graphs, thumbnails with articles, infographics, etc.). 2) Create a content calendar for your social media. 3) Be authentic, and always add value. 4) Have a strong call to action. 5) Be social. 6) Use automation tools to minimize effort and maximize impact.

Optimizing for the Speed of Social                                                          Presented by: Sebastian Hempstead, executive vice president of North America at Brandwatch

  • Automation tools are absolutely crucial because you cannot manually deal with the amount of social data out there.
  • Some social media command centers are physical and some are virtual; some engage directly and some don’t; some are managed by social media teams and some are cross-functional.
  • Listening on social allows you to identify when there is a bigger problem going on, such as a system performance issue. When this issue happens, alerts are triggered among the different departments that this is going on.
  • To expand on social, engage with posts mentioning competitors, such as reviews and complaints.

Written by Polina Opelbaum, editor of ProfNet, a service that helps journalists connect with expert sources. To read more from Polina, check out her blog on ProfNet Connect.

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