Our Joint CEO Sanjay Mehta's session at Institute for Development and Research in Banking Tech (IDBRT) on 'Social Media for Banking'

1. Social Media
For Banking
Industry
Sanjay Mehta
Jt. CEO, Social Wavelength

2. Where do these insights come from?
A little bit about me..

3. Our clients include…

4. Agenda
• What is Social Media : A Quick Look at the Fundamentals
• Relevance of Social Media Marketing for Banks
• “Listening”: Social Media Monitoring
• Why Banks are most vulnerable to Social Media damage?
• Process for setting up full-proof Online Reputation
Management and Social CRM for banks

7. “Social Media
is about
sociology and
psychology
more than
technology.”
~ Brian Solis

8. Being Social is not about selling, it is not
about marketing, it is not about promoting. It
is simply about "Being Helpful".

9. “A brand is no longer what we tell the
consumer it is – it is what consumers tell
each other it is.” ~ Scott Cook

10. How BigIs It

11. >500 million regd users
Every minute – 72 Hrs worth of
new video uploaded
If Facebook was a country.
Population? > a BILLION!
Over 362 million people read more
than 2.5 billion pages on
Wordpress.com every month

12. But this is kids stuff right? How does it effect my
business?
First of all, its not just kids.

13. You may still ask, “Is it for me yet?”
• “We are a bank, not MTV – is it for us?”
 You have consumers? You have a communication need?!
• “They are all youngsters – my TG is older”
 Population vs Internet age mix + they will be customers
tomorrow, if they are not already your customers!
• “This is all about B2C; I handle SMEs, and my
market is B2B”
 Is your buyer a human being? Then you have to be here!
• “Where do we find the time / bandwidth..”
 Ignore at your own risk; FIND TIME! Get outside help, if
necessary

14. By the time there is a case
study in your specific
industry, it is going to be
way too late for you to
catch up - Seth Godin
“

15. Let’s look at some specific
challenges that banks face

16. We are a Young Country..

17. Clearly this is
NOT the kind of
communication
that connects
with today’s
youth!!

18. Clearly, this communication is
NOT working; youth not
connecting to the banks! Also the choice of media for
communication has been TV and print –
whereas the youth are spending more time
in front of a different screen!

19. Some more insights
• On the functional part, banks have
modernized
• Most offer Net Banking and similar features
• With technology backends, large number of
interesting features are also offered by banks
• From bill payments to tax payments, from
loan processing to debit cards, from
insurance sales to credit card offers.. Banks
have a lot to communicate

20. Critical information that banks
need to communicate
• Anti-phishing warnings and guidance
• Other security related education
• Frequent changes in rules and regulations
• But how do these get communicated??

21. With large usage of Net Banking,
few people walk into a branch, to
talk to bank staff and learn about
new offerings, etc.
Bank websites are dense with detail –
customers are unlikely to spend much
time to “discover” stuff
Usually, customers go to the Net
Banking screen, log in, complete
work and get out!

22. Summarizing the challenges then..
• Banks need to find the right way to connect
with the large youth market in India – the
tonality, the style, the choice of media, etc.
• Banks need to communicate information
about their various new features and offerings
– this is not easy via traditional means
• Other critical information like anti-phishing
and such security guidance also needs to be
communicated – need to find the right way!

23. The right way: Social Media
• Platforms where the youth are spending time
• Platforms which enable a natural
“storytelling” format
• You are not paying for every column-cm or
every second of time; you can make your
point gradually

24. “If we get active on social media,
we will be bombarded by
complaints!”

25. Does your presence on Social Media
attract more complaints?
• No, it does not
• If there are reasons to complain, people will
complain, whether you are present or not
• There are many other forums and places for
people to go and say nasty things about you
• They are not waiting for your presence on
social media, in that case
• On the other hand, if they complain on your
social media page, you can learn and respond

26. An Interesting Case Study
Young and Free Alberta
•Objective: To increase the number of young people opening a checking account in the
credit union.
•Strategy: They conducted a contest to find a young spokesperson, who then used a blog,
Youtube, and Facebook to connect with other young people in Alberta.
• Result: The number of accounts increased from all over Alberta.
• 2,316 Y&F accounts
• $3,587,000 New Funds

27. What can Social Media be used for ?
 Brand Building
 Generating Sales Leads
 Reputation Management
 Real Time Consumer Survey
 Customer service
 Co creating products
 Creating B2B relationships

28. SOCIAL MEDIA
MONITORING

29. “Social Media is not just about going out and creating
conversations as a brand. There is huge value in "listening" in
to social media conversations”.

30. Two key reasons why you should
“listen” on Social Media

31. I guess the Opportunity story is
easily understood – but what
about Vulnerability??
Banks ARE Vulnerable – and HOW?!

32. The worst nightmare for a bank!
Can it really happen?? You don’t want to know!!

33. How does Social Media increase
the risk for banks?
• Social Media is a convenient outlet for
consumers to vent their ire / complaints
• All kinds of consumer-facing brands have had
to face a disturbed customer on this medium
• In particular, people are most sensitive when
it comes to their money or feeling cheated
• With large access of Social Media happening
over a mobile device, response is immediate!
• There is a natural, viral nature to the medium

35. ..and this is just one out of thousands of internet forums!

36. ..and this is just one out of thousands of internet forums!
With so many banks vying for the same customer, having a positive online
reputation and earning customers’ trust can be key to standing out over competitors.

37. Banking rests and exists on the pillar of TRUST!
According to Trust Barometer 2012#, a global study by a PR Agency, less
than 41% of people surveyed said they believed in the Banking Sector.
140
Million
active internet
users#
70 Million
Facebook
Members #
65%
people find
their peers’
recommendations
credible
Are you
proactive on
Social Media, or
will you let a PR
crisis ruin your
bank’s
reputation?
#in India
#Click to view source
Social Media has to clearly be a priority for banks! No two questions on that..

38. •While the Cobrapost sting and it’s aftermath may die off in
mainstream media, it does not get forgotten on the digital space!
•When someone searches your bank brand, this could be the first
result that comes up – even after a few years!
Also, Google Does Not Forget!!
A bank cannot just pray and wish that this does not happen to them; there have to be
efforts to detect and respond to any such challenge that may spring up without warning!

39. Monitoring Tool Example: Radian 6
Radian6 is the most recommended & No. 1 tool in the
market for Social Media Monitoring. It has a wide
spread coverage with easy to understand Graphic
User Interface with multiple reporting system.

40. Classification of each Conversation
SOURCE BUCKET TAG TONE SIGNIFICANCE ACTION TAKEN
Blog Product Monitoring √ Medium
1st Level Response
Posted
Forum
Customer
Service
Delivery × Low
1st Level Response
Posted
Linkedin Innovation Value √ High
1st Level Response
Posted
Escalated to Client
Facebook Partners Responsiveness √ Medium
1st Level Response
Posted
Facebook Product Scanning × Low
1st Level Response
Posted
Youtube
Customer
Service
After Sales Support √ High
1st Level Response
Posted
Escalated to Client
Docstoc Innovation Responsiveness √ Medium
1st Level Response
Posted

41. Social Media Response
A dedicated online monitoring
& support presence can help
the company improve
support for
Inquiries
Queries
Complaints
Compliments

42. Social Media Response
Can you add
value?
Evaluate the
purpose
Respond in
kind & share
Thank the
person
Unhappy
Customer?
Dedicated
Complainer?
Someone
Who Rants?
NegativePositive
Yes No
Do you want
to respond?
No Response
No
Yes
Take reasonable action
to fix issue and let
customer know action
taken
Are the facts
correct?
Gently correct the
facts
No
No
No
Yes
Are the facts
correct?
Does customer
need/deserve more
info?
Yes
Explain what is being
done to correct the
issue.
Yes
Is the
problem
being fixed?
Yes
Let post stand and
monitor.
No
Yes
NoYes
Yes
Assess the
message
START

43. If things go wrong: PR Crisis
Management Scenario
Time period
0 hours 5 hours 8 hours 15 hours 24 hours
Threatlevels
Extremely
High
High
Moderate
Low
Harmless
First appearance
Initial
Conversations
Rapid Sharing
Mainstream
Media
Internet
Publications

45. Questions?
Sanjay Mehta
Jt. CEO, Social Wavelength.
twitter.com/sm63
www.socialwavelength.com
blog.socialwavelength.com
info@socialwavelength.com
1. Give me your business cards; I
will be happy to share the
presentation on email
2. I have some sample industry
report copies, created using
Social Media Monitoring
Tools. If anyone needs it, the
same can be collected from
me.