Top Social and Digital Trends for Financial Services in 2013

January 8, 2013 § Leave a comment


Each year brings a time to look forward to new trends and areas of focus. As I continue to work at the intersection of customer experience and technology (mostly with financial institutions), the following is my hit list for 2013. I fully recognize this is not a comprehensive list and in no particular order, but I would love to hear what should be added, what I might be getting wrong, and whether anyone agrees or disagrees with the following:

  • Front-line Social Enablement: Over the last 2 years, I have paid a lot of attention to how front-line workers will use social media to engage with customers, prospects and referral sources, especially in wealth management and insurance. The last 2-years saw a crop of vendors such as Hearsay Social, Actiance, and Socialware bring products to market that help FIs manage these interactions and help front-line workers use social networks safely for marketing, customer service, and sales. With many major FIs picking vendors last year, this year we will see FIs try to scale front-line enablement across their sales and distribution workforces and integrate multiple vendor relationships into a cohesive ecosystem.
    • What to look for: A steady increase in how insurance agents and wealth managers incorporate social networking into their daily activities to connect with customer, prospects, and referral sources. For this to be effective, multiple vendors (compliance, CRM, social media monitoring, etc.) will need to come together, content will need some serious consideration, and analytics will be the glue.
    • The big questions: How will FIs support these front-line employees? To what degree are customers and prospects ready for FIs to network with them on social properties? Will we start to see some PR hiccups as more front-line employees get social? « Read the rest of this entry »
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The Next 5-Years of Financial Services Digital Transformation

May 9, 2012 § Leave a comment


May 9, 2012  Large-scale social and digital initiatives are becoming a standard part of  future-focused programs at today’s leading financial institutions. In talking with peers, vendor partners, and those within the financial services industry…this much is becoming clear and it will have big implications for the next 5 year. Here are several of the areas of focus for these programs:

  • Social Media is slowly, but surely, transitioning from a marketing and campaign vehicle to a set of technologies and capabilities transforming sales and distribution, customer service, market research, and future product development. Today, large insurance and wealth management firms are reporting that top performers all leverage social channels as a significant portion or their lead generation success. Social customer service is becoming a standard element, but not one operated very efficiently. Market research and innovation teams are realizing success from mining social data and open innovation, but not maximizing its potential. All of this is just the tip of the iceberg and it is now time to start the hard work. « Read the rest of this entry »

Marketing Speak: Channels v. Ecosystem

February 2, 2011 § Leave a comment


February 2, 2011

I recently got into a conversation with some colleagues about how the terms “channels” and “ecosystem” should be used. The conversation got started around how they are mostly synonymous as it relates to communication with customers. I agree that in many cases they can be used interchangeably, but here is a quick perspective on the topic:

Channels: These are are the individual methods that companies use to communicate with customers. Examples of channels include stores, call centers, Websites, social media tactics (i.e. blogs, Facebook, etc), Mobile Applications, and the other various means companies have to communicate. « Read the rest of this entry »

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