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CEB TOWERGROUP RETAIL BANKING

May 22, 2013

Let Them Talk: Using Social Media to
Engage Your Customers
ROADMAP FOR THE PRESENTATION

The
Engagement
Opportunity

CEB TowerGroup
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Bank Customer
Usage of Social
Media

2
Feelings About Personal Finances Are
Improving in North America
Feelings About Personal Finances
Percentage of North American Consumers Ages 18 and Older Who Report Positive or Negative Feelings in
Aspects of Their Personal Finances, Q1 2013

38%

37%
29%

36%

35%

30%

Negative
Feelings
Positive
Feelings

-32%

-33%

-37%

-37%

-37%

Debt

Feelings
About
Personal
Finances
(North
America)

Feelings
About
Personal
Finances
(Global)

-46%

Progress
Toward
Achieving
Financial
Goals

Income

Savings

FINANCIAL SERVICES PRACTICE
CEB TOWERGROUP, RETAIL BANKING & CARDS
© 2012 The Corporate Executive Board Company. All Rights Reserved.

n = 2000
Source: CEB TowerGroup

3
Yet Confidence in Financial Providers Remains
Low
Confidence in Financial Services Providers
Percentage of North American Consumers Ages 18 and Older Who Feel Confident in the Capabilities of
Financial Services Providers, Q1 2013

28%

Little or No
Confidence

26%
20%

-26%

20%

20%

16%

18%

21%
13%

Complete
or a Lot of
Confidence

-25%
-32%

-30%
-37%

-33%
-39%

-39%
-47%

Keeping the
Ensuring
Keeping their Providing
Caring about Sharing the Offering clear
Overall
money of their reliability and commitments
helpful
their
value of their and simple
Confidence
customers consistency of and promises guidance and customers
customers
policies and
(North
safe
transactions
advice
fees
America)

FINANCIAL SERVICES PRACTICE
CEB TOWERGROUP, RETAIL BANKING & CARDS
© 2012 The Corporate Executive Board Company. All Rights Reserved.

Overall
Confidence
(Global)

n = 2000
Source: CEB TowerGroup

4
THE YOUNG ARE MORE CONFIDENT IN FINANCIAL
INSTITUTIONS
Average Confidence Level
North American Consumers Ages 18 and Older1 by Age Segment, Q1 2011 to Q1 2013

20%

-1%

0%

-12%
-19%
-20%

-40%
Q1 2011

Q3 2011
Ages 18-29

Q1 2012
Ages 30-46

Q3 2012

Q1 2013

Ages 47-65

n = 9,998
1Confidence in financial services providers represents the average across seven trust factors on a scale of (100) to 100.
Note: Numbers at the end of the line graph represent figures for Q1 2013.

CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

5
AND ARE SHIFTING QUICKLY TO THE ONLINE CHANNEL

Channel Preference to Learn About Financial Products and Services
Divided by Age, 2011 and 2013

33%
53%

19%

38%

42%
33%

45%

40%

38%
43%

35%

36%

63%
43%

28%

22%

2011

2013

In-Person

2011

2013

Online
6
CUSTOMER EXPERIENCE IS DECLINING FOR TECHORIENTED CUSTOMERS
Engagement Indicators by Channel Preference
Percentage of Customers in Top Two Categories on a Five-Point Scale for Each Indicator by Channel Preference, 2010

60%
Clear Understanding
of Who and How to
Contact Bank
Bank Willing to
Accept Feedback
High-Quality
Product Guidance
When Purchasing
Bank Cares About
Customers

30%

0%

Personal
Only

Personal
Leaning

Balance
Multichannel

Technological
Leaning

Technological
Only

n = 3,044
Source: CEB TowerGroup Retail Banking
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

7
IMPROVING THE DIGITAL EXPERIENCE PROVIDES
PAYOFF
Impact of Engagement on Loyalty Among Tech-Oriented Customers
Percentage of Technology-Leaning or Technology-Only Customers Who Took Indicated Actions Within the Past Year by
Level of Engagement, 2010
65%

31%

30%

27%

27%

21%
15%
7%

Recommended Firm Added or Purchased
Product

n = 1,348

5%

Considered
Switching Banks

Disengaged

12%

Closed an Account Moved Savings and
Investments to
Another Bank

Engaged 1

1Engaged

customers are defined as customers who agree or strongly agree with each of these engagement indicators: that they have a clear
understanding of who to contact and how to contact their bank, that their bank is willing to accept feedback, that they receive good or excellent
advice during the purchase process, and that their bank cares about its customers. Disengaged customers are defi ned as customers who are
neutral, disagree, or strongly disagree across each of the same engagement indicators.

Source: Customer Experience Survey 2010, CEB TowerGroup Retail Banking
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

8
IMPROVING THE DIGITAL EXPERIENCE STARTS WITH
LISTENING TO CUSTOMER NEEDS AND FEEDBACK
Impact of Engagement on Loyalty Among Tech-Oriented Customers
Listening to customer needs and feedback and facilitating open and transparent business practices rank highly in
restoring trust and loyalty amongst customers. Investment in foundational voice-of-customer programs completes the
digital experience, particularly for tech-oriented customers

Selling

Brand-assisted
experiences
Connected
Customer
Experience

Selfassisted
experiences
Servicing
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Customerassisted
1
experiences
Validating

9
ROADMAP FOR THE PRESENTATION

The Engagement
Opportunity

CEB TowerGroup
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Bank Customer
Usage of Social
Media

10
BANK CUSTOMERS ARE SOCIAL MEDIA USERS
How Would You Characterize Your Use of Social Media?
Percentage of Respondents, 2013
46%

78%
32%

Contribute

Do Not Contribute

Note: Contribute includes “I often read or follow them and contribute occasionally” and “I actively read, follow, and contribute to them.”
Do Not Contribute includes ““I sometimes read or follow them but do not personally contribute ” and “I often read or follow them but do not
personally contribute to them.”
Responses indicating no use have been excluded.

N = 1,630
FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

11
BUT THEY DON’T KNOW IF THEY CAN INTERACT
WITH THE BANK
Can You Contact This Bank / Insurance Company Through Social Media?
Percentage of Respondents Who Are Unsure Across All Demographics, 2013
73%

73%

74%

All Respondents

All Age Responses

All Investable Asset Responses
N = 3,542

FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

12
SOCIAL MEDIA RESEARCH OFTEN EQUALS ACTION
You Indicated That You Used Social Media To Do Some Sort of Investigation or Research in the Past Six Months. Which
of the Following Describes How Your Use of Social Media Influenced You?
Percentage of Respondents Who Indicated Yes, 2013

I told someone else about what I had learned

39%

I chose a product or service other than what I originally planned to
buy

33%

I asked more questions from the salesperson when I purchased the
product or service

25%

None of the above

I did not buy or use any service

21%

13%

N = 440
FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

13
VENTING TAKES A BACK SEAT TO VALIDATION
Which of the Following Describes the Ways You Have Used Social Media as a
Customer of the Bank?
Percentage of Respondents, 2013

I like when others share positive experiences with the bank using
social media

29%

I discuss my experiences with the bank using social media

26%

I recommend the bank to others using social media

24%

I use social media to see how others feel about the bank

20%

Social media helps me make decisions about purchasing the bank
products and services

I express my frustrations with my experiences at the bank

18%

13%

N = 209
FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

14
PRODUCT RATINGS & REVIEWS IN THE CUSTOMER
DECISION JOURNEY ADD SOCIAL VALIDATION
How do you provide social validation to prospects in the customer decision journey?

Ratings & reviews on financial products and services have become prevalent and are experiential table stakes for consumers

© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

15
PRODUCT RATINGS & REVIEWS IN THE CUSTOMER
DECISION JOURNEY ADD SOCIAL VALIDATION
How do you provide social validation to prospects in the customer decision journey?

Ratings & reviews on financial products and services have become prevalent and are experiential table stakes for consumers

© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

16
AS EXPECTED, USAGE TRACKS WITH AGE
How Would You Characterize Your Use of Social Media?
Percentage of Respondents, 2013

6%

5%

15%
33%

25%
36%
36%

13%
8%

33%
12%

23%
23%

8%
22%
14%
28%
12%

14%

18-29

30-46

34%

47-65

66+

I actively read, follow, and contribute to them.

I often read or follow them and contribute occasionally.

I often read or follow them but do not personally contribute

I sometimes read or follow them but do not personally contribute

I do not use them
N = 1,624
FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

17
AND THAT TIES TO BASIC RESEARCH, TOO
How Have You Used Social Media to Help You Over the Past Six Months?
Percentage of Respondents, 2013
37%
21%

To investigate a product or service that I was considering
purchasing

21%
19%
18-29
25%
16%

30-46
47-65

To discuss a product or service that I used
8%

66+

4%

22%
To better understand a product or service that I currently have or
recently purchased

12%
16%
16%
N = 1,259

FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

18
GEN Y MOST ENGAGED IN BANK INTERACTION
THROUGH SOCIAL MEDIA
Which of the Following Describes the Ways You Have Used Social Media as a Customer of the Bank?
Percentage of Respondents, 2013
46%

42%
38%

31%

32%

30%31%

30%

31%
29%

29%

23%
20%

20%
17%

18%

20%

8%
6%

5%
3%

I discuss my
experiences with the
bank using social
media

3%

1%
I express my
frustrations with my
experiences at the
bank

I use social media to
see how others feel
about the bank

18-29

I like when others Social media helps me I recommend the bank
share positive
make decisions about to others using social
experiences with the purchasing the bank
media
bank using social
products and services
media.
N = 208
30-46
47-65
66+

FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

6%

Source: CEB TowerGroup Research

19
POSITIVE EXPERIENCES ARE A HIT
Which of the Following Describes the Ways You Have Used Social Media as a Customer of the Bank?
Percentage of Respondents, 2013
42%

32%
30%

29%

23%

18%

6%
3%

I use social media to see how others feel about the bank
18-29

I like when others share positive experiences with the bank using
social media.
N = 208
30-46
47-65
66+

FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

20
CUSTOMERS SHARE STORIES ABOUT POSITIVE
EXPERIENCES AND ADVOCATE FOR THE BRAND
How can you get customers to advocate for the brand and dimensionalize the brand experience?
Customers share stories about how they achieved their goals or their relationship with the FI positively impacted their lives

FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

21
CUSTOMERS SHARE STORIES ABOUT POSITIVE
EXPERIENCES AND ADVOCATE FOR THE BRAND
How can you get customers to advocate for the brand and dimensionalize the brand experience?
Customers share stories about how they achieved their goals or their relationship with the FI positively impacted their lives

FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

22
GEN Y MOST ENGAGED IN BANK INTERACTION
THROUGH SOCIAL MEDIA
Which of the Following Describes the Ways You Have Used Social Media as a Customer of the Bank / Insurance
Company?
Percentage of Respondents, 2013

29%

20%
17%

6%

Social media helps me make decisions about purchasing the bank's products and services
18-29

30-46

47-65

FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

66+

N = 208
23
REMOVE BARRIERS TO CONVERSION AND IMPROVE
PRODUCT SELECTION
How can social experiences remove barriers to conversion and drive higher customer satisfaction?
Question and answer experiences within the CDJ allow the brand to highlight subject-matter-expertise in a 1:many fashion

FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

24
REMOVE BARRIERS TO CONVERSION AND IMPROVE
PRODUCT SELECTION
How can social experiences remove barriers to conversion and drive higher customer satisfaction?
Question and answer experiences within the CDJ allow the brand to highlight subject-matter-expertise in a 1:many fashion

FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

25
SOCIAL CAN ENGAGE THE MASS AFFLUENT, TOO
How Have You Used Social Media to Help You Over the Past Six Months?
Percentage of Respondents Who Responded Yes, 2013

20%
To investigate a product or service that I was considering
purchasing

35%
26%

<$99,999
13%
To better understand a product or service that I currently
have or recently purchased

24%

$100K - $999,999

16%
$1M+
12%

To discuss a product or service that I used

15%
16%

FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING
© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

N = 1,231
26
CUSTOMER WORD-OF-MOUTH IS THE FOUNDATION
OF AN EARNED MEDIA ASSET
How can you develop an Earned Media Asset that pays dividends over time?
Letting in customer word-of-mouth allows you to develop an asset that pays consistent, as opposed to episodic, dividends over
time by enhancing the performance of Paid and Owned programs

Create a Marketing Annuity

Earned builds on itself and scales as it fuels existing
Paid and Owned programs

FINANCIAL SERVICES PRACTICE,
CEB TOWERGROUP RETAIL BANKING

© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB TowerGroup Research

27
QUESTIONS?

FINANCIAL SERVICES PRACTICE
CEB TOWERGROUP, RETAIL BANKING & CARDS
© 2012 The Corporate Executive Board Company. All Rights Reserved.

28

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Using social media to engage financial services customers

  • 1. CEB TOWERGROUP RETAIL BANKING May 22, 2013 Let Them Talk: Using Social Media to Engage Your Customers
  • 2. ROADMAP FOR THE PRESENTATION The Engagement Opportunity CEB TowerGroup © 2013 The Corporate Executive Board Company. All Rights Reserved. Bank Customer Usage of Social Media 2
  • 3. Feelings About Personal Finances Are Improving in North America Feelings About Personal Finances Percentage of North American Consumers Ages 18 and Older Who Report Positive or Negative Feelings in Aspects of Their Personal Finances, Q1 2013 38% 37% 29% 36% 35% 30% Negative Feelings Positive Feelings -32% -33% -37% -37% -37% Debt Feelings About Personal Finances (North America) Feelings About Personal Finances (Global) -46% Progress Toward Achieving Financial Goals Income Savings FINANCIAL SERVICES PRACTICE CEB TOWERGROUP, RETAIL BANKING & CARDS © 2012 The Corporate Executive Board Company. All Rights Reserved. n = 2000 Source: CEB TowerGroup 3
  • 4. Yet Confidence in Financial Providers Remains Low Confidence in Financial Services Providers Percentage of North American Consumers Ages 18 and Older Who Feel Confident in the Capabilities of Financial Services Providers, Q1 2013 28% Little or No Confidence 26% 20% -26% 20% 20% 16% 18% 21% 13% Complete or a Lot of Confidence -25% -32% -30% -37% -33% -39% -39% -47% Keeping the Ensuring Keeping their Providing Caring about Sharing the Offering clear Overall money of their reliability and commitments helpful their value of their and simple Confidence customers consistency of and promises guidance and customers customers policies and (North safe transactions advice fees America) FINANCIAL SERVICES PRACTICE CEB TOWERGROUP, RETAIL BANKING & CARDS © 2012 The Corporate Executive Board Company. All Rights Reserved. Overall Confidence (Global) n = 2000 Source: CEB TowerGroup 4
  • 5. THE YOUNG ARE MORE CONFIDENT IN FINANCIAL INSTITUTIONS Average Confidence Level North American Consumers Ages 18 and Older1 by Age Segment, Q1 2011 to Q1 2013 20% -1% 0% -12% -19% -20% -40% Q1 2011 Q3 2011 Ages 18-29 Q1 2012 Ages 30-46 Q3 2012 Q1 2013 Ages 47-65 n = 9,998 1Confidence in financial services providers represents the average across seven trust factors on a scale of (100) to 100. Note: Numbers at the end of the line graph represent figures for Q1 2013. CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. 5
  • 6. AND ARE SHIFTING QUICKLY TO THE ONLINE CHANNEL Channel Preference to Learn About Financial Products and Services Divided by Age, 2011 and 2013 33% 53% 19% 38% 42% 33% 45% 40% 38% 43% 35% 36% 63% 43% 28% 22% 2011 2013 In-Person 2011 2013 Online 6
  • 7. CUSTOMER EXPERIENCE IS DECLINING FOR TECHORIENTED CUSTOMERS Engagement Indicators by Channel Preference Percentage of Customers in Top Two Categories on a Five-Point Scale for Each Indicator by Channel Preference, 2010 60% Clear Understanding of Who and How to Contact Bank Bank Willing to Accept Feedback High-Quality Product Guidance When Purchasing Bank Cares About Customers 30% 0% Personal Only Personal Leaning Balance Multichannel Technological Leaning Technological Only n = 3,044 Source: CEB TowerGroup Retail Banking CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. 7
  • 8. IMPROVING THE DIGITAL EXPERIENCE PROVIDES PAYOFF Impact of Engagement on Loyalty Among Tech-Oriented Customers Percentage of Technology-Leaning or Technology-Only Customers Who Took Indicated Actions Within the Past Year by Level of Engagement, 2010 65% 31% 30% 27% 27% 21% 15% 7% Recommended Firm Added or Purchased Product n = 1,348 5% Considered Switching Banks Disengaged 12% Closed an Account Moved Savings and Investments to Another Bank Engaged 1 1Engaged customers are defined as customers who agree or strongly agree with each of these engagement indicators: that they have a clear understanding of who to contact and how to contact their bank, that their bank is willing to accept feedback, that they receive good or excellent advice during the purchase process, and that their bank cares about its customers. Disengaged customers are defi ned as customers who are neutral, disagree, or strongly disagree across each of the same engagement indicators. Source: Customer Experience Survey 2010, CEB TowerGroup Retail Banking CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. 8
  • 9. IMPROVING THE DIGITAL EXPERIENCE STARTS WITH LISTENING TO CUSTOMER NEEDS AND FEEDBACK Impact of Engagement on Loyalty Among Tech-Oriented Customers Listening to customer needs and feedback and facilitating open and transparent business practices rank highly in restoring trust and loyalty amongst customers. Investment in foundational voice-of-customer programs completes the digital experience, particularly for tech-oriented customers Selling Brand-assisted experiences Connected Customer Experience Selfassisted experiences Servicing CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Customerassisted 1 experiences Validating 9
  • 10. ROADMAP FOR THE PRESENTATION The Engagement Opportunity CEB TowerGroup © 2013 The Corporate Executive Board Company. All Rights Reserved. Bank Customer Usage of Social Media 10
  • 11. BANK CUSTOMERS ARE SOCIAL MEDIA USERS How Would You Characterize Your Use of Social Media? Percentage of Respondents, 2013 46% 78% 32% Contribute Do Not Contribute Note: Contribute includes “I often read or follow them and contribute occasionally” and “I actively read, follow, and contribute to them.” Do Not Contribute includes ““I sometimes read or follow them but do not personally contribute ” and “I often read or follow them but do not personally contribute to them.” Responses indicating no use have been excluded. N = 1,630 FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 11
  • 12. BUT THEY DON’T KNOW IF THEY CAN INTERACT WITH THE BANK Can You Contact This Bank / Insurance Company Through Social Media? Percentage of Respondents Who Are Unsure Across All Demographics, 2013 73% 73% 74% All Respondents All Age Responses All Investable Asset Responses N = 3,542 FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 12
  • 13. SOCIAL MEDIA RESEARCH OFTEN EQUALS ACTION You Indicated That You Used Social Media To Do Some Sort of Investigation or Research in the Past Six Months. Which of the Following Describes How Your Use of Social Media Influenced You? Percentage of Respondents Who Indicated Yes, 2013 I told someone else about what I had learned 39% I chose a product or service other than what I originally planned to buy 33% I asked more questions from the salesperson when I purchased the product or service 25% None of the above I did not buy or use any service 21% 13% N = 440 FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 13
  • 14. VENTING TAKES A BACK SEAT TO VALIDATION Which of the Following Describes the Ways You Have Used Social Media as a Customer of the Bank? Percentage of Respondents, 2013 I like when others share positive experiences with the bank using social media 29% I discuss my experiences with the bank using social media 26% I recommend the bank to others using social media 24% I use social media to see how others feel about the bank 20% Social media helps me make decisions about purchasing the bank products and services I express my frustrations with my experiences at the bank 18% 13% N = 209 FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 14
  • 15. PRODUCT RATINGS & REVIEWS IN THE CUSTOMER DECISION JOURNEY ADD SOCIAL VALIDATION How do you provide social validation to prospects in the customer decision journey? Ratings & reviews on financial products and services have become prevalent and are experiential table stakes for consumers © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 15
  • 16. PRODUCT RATINGS & REVIEWS IN THE CUSTOMER DECISION JOURNEY ADD SOCIAL VALIDATION How do you provide social validation to prospects in the customer decision journey? Ratings & reviews on financial products and services have become prevalent and are experiential table stakes for consumers © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 16
  • 17. AS EXPECTED, USAGE TRACKS WITH AGE How Would You Characterize Your Use of Social Media? Percentage of Respondents, 2013 6% 5% 15% 33% 25% 36% 36% 13% 8% 33% 12% 23% 23% 8% 22% 14% 28% 12% 14% 18-29 30-46 34% 47-65 66+ I actively read, follow, and contribute to them. I often read or follow them and contribute occasionally. I often read or follow them but do not personally contribute I sometimes read or follow them but do not personally contribute I do not use them N = 1,624 FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 17
  • 18. AND THAT TIES TO BASIC RESEARCH, TOO How Have You Used Social Media to Help You Over the Past Six Months? Percentage of Respondents, 2013 37% 21% To investigate a product or service that I was considering purchasing 21% 19% 18-29 25% 16% 30-46 47-65 To discuss a product or service that I used 8% 66+ 4% 22% To better understand a product or service that I currently have or recently purchased 12% 16% 16% N = 1,259 FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 18
  • 19. GEN Y MOST ENGAGED IN BANK INTERACTION THROUGH SOCIAL MEDIA Which of the Following Describes the Ways You Have Used Social Media as a Customer of the Bank? Percentage of Respondents, 2013 46% 42% 38% 31% 32% 30%31% 30% 31% 29% 29% 23% 20% 20% 17% 18% 20% 8% 6% 5% 3% I discuss my experiences with the bank using social media 3% 1% I express my frustrations with my experiences at the bank I use social media to see how others feel about the bank 18-29 I like when others Social media helps me I recommend the bank share positive make decisions about to others using social experiences with the purchasing the bank media bank using social products and services media. N = 208 30-46 47-65 66+ FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. 6% Source: CEB TowerGroup Research 19
  • 20. POSITIVE EXPERIENCES ARE A HIT Which of the Following Describes the Ways You Have Used Social Media as a Customer of the Bank? Percentage of Respondents, 2013 42% 32% 30% 29% 23% 18% 6% 3% I use social media to see how others feel about the bank 18-29 I like when others share positive experiences with the bank using social media. N = 208 30-46 47-65 66+ FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 20
  • 21. CUSTOMERS SHARE STORIES ABOUT POSITIVE EXPERIENCES AND ADVOCATE FOR THE BRAND How can you get customers to advocate for the brand and dimensionalize the brand experience? Customers share stories about how they achieved their goals or their relationship with the FI positively impacted their lives FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 21
  • 22. CUSTOMERS SHARE STORIES ABOUT POSITIVE EXPERIENCES AND ADVOCATE FOR THE BRAND How can you get customers to advocate for the brand and dimensionalize the brand experience? Customers share stories about how they achieved their goals or their relationship with the FI positively impacted their lives FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. 22
  • 23. GEN Y MOST ENGAGED IN BANK INTERACTION THROUGH SOCIAL MEDIA Which of the Following Describes the Ways You Have Used Social Media as a Customer of the Bank / Insurance Company? Percentage of Respondents, 2013 29% 20% 17% 6% Social media helps me make decisions about purchasing the bank's products and services 18-29 30-46 47-65 FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 66+ N = 208 23
  • 24. REMOVE BARRIERS TO CONVERSION AND IMPROVE PRODUCT SELECTION How can social experiences remove barriers to conversion and drive higher customer satisfaction? Question and answer experiences within the CDJ allow the brand to highlight subject-matter-expertise in a 1:many fashion FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 24
  • 25. REMOVE BARRIERS TO CONVERSION AND IMPROVE PRODUCT SELECTION How can social experiences remove barriers to conversion and drive higher customer satisfaction? Question and answer experiences within the CDJ allow the brand to highlight subject-matter-expertise in a 1:many fashion FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 25
  • 26. SOCIAL CAN ENGAGE THE MASS AFFLUENT, TOO How Have You Used Social Media to Help You Over the Past Six Months? Percentage of Respondents Who Responded Yes, 2013 20% To investigate a product or service that I was considering purchasing 35% 26% <$99,999 13% To better understand a product or service that I currently have or recently purchased 24% $100K - $999,999 16% $1M+ 12% To discuss a product or service that I used 15% 16% FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research N = 1,231 26
  • 27. CUSTOMER WORD-OF-MOUTH IS THE FOUNDATION OF AN EARNED MEDIA ASSET How can you develop an Earned Media Asset that pays dividends over time? Letting in customer word-of-mouth allows you to develop an asset that pays consistent, as opposed to episodic, dividends over time by enhancing the performance of Paid and Owned programs Create a Marketing Annuity Earned builds on itself and scales as it fuels existing Paid and Owned programs FINANCIAL SERVICES PRACTICE, CEB TOWERGROUP RETAIL BANKING © 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB TowerGroup Research 27
  • 28. QUESTIONS? FINANCIAL SERVICES PRACTICE CEB TOWERGROUP, RETAIL BANKING & CARDS © 2012 The Corporate Executive Board Company. All Rights Reserved. 28