Social Business Drivers for Financial Services - BDI 9/26/13 Financial Services Social Business...

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Social Business Drivers for Financial Services

Financial Services Social Business Leadership Forum

September 26, 2013


Our Story

foundedFebruary 2012

20 people in 7 states / 3 countries

Veterans of well-known Fortune 500 companies

Work exclusively with Jive Software as a partner

Offer complete Jive implementation services


Why social for financial services?McKinsey Global Institute study on social technologies (July 2012)

Potential to generate $1.3 trillion annually in the economy from four sectors

Raise knowledge-worker productivity by 20-25 percentEstimated untapped value for consumer financial services is $256 - 423 billion annually

The social economy: Unlocking value and productivity through social technologies | McKinsey & Company


Source:

“The social economy: Unlocking value and productivity through social technologies”

McKinsey Global Institute


How is value generated?Social technologies amplify tried and true

organizational functions

. . . by applying a novel capability or "lever" to that

function

Value is also generated across entire enterprise


A lever: Co-create ProductsWith a social platform, a company can tap a large community

to solve product development problems

Broad spectrum of participants can submit ideas and

comment on them

Customers can also be invited to submit concepts and

designs


Ground-level view of social levers in financial services

Use cases from large investment banking and asset

management firms with thousands of employees and trillions

in assets

Situational Teaming (Lever 10: Match Talent to Tasks)

New Learning Model for Advisors (Lever 9: Business Support)

Sales Intelligence (Lever 6: Generate and foster sales leads)


Use Case #1

Situational Teaming


Brokers traditionally team up to complement their skills or when they both lay claim to a client

Modern teaming requires focus on micro-needs of a client

Example: Estate planning requiring a foreign language for elderly parents to participate

Social collaboration via profiles allows brokers to extend their network and find a complementary skillset

The ability to find experts in an internal network directly impacts ability of financial advisors to make money

Requires that advisors fill out their social profile with skills and capabilities, but they have every incentive to do so


Use Case #2

New Learning Modelfor Advisors


Firm has an interest in increasing advisor knowledge and ability to add value

Some advisors have more experience or innate talent

Having advisors speak about best practices to peers in same office/region is problematic

Traditional solution is to pay certain advisors to fly to other areas of the country and share expertise (e.g., equities)

Private collaboration space is used to extend physical meeting and deepen relationships and peer-to-peer learning

The firm's community manager supports discussions with relevant content and can bring in relevant thought leaders


Use Case #3

Sales IntelligencePhoto: “To Sell Is Human – Official Book Trailer”


Product specialists provide the latest research on funds to sales team on a weekly basis

Only a few product specialists are available to serve dozens of sales people

Sales people ask similar questions on research via email and phone, taking extensive time from specialists

Research is presented instead in threaded discussions within a collaborative space creating knowledge base

Sales people close loop by posting feedback from clients to these discussions after meetings in the field

Option to deliver key research securely from collaborative space to sales people via tablet


Drawing inspiration from other regulated industries

Health care organization in 21 states with 87,000 employees and $13 billion revenue

Recognition of rising costs and unsatisfactory treatment quality

eVisits connect patients with doctors in a HIPPA-secure virtual meeting room

50 million times a year patients use an eVisit in US for conditions like sinus and urinary tract infections

eVisits offer extraordinary value when embedded in a social external community with wellness content


Using social technology across the enterprise

Using social technology across entire enterprise is also a way to add

significant value

This is often called a Social Intranet, which pushes content to

employees but also pulls people into interactions

Business support functions like HR and Finance are now capable of

having a two-way conversation

Leads to 20-25% increase in productivity from "interaction workers"

MGI estimates two-thirds of all value in sectors studied comes from

communication, coordination, and collaboration


We’d love to talk more

Brooks Jordan, Senior Social Strategist

[email protected]

om

@brooksjordan

SocialEdgeConsulting.com

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