Em Ode Ration Guide To Social Media and Financial Services 27 Feb

A guide to managing social
media engagement for

financial organisations
14th February 2012
For more information call Tamara Littleton on +44 (0)20 3178 5050 or visit www.emoderation.com
eModeration Ltd :: The Media Village :: 131-151 Great Titchfield St :: London :: W1W 5BB :: UK
Table of Contents
Type chapter title (level 1)
1
Type chapter title (level 2) ..................................................................................................................................................... 2
Type chapter title (level 3) .............................................................................................................................................. 3
Contents

4
Type chapter
title
(level
2)
.....................................................................................................................................................
5
A guide to managing social media engagement for financial organisations
3

Being social in a regulated world
Who wants to engage with their bank? Banks are boring, right?
The opportunities for social media for financial services companies

Contents
Setting
the rules of engagement
8
Contents
2
Being social
a regulated
world ....................................................................................................... 9
4
Managing
theincommunity
effectively
Who wants to engage with their bank? Banks are boring, right? ............................................. 5
Crisis and risk management over social media
11
The opportunities for social media for financial services companies .......................................... 6
Finance
social
Settingjust
thegot
rules
of engagement ........................................................................................................12
8
Crisis
and
risk
management
over
social
media
.............................................................................
11
About eModeration
13
Contents
Contents
2
Being social in a regulated world ....................................................................................................... 4
Setting the rules of engagement ........................................................................................................ 8
Crisis and risk management over social media ............................................................................. 11
eModeration: The Guide to Social Media Engagement for Financial Organisations
Table of Contents
1
A guide to managing social media engagement for financial

organisations
4

Just one year ago, Thefinancialbrand.com published Why Social Media Is a Waste of Time
for Most Banks & Credit Unions, arguing that social media is useless for the financial sector.
Amongst the arguments were: banks are boring; no-one wants to interact with them; people
Contents
dont have time for banks; banks cant communicate internaly; its too risky; without a
Contents
2
strategy there can be no clear measurements; and finally - it aint easy and it aint free.
Whilst
wouldnt argue
with media
the latter
points,
the others
are almost
unrecognisable in 6
Thewe
opportunities
for social
for two
financial
services
companies
..........................................
Setting
the rules
of environment.
engagement The
........................................................................................................
todays
social
media
world of financial services, slow initially to embrace 8
and risk management
over
social
media
.............................................................................
11
theCrisis
transparency
of social media
for
all the
reasons
outlined in the article above - is
opening up: it even had its own social media summit last year. As more of us turn to social
media (particularly Twitter) to resolve customer service issues, banks are having to respond
over the channels that their customers are using. These days, we may see more of our bank in
Contents
our Facebook feed than we do in real life.

Contents
2
This guide will look at what the opportunities within social media are for banks, what some of
theThe
bigopportunities
names are doing
to engage
customers,
and some
practical
advice on
for social
media their
for financial
services
companies
..........................................
6
managing
a customer
community if........................................................................................................
youre a financial organisation. Of course, working within8
Setting the
rules of engagement
Crisis andregulatory
risk management
over
mediaand
.............................................................................
a complex
framework
hassocial
its limiters,
all banks using social media will have 11
their own detailed legal advice on how and when to engage with customers on public,
eModeration:
The
Guide
toisSocial
Media
for Financial
social channels.
This
guide
certainly
not Engagement
designed to replace
that, Organisations
but rather focuses on the
practical issues of managing online customer engagement in the financial services sector.
We hope you find it interesting, and, as ever, welcome feedback on our blog, via our
website, or on Twitter.
Image courtesy of Online Marketing Tips
Table of Contents
1
Being social in a regulated world

4
Type chapter
title
(level
2)
.....................................................................................................................................................
5
The intention of this guide is not to give legal advice - were a social media management

company, not a law firm - but it is worth looking briefly at how banks can be social - with all
the implications which that carries of openness and dialogue - and yet operate within the
confines of such a heavily regulated environment.

Contents
Contents
2
Broadly speaking, the same rules apply with online media as with offline media. The UKs
Financial Service Authority (FSA) produced guidelines in 2011 on promotions using new
media
(listed in the guidelines
as including
socialservices
networking
websites
(Twitter and
The opportunities
for social media
for financial
companies
..........................................
6
Facebook),
forums,
blogs
and i-phone
applications). The guidelines state:
Setting the
rules of
engagement
........................................................................................................
8
Where our rules apply, they generally apply in a way that is media-neutral, and they
focus on the content of the financial promotion rather than the medium used to
Contents
communicate it. Therefore, applying the rules to financial promotions made using new
media is no different to financial promotions made using any other medium.

Contents
2
So, for example, if a UK bank wanted to use Twitter to promote a new financial product or
service,
it would have
include
enough
information
to meet
the standards
of clear, fair and6
The opportunities
fortosocial
media
for financial
services
companies
..........................................
notSetting
misleading
communications.
Its
pretty hard to get an investment risk warning into 140 8
the rules
of engagement
........................................................................................................
Crisis
and
risk
management
over
social
media
.............................................................................
characters, so Twitter may not be the channel
of choice
for financial product promotions. 11
The FSA guidelines state:
It is important to consider whether this channel is a suitable method for the type of
communication. For example, Twitter limits the number of characters that can be used,
which may be insufficient to provide balanced and sufficient information.
Financial Institutions have to deal with all complaints in accordance with the FSA guidelines,
and therefore have to direct users to one of the more traditional channels, where they can
record complaints in a compliant manner.
Also in the UK, the Governments 2013 Retail Distribution Review is set to change how
independent financial advisors sell investment, pensions and life insurance products charging a fee to clients, rather than receiving commission - so social media could replace
expensive face-to-face meetings for lower value customers.
In May 2011 in the US, Morgan Stanleys financial advisors got the go-ahead to market
themselves on Twitter and LinkedIn - something that hadnt been done before because of
tight SEC regulations. As in the UK, usual rules apply - they are still required to keep records of
communication (done in Morgan Stanleys case via a software application) and all
communication is pre-approved.
Table of Contents
1
Who wants to engage with their bank? Banks are boring, right?

4
Type chapter title (level 2) .....................................................................................................................................................
5
Young audiences are choosing to talk to brands over social channels,

often preferring it to the more traditional means of communication
that their parents might favour. Recent research by Sitel, reported on
Contents
Econsultancy, shows that 15 percent of 16-24 year-olds choose to
interact with customer service on Twitter, Facebook, blogs and forums.

Contents
2
More than ever, we bank online - a study by Empathica of 15,000
Americans and Canadians in 2011 found that 41.4 percent of
prefer
to do routine
banking
online,
compared to 32.6
The opportunities forrespondents
social media
for financial
services
companies
..........................................
6
percent in branch.
In the US, Citi is using Twitter for customer service, 8
Setting the rules of engagement
........................................................................................................
Crisis and risk management
over socialaskciti
media Twitter
.............................................................................
with its dedicated
feed answering questions from US- 11
based customers (although it has a very clear disclaimer on its Twitter
page, below).
Contents
But there are compliance headaches with financial customer service

Contents
2
and social media. Aden Davies, innovation technician at HSBC, is
quoted on silicon.com as saying that compliance law from 1924
banks
cant publicly
identify
someone
who has an
The opportunities formeans
social that
media
for financial
services
companies
..........................................
6
account with........................................................................................................
them, which potentially causes a barrier to using Twitter 8
over service:
social media ............................................................................. 11
for customer
eModeration: The Guide

to Social
Media Engagement
for Financial
Organisations
"We're
not allowed
to publicly disclose
that you
have a relationship
with usIt's very, very difficult the kind of conversations that we can
have publicly."
Despite this, HSBC (an eModeration client) is very
active on social media. Its 2011 Facebook
competition invited students to submit a video of how
they planned to make their mark on the world, using a
combination of user votes and a judging panel to
select eight winners to receive a 15,000 Student
bursary. Its a great example of a bank using social
media to attract young audiences, and put
something back into the community. The campaign
attracted a reported 40,000 votes.
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1
The opportunities for social media for financial services companies

4
Type chapter
title
(level
2)
.....................................................................................................................................................
5
Compliance issues notwithstanding, there are clear opportunities for financial services

companies, as with other consumer-facing businesses, to benefit from social media
involvement. Examples include:
Contents
Customer service. A good example of this is the USContents

2
based @askciti Twitter account, cited above. Wells
Fargo also uses Twitter to respond to customers, and
to track
customer interactions
with the
The opportunities
for social media
forcompany.
financial services companies .......................................... 6
Crisis and
management
over media
social media
............................................................................. 11
Research
andrisk
development.
Social
enables
very quick insight from the exact target audience.
HSBC have asked questions on their Facebook
pages to gather feedback on products and

Contents
propositions. UK-based First Direct uses its First Direct

Contents
2
Lab
to develop and road test new products within
the First Direct customer community:
TheSetting
first direct
Lab isofallengagement
about getting
you involved.
the rules
........................................................................................................
8
Crisis
and
risk
management
over
social
media
.............................................................................
11
It's a place where you can view new ideas and test-drive brand new first direct innovations
before we release them, so you can tell us exactly what you think and have your say right
eModeration:
to Social
forthe
Financial
from the start. The
AfterGuide
all, who
better Media
to test Engagement
new ideas than
peopleOrganisations
they're aimed at... you?
Insight. Social media means that for the first time, companies can listen in to what their
customers are saying about them, and respond appropriately. If a product or service isnt
working for your customers, social media is a useful way to find out what the problem is, and
put it right.
Recruitment. JP Morgans
Facebook community is
designed to give potential
employees a look behind
the scenes - a great use of
social media to show the
human side of the bank.
Table of Contents
1

Sharing information, for example about corporate social responsibility (CSR) programmes,
and
getting
both
and
Type
chapter
titlestaff
(level
1)customers involved. (Its fair to say that bankings image may
4
need atitle
little(level
polishing
these days.) HSBC has also launched an online newsroom something
Type chapter
2) .....................................................................................................................................................
5
Typethat
chapter
titlein
(level
3) ..............................................................................................................................................
6
brands
other
sectors do, but is still pretty forward-thinking in the banking sector. This has
the advantage of encouraging bloggers, commentators and journalists to go direct to the
bank for information and updates.
Contents
Contentsbrand ambassadors. By using social media to develop and distribute reward

2
Creating
Being socialexclusive
in a regulated
.......................................................................................................
programmes,
offers, world
competitions,
etc, banks can encourage loyal customers to 4
Who
wants
to
engage
with
their
bank?
Banks
areexample,
boring, right?
.............................................
share their positive experiences via social media. For
if a customer
feels that their 5
query was handled particularly well, they might tweet about how brilliant their bank has been
in helping
them,
which could catch
the eye
of some
of their Twitter followers.
Crisis and
risk management
over social
media
.............................................................................
11
Reaching a younger audience (e.g. HSBCs student programme) Banks have always worked
hard to capture the student market: customers who should go on to earn higher than
Contents
average salaries and are unlikely to change banks afterwards. Sam Grimley, Digital
Acquisition
Contents Manager at HSBC, says:
2
Who
to engage
withbenefits
their bank?
Banks
are media
boring,isright?
.............................................
I wants
think one
of the major
of using
social
that fact
you are able to have5
clear open conversations with your target audience on their terms. For HSBC Students
weand
arerisk
able
to speak to our
in a space they are already participating
Crisis
management
overtarget
socialaudience
media .............................................................................
11
in, we dont need to try and build a new website and then have to drive people there:
our audience
is already
using
socialEngagement
media and wanting
to talk.
eModeration:
The Guide
to Social
Media
for Financial
Organisations
People still tend to stick with their banks, from inertia if nothing else, but shopping for banks is
on the increase, and social media may well play an increasing part in influencing decisions.
The 2011 US Retail Bank New Account Study revealed that for US customers evaluating and
ultimately selecting a new bank, the most important factors driving their decision are
advertising, branch convenience, products/services, promotional offers, customer
experiences, past personal interactions, recommendations and bank reputation. Many of
these factors may be conveyed or improved via the banks intelligent use of social media.
Table of Contents
1

4
Type chapter
title
(level
2)
.....................................................................................................................................................
5
The first rule of any financial organisation getting involved in social media is to create strict

social media guidelines for all staff. Of course, these should set out what they may and may
not do under compliance regulations, but they should also set some of the softer rules of
engagement - tone of voice, appropriateness of responses and so on - as well as laying out

Contents
responsibilities by team, editorial guidelines etc, and they should be reviewed and updated
Contents
2
at least every year, to take into account changes in social media
technology. All staff should be trained in social media use, and this
training
should
updated
regularly,
to ensure
everyone
The opportunities for social
media
forbe
financial
services
companies
..........................................
6
understands........................................................................................................
the responsibility of community in a public, social
8
over
social
media
.............................................................................
11
environment.
Escalation processes should be clearly laid out within these guidelines
Contents
- what the social media team should do in the event of a crisis, or if a
user posts something illegal or threatening on the banks online

Contents
2
community, for example.
Set themedia
expectations
of each
community.
Agree
what each social 6
The opportunities for social
for financial
services
companies
..........................................
media channel
is for, and tell your community what to expect. If
........................................................................................................
8
over
social
media
.............................................................................
11
youre running a customer service channel, tell your followers what
response time they should expect (and stick to it).

Be clear what you will and wont allow from your community. Whats
your policy on swearing, for example? Will you delete off-topic posts?
What sort of behaviour are you trying to encourage, and what do
you discourage? Set, write up and display the rules of your
community, and be very clear what action youll take if people
break those rules. A good list of examples can be found here.
Does the CEO tweet? And should he or she? Who are your brand
advocates on each channel and what control do you have over
them? Decide what you want the face of the organisation to look
like. Christophe Langlois, author of Searching Finance's A Practical
Guide to Social Media in Financial Services, cites Peter Aceto, the
CEO of ING Direct in Canada as a good example of a tweeting CEO.
But be warned, if your CEO is on Twitter, he or she should expect the
odd customer to be in touch directly.
Table of Contents
1
Managing the community effectively

4
Type chapter
title (levelneeds
2) .....................................................................................................................................................
5
Any community
nurture, encouragement and careful management if it is to thrive.

First, set your engagement strategy by audience. Each audience group will need different
care; agree in advance how you will manage and communicate with them, and over what
Contents
channels. The way you manage a community with a student customer, for example, is
Contents
unlikely
to be appropriate for a business audience. Set out the tone, language and style to 2
social
in a audience
regulated -world
.......................................................................................................
be Being
used with
each
that way,
when you change community managers, you can 4
be sure that there is consistency in your approach.
Social
is all
about dialogue,
monologue.
In a heavily regulated industry, this can 11
Crisismedia
and risk
management
overnot
social
media .............................................................................
feel as though its going against every instinct of a financial communicator, but its important.
Be as social as you can, within the confines of legal compliance.
Contents
Managing a community takes time, effort and resource. Its not enough to build a beautiful
Contents page, you have to run it. Consumers expect brands on social media to respond to2
Facebook
Being
social
regulatedthey
world
.......................................................................................................
them;
if they
askinaaquestion,
want
an answer. Resource the community properly, and 4
Who
wants
to
engage
with
their
bank?
Banks
are worth
boring,
right? .............................................
encourage interaction - its why youre there.
Its also
considering
using a suitable tool 5
which
allows
toof
keep
track of, and
manage, the conversations that members of your
Setting
theyou
rules
engagement
........................................................................................................
8
team
are
having
with those in the
community.
Crisis
and
risk management
over
social media ............................................................................. 11
Plan
your content
all Social
your channels.
A bit of planning
goes a Organisations
long way, and puts you
eModeration:
The across
Guide to
Media Engagement
for Financial
in control of your content. Create an editorial calendar that covers all your channels, so you
know what competitions, promotions, questions, polls and stories youre going to run on all
your social channels.
Give people a reason to
come back. If you want
people to follow you on
Twitter or like you on
Facebook, you have to
give them a reason. That
might be access to VIP
services, or exclusive
content, or competitions
and sweepstakes.
Replicating your website
on Facebook isnt
enough of a reason for
consumers to engage.
Table of Contents
1

Wells Fargo goes as far as to explain why you should like its Facebook page, with exclusive
news,
job postings
among the ways customers are encouraged to return.
Type features
chapter and
title (level
1)
4
TypeModerate
chapter title
3) ..............................................................................................................................................
6
the(level
community.
One of the quickest ways to turn people away from a community
is to leave it un-moderated. Left alone, Facebook pages quickly fill up with spam and links to
viruses shared among networks of friends, and rogue posters will soon get wise to the fact
Contents
that they can get away with bad language, or even posting illegal or abusive content.
Contents within a community should be trained on escalation processes, to spot customer 2

Moderators
Beingissues
social
in aneed
regulated
worldquickly,
.......................................................................................................
service
that
addressing
or an issue that needs resolution to avoid a full 4
Who
wants
to
engage
with
their
bank?
Banks are boring, right? ............................................. 5
blown crisis.
Dont
beand
afraid
criticism. Tempting
as it might
to delete negative comments about your
Crisis
riskof
management
over social
mediabe
.............................................................................
11
product or service, its the quickest way to upset the community. Far better to deal with the
problem thats caused the negative sentiment, and put it right, than simply delete the post.
(For more information on dealing with negativity in a community, see our paper on the
Contents
subject, here.)
Contents
2
10
Table of Contents
1
Crisis and risk management over social media

4
Type chapter
(level
.....................................................................................................................................................
5
Citibanktitle
faced
an2)interesting
situation when members of the Occupy Wall Street movement
Typestaged
chapteratitle
(levelin3)a..............................................................................................................................................
6
protest
Citibank office in New York. Supposedly, the protesters were demanding
to close their accounts, and news was quickly reported that Citibank had got the police
involved, and a reported 23 people were arrested. Citibank was widely criticised for what the
Contents
Twitterverse was calling the stupidest public relations move in history.
The video of the

Contents
2
arrests went viral.
Contents
Contents
2
Realtime Report
The opportunities for social Source:
media The
for financial
services companies .......................................... 6
But Citibank reacted in a rather unexpected way. Instead of closing ranks, the Chairman
played
an alternative
video
of theMedia
protesters
action atfor
a social
media
conference (showing
eModeration:
The Guide
to Social
Engagement
Financial
Organisations
that they werent simply closing their accounts) and let customers make up their own minds
about the arrests.
HSBC used Twitter to update its customers when a number of its cashpoints failed in
November 2011, and was widely praised for the way it handled communications from
frustrated customers, keeping them updated and personalising responses . This is a great
example to show that you cant always control the problem, but you can control the way
you respond.
Spotting and managing a crisis over social media is a major part of social media
management today.
For detailed information and practical advice on how to manage a social media crisis, see
our white paper on managing a social media crisis.
11
Table of Contents
1
Finance just got social

4
Type chapter
2) .....................................................................................................................................................
5
Despitetitle
the (level
challenges
posed by legal restrictions and regulations, banks and other financial
Typeorganisations
chapter title (level
3) ..............................................................................................................................................
6
are finding
innovative ways to use social media within a strict legal framework.
Social media isnt simply another marketing channel for banks, its a way of engaging
customers, of solving problems, and of researching and testing new products. Social media
Contents
channels are creating entirely new ways of reaching, interacting with and doing business with
Contents
2
finance
audiences.
As a result, the culture of finance is changing, to become more open and more engaging.
More
social,
fact.of engagement ........................................................................................................ 8
Setting
theinrules
Contents
Contents
2
Reading recommendation:
If youre interested in reading more, we thoroughly recommend Christope Langlois book,
A Practical Guide to Social Media in Financial Services.
He also gives case studies on YouTube:
UK Banks Leverage Social Media to Target Students (1/2): HSBC
UK Banks Leverage Social Media to Target Students (2/2): Santander's I Love 50 Facebook
Contest & Barclays' 100 Voices
12
Table of Contents
1
About eModeration

4
Type chapter
title (level
2) .....................................................................................................................................................
5
eModeration
Limited
is an award-winning social media management agency. Based in
TypeLondon
chapter UK,
titlewith
(leveloffices
3) ..............................................................................................................................................
6
in Los Angeles and New York, eModeration provides multi-lingual
moderation and community management services, consultancy and social media crisis
management training to clients in the TV, entertainment and digital publishing industry and
Contents
blue chip clients hosting online communities.
Contents
2
Being social
in a regulated
.......................................................................................................
4
Committed
to ethical
businessworld
practices
and to the promotion of child online safety,
eModeration's CEO Tamara Littleton recently worked with the UK Government department
UKCCIS
to the
produce
itsengagement
guidelines on........................................................................................................
how to moderate online environments for children.
Setting
rules of
8
eModeration
contributes
to theover
growth
of knowledge
in the social media world via its white 11
Crisis and risk
management
social
media .............................................................................
papers, blogs and seminars, and has a strong roster of returning clients who appreciate the
high quality of its services.
Contents
For further press information, or to speak to Tamara Littleton, CEO of eModeration, please
Contents
2
contact:
Who
wants to engage with their bank? Banks are boring, right? ............................................. 5
Kate
Hartley
Carrot
Communications
Setting
the rules of engagement ........................................................................................................ 8
Tel:Crisis
+44 (0)771
406
5233
and risk
management
over social media ............................................................................. 11
E: emoderation@carrotcomms.co.uk
Twitter:
@katehartley
eModeration:
The Guide to Social Media Engagement for Financial Organisations
eModeration Limited 2012. This document is the intellectual property of eModeration Limited and may not be duplicated or
disclosed to any third party without the written permission of an authorised officer of the company.
13

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A guide to managing social

media engagement for

Type chapter title (level 3) .............................................................................................................................................. 3

Type chapter title (level 1)

Type chapter title (level 3) .............................................................................................................................................. 6

The opportunities for social media for financial services companies

Type chapter title (level 3) .............................................................................................................................................. 3

A guide to managing social media engagement for financial

Type chapter title (level 3) .............................................................................................................................................. 6

our Facebook feed than we do in real life.

Image courtesy of Online Marketing Tips

Type chapter title (level 3) .............................................................................................................................................. 3

Being social in a regulated world

Type chapter title (level 1)

Type chapter title (level 3) .............................................................................................................................................. 6

confines of such a heavily regulated environment.

media is no different to financial promotions made using any other medium.

Type chapter title (level 3) .............................................................................................................................................. 3

Type chapter title (level 1)

Type chapter title (level 3) .............................................................................................................................................. 6

that their parents might favour. Recent research by Sitel, reported on

Econsultancy, shows that 15 percent of 16-24 year-olds choose to

interact with customer service on Twitter, Facebook, blogs and forums.

But there are compliance headaches with financial customer service

eModeration: The Guide

Type chapter title (level 3) .............................................................................................................................................. 3

The opportunities for social media for financial services companies

Type chapter title (level 1)

Type chapter title (level 3) .............................................................................................................................................. 6

Customer service. A good example of this is the USContents

pages to gather feedback on products and

propositions. UK-based First Direct uses its First Direct

Type chapter title (level 3) .............................................................................................................................................. 3

Contentsbrand ambassadors. By using social media to develop and distribute reward

Type chapter title (level 3) .............................................................................................................................................. 3

Setting the rules of engagement

Type chapter title (level 1)

Type chapter title (level 3) .............................................................................................................................................. 6

engagement - tone of voice, appropriateness of responses and so on - as well as laying out

- what the social media team should do in the event of a crisis, or if a

user posts something illegal or threatening on the banks online

response time they should expect (and stick to it).

Type chapter title (level 3) .............................................................................................................................................. 3

Managing the community effectively

Type chapter title (level 1)

Type chapter title (level 3) .............................................................................................................................................. 6

Type chapter title (level 3) .............................................................................................................................................. 3

Contents within a community should be trained on escalation processes, to spot customer 2

Type chapter title (level 3) .............................................................................................................................................. 3

Crisis and risk management over social media

Type chapter title (level 1)

The video of the

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Finance just got social

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