Tuesday, November 30, 2010

BDI’s Financial Services Social Communications Event

As one of the sponsors of BDI’s Financial Services Social Communications Event in November, DBE was able to talk with many financial industry insiders to gauge the interest in social media and what marketers feel the risks and opportunities are in the channel. Here are just some of the insights we heard:

“It’s too early – clients don’t get it.”
“It’s risking leaking the wrong information to clients.”
“We’re being regulated and validated – you are who you say you are.”
“Social media is where the eyeballs are.”
“It’s an opportunity to demonstrate thought leadership and expertise.”
“We can engage with customers and get ideas from them.”
“We have an opportunity to enhance customer touchpoints and engagement.”
“Social media lets our customers know us better and have more access to us.”
“It’s risky when there’s no clear defined social strategy.”
“We’ll need to respond to criticism.”
“Data leakage is a huge risk.”

Marc Engelsman, VP of Client Programs & Services, led two roundtable discussions on social strategy for financial services brands at the event. According to Marc, the biggest obstacles these brands are facing with social media adoption are “less about the regulatory environment and more about getting buy-in from C-Suite and Senior Management who don’t yet see the value in the channel.”

At the event, case studies presented by marketers at Citibank, the Wall Street Journal, HSBC and others, described different approaches to social media strategy for financial services brands. While live-tweeting during the case-study presentations, Marc used the term “mocial” to describe the presenters’ theme of social-mobile convergence within the strategies they shared, which other Tweeters agreed is the direction things look to be going.

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