Web 2.0 in Financial Services

The customer relationship is the critical success factor in retail finance. As more time is spent online, web 2.0 will be the essential part of the 'engagement' strategy, turning

employees into social media brand advocates, and transforming negative consumers into influential word-of-mouth marketeers.

This report uses non-public domain data and other exclusive material to provide a comprehensive analysis of the impact of web 2.0 on retail finance, including:

• Tools and techniques de-mystified.....from Avatars to Widgets.
• Creating a fantastic brand experience for all segments.
• 2.0's role in operation and strategy, in particular;customer service, marketing, marketing research and product development.
• Understanding, assessing and mitigating the risks from new activity.
• Integrating 2.0 with other delivery channels.
• Global best practice and case studies.

Emerging trends... prepare for the future world of web 3.0!

Who should read this?

CEOs, heads of retail banking,e-channels, IT, strategic planners, marketing managers. Consultants, analysts, industry observers.

What are they looking for?

To understand web 2.0/social media and its potential to enhance customer engagement, key success factors in deploying these tools, the challenges and how these can be overcome.

Slow adoption by financial institutions

Financial services institutions have been somewhat slower than other industries to embrace web 2.0, reflecting an aversion to the operational, compliance and reputational risks associated with a relatively new and unknown medium. Yet web 2.0 has the potential to radically improve outcomes in customer service, marketing, product development and research.

Creating 'Brand Advocates'

The customer relationship is perhaps the most critical success factor in retail finance. Financial institutions are under constant pressure to develop and implement new ways to engage customers and strengthen this relationship. With consumers spending an increasing amount of their time online, web 2.0 will become an essential part of creating brand advocates.

The first study of web 2.0

This report examines the case for using customer engagement as a metric, and discusses the challenges faced by banks in leveraging web 2.0 media and best practices that will maximise their success. The biggest challenge for banks is to provide content that is sufficiently useful or entertaining to keep consumers engaged. Consumers using web 2.0 media are generally looking for social interaction or entertainment and have little interest in engaging with financial institutions. Banks have successfully used approaches such as financial education and advice, community or charitable activities, and combining web 2.0 tools with traditional marketing approaches in multi-media campaigns.

For many financial providers there is considerable uncertainty moving forward. In these vital early stages, decision makers will benefit from this report's comprehensive overview and critical insight.

About the Author:

Ray Cain is a consultant specialising in banking and finance. He holds a Post-Graduate Diploma in Banking and a Masters of Management in Banking from Massey University in New Zealand. He is also studying for a PhD in Economics at the University of Fribourg in Switzerland. During his working career, he has held management and consulting roles in economic development projects in Indonesia and Serbia.

• Section I
  • The case for using web 2.0 to build customer engagement
  • Chapter 1: Web 2.0 and customer engagement
  • Chapter 2: Customer engagement and web 2.0 in customer service
  • Chapter 3: Customer engagement and web 2.0 in marketing
  • Chapter 4: Customer engagement and web 2.0 in market research and product development
• Section II
  • Web 2.0 tools for customer engagement
  • Chapter 5: Blogs
  • Chapter 6: Podcasts
  • Chapter 7: Social networking sites
  • Chapter 8: Online communities
  • Chapter 9: Virtual worlds
  • Chapter 10: Consumer-generated ratings and reviews
  • Chapter 11: Personalisation and customisation
  • Chapter 12: Online personal financial management tools
  • Chapter 13: Interactive online tools
  • Chapter 14: Viral marketing and multimedia campaigns
• Section III
• Success factors in engaging customers with web 2.0
  • Chapter 15: Authenticity
  • Chapter 16: Starting out
  • Chapter 17: Risk management
  • Chapter 18: Measuring customer engagement with web 2.0 initiatives

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