New Market Study Published: Gauging the Effectiveness of Social Media in Financial Services

New Financial Services research report from Timetric is now available from Fast Market Research
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* Social
* Media
* Case

* Finance

* Massachusetts - US

July 25, 2012 - PRLog -- Social media and Web 2.0 are characterised by

* Access to direct contact with virtually anyone, person or institution, connected to the Internet
* Access to print/publication and wide potential dissemination
* Quick responses
* Permanency (all content published at any date and by any publisher can easily be found through simple research)

These factors have generated

* A new code of social interaction and communication
* By extension, because social media is becoming the predominant medium of interaction between people, new demands from customers

Key Highlights

* In retail fi ncial services, 24/7 information accessibility should be shifting the balance of power towards consumers and account holders, but disintermediation is not yet a major concern
* By 2015, 'mobile' will be the single largest interacted channel for retail banking
* Yet it is hard for fi ncial institutions to get people to interact with their brands. They need to shape discussions more around topics of interest to their customers
* Smaller specialist providers can thrive in this atmosphere as they can develop tailored products at a lower overhead cost

Full Report Details at


* A best seller from 2011, this report has been updated to take account of the frenetic activity in social media into 2012
* It examines the future use of social media in fi ncial services, as well as prospective trends
* A wealth of data and case studies are provided
* This report examines in detail the difference between Web 2.0 and 1.0 which preceded it
* The elephant in the room is also discussed - can social media ever become profitable?

Reasons to Purchase

* Be brought up to speed on the latest thinking, data and trends in this highly visible, specialist area of social media
* Social media is consumer led. Find out how consumers and fi ncial institutions are reacting to each other
* See what direction the interaction is heading with tablets and smart phones
* Find out what the key metrics should be

Companies Mentioned in this Report: Facebook, LinkedIn, Twitter, American Express, Jyske Bank, BBVA, Bank of America, Barclays, Citi

Partial Table of Contents:

Executive Summary
Table of Contents
Table of Figures
List of Tables
1 Introduction: What is social media?
1.1 Definition
1.2 Penetration
1.3 Categories
1.3.1 Blogs / Wikis
1.3.2 Social networking
1.3.3 Case study: Facebook
1.3.4 Case study: LinkedIn
1.3.5 Case study: Twitter
1.3.6 Case study: YouTube
1.4 Is Web 2.0 a Revolution?
1.4.1 Web 1.0
1.4.2 Web 2.0
1.5 Summary
2 The risk of financial disintermediation
2.1 Arrival of newcomers - social banking
2.2 Creative start-up examples
2.2.1 Leveraging collective intelligence to provide curated financial information
2.2.2 Case study: seeking alpha
2.2.3 Ex. SumZero
2.2.4 Why contributing / sharing?
2.2.5 Proven efficiency?
2.2.6 Case study:
2.2.7 Case study: value investors club
2.3 Direct competition with traditional institutions
2.3.1 Case study:
2.3.2 Social money
2.3.3 Peer-to-Peer lending
2.3.4 Currency exchange P2P
2.3.5 The big players
2.4 Causes
2.4.1 Transparency
2.4.2 The customer is more knowledgeable
2.4.3 Technological progress and adoption rate
2.5 Limits of the Porter model in terms of distribution channels and the innovator's dilemma
2.5.1 Porter model perspective
2.5.2 Innovator's dilemma perspective
2.5.3 Characteristics
2.6 What could stop these newcomers?
2.6.1 FS regulated, risk disintermediation limited
2.6.2 Customer retention: What they say and what they do
2.7 Conclusion: how can banks face the challenges newcomers propose?
3 Estimation of ROI
3.1 Introduction
3.2 ROI measurements
3.2.1 Social ROI: measure what matters
3.2.2 Finding the right key performance indicators
3.2.3 Quantitative measurements
3.2.4 Qualitative measurement
3.2.5 Competitive measurement
3.3 Budgeting a social media project
3.3.1 Case study: social media project basic budget
3.3.2 Internal changes and ROI
3.4 Sales and ROI
3.5 Advocacy and ROI
3.6 A study of "The true value of social media"
3.7 ROI and cost savings
3.7.1 ROI and PR/advertisement
3.8 ROI and communication costs
3.9 ROI roadmap
3.9.1 Establishing a baseline
3.9.2 Create activity timelines / compare with sales revenues and number of transactions
3.9.3 Measure transactional precursors - Analyse sentiment
3.10Overlay for analysis and look for patterns
3.11 Conclusion: leveraging relationships creates ROI
4 Are social media platforms made for financial services
4.1 Is social media made for the corporate world, especially financial services?
4.2 Do customers really want a relationship?
4.3 The top 150 banks on Facebook
4.4 Financial services on Web 2.0
4.4.1 Reluctance
4.4.2 Inexperience
4.4.3 Global objectives
4.4.4 Actions taken
5 The New customer of social media
5.1 Demographics of social media users
5.1.1 Gen Y is not the largest segment
5.1.2 Social media in banking
5.1.3 Private banks lagging behind in social media
5.2 Look for Gen X, Boomers, and Seniors
5.2.1 A few key findings on social media by Nielsen, May 2011
5.2.2 The rise of women
5.3 Why are social media users drawn to financial services online?
5.3.1 Reasons to look for financial services online: information
5.3.2 Reasons to engage with companies: discounts and promotions
5.4 Gender differences
5.5 Reasons for buying online: a better price
5.6 A multichannel approach: ROPO effect
5.7 Other key facts
5.7.1 Google is the portal
5.7.2 Familiarity matters
5.7.3 Trust and customer advocacy
5.8 The social world and the reality: customer loyalty and retention
6 Uses of social media for financial services
6.1 Image
6.1.1 Live image management
6.1.2 Corporate communication
6.2 Branding
6.2.1 Case study:
6.3 Smaller players fare better
6.4 Jyske Bank: Differences - how to create a strong brand identity
6.4.1 Empowered branch staff for empowered customers
6.4.2 Branch design
6.4.3 Building brand awareness - Jyske Bank
6.4.4 Jyske: A cultural overhaul
6.5 Customer engagement / advocacy
6.5.1 Advocacy
6.5.2 Case study: Facebook
6.6 Real-time market research

Full Table of Contents is available at:

About Timetric

Timetric is an independent economic and business research firm providing critical intelligence on emerging economies and key global industries.  They provide detailed economic and sector intelligence, business insights and authoritative, independent commentary.
Source:Fast Market Research, Inc.
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