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The 5 Risks of Not Being on Social Media: Recap from the Financial Services Roundtable

08.15.2013
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Every year, more and more companies get smarter about avoiding the risks while tapping into the opportunities of social media.

This year’s Financial Services Roundtable (BITS) in Washington, DC took that conversation to the next level with participation from many financial firms, including Wells Fargo, RBC, and Bank of America and regulatory bodies FINRA and FDIC.

Hearsay Social CEO Clara Shih spoke alongside thought leaders like Mark Risoldi, Managing Director at JPMorgan Chase; John Anderson, Director of Platform Operations at Facebook; and Kathleen M. Higgins, Department of Homeland Security.

Hearsay Social CEO Clara Shih speaking at the Financial Services Roundtable (BITS)

Specifically, she addressed the risks of not being on social media:

1. Customers can’t find you

Many people use the social Web today to answer whatever questions they might have. When it comes to their most important purchase decisions, for example, people tend to trust their personal networks more than any other sources. On average, buyers progress nearly 60% of the way through their purchase decision-making process before engaging with a sales representative, according to Corporate Executive Board. That’s why it’s so important for you and your business to be findable on the social networks.

2. Struggle to stay top of mind

As a natural progression from the above, you should know that people are researching companies and their sales reps before doing business with them. What are they finding? Having a solid, trustworthy presence on social networks–with relevant information available there–will allow you to boost your credibility and keep you top of mind.

3. Missing out on what customers are saying

People often share important events in their lives on social media, such as when they change jobs or move cities. Tapping into these “social signals” provides an unprecedented opportunity for you to stay current with your most important contacts, including customers and prospects.

4. Losing touch with valuable contacts

Rolodexes and address books have been obsolete for some time now, but even CRM databases today are often full of outdated contact information. Conveniently, everyone typically keeps their information up to date on their social profiles. As a result, social networks provide the most accurate information about where your contacts are and what they’re doing.

5. Lack of innovation

Would you do business with a bank that doesn’t have an online portal? With every technological innovation, from the telephone to email to social, customers will expect businesses to be forward-thinking in the level of service they provide. Today, that increasingly means adopting social media.

John Anderson, Director of Platform and Payments at Facebook; Hearsay Social CEO Clara Shih; and Paul Smocer, President of BITS (Technology Division of the Financial Services Roundtable)

Patty Gaumond, VP at State Farm; Michael Varzally, Executive Director at JPMorgan Chase; John Anderson, Director of Platform and Payments, Facebook; and Mark Risoldi, Managing Director at JPMorgan Chase

Other sessions at the event focused on how social media fits into financial services, specifically in regard to changing customer expectations, regulatory and legal rules, and lessons learned from past events.

We look forward to the next roundtable!

Published at DZone with permission of Hearsay Social, author and DZone MVB.

(Note: Opinions expressed in this article and its replies are the opinions of their respective authors and not those of DZone, Inc.)