Skip to content

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

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Rolodexes and address books have been obsolete for some time now, but even CRM databases today are often full of outdated contact information.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!

Sallie Krawcheck at Hearsay Social Innovation Summit: Advisors are a key asset

We are so thrilled to host our inaugural Innovation Summit for financial industry leaders to discuss the future of financial services and relationship management in the social era. This afternoon event brings together experts across fields to explore the rapidly changing technology landscape available to financial institutions.

The event kicked off with a fireside chat featuring Sallie Krawcheck, former President of Bank of America/Merrill Lynch, Wealth Management and former CEO of Citi Wealth Management.

“We are at a very important time in the industry. We know where the points of weakness are but we do not fully understand where the strengths are,” Krawcheck said. “The strength of the client-advisor relationship isn’t only in good shape: among a good swath of clients, it’s in great shape.”
The number one reason a client leaves an advisor, according to Krawcheck, is that they didn’t return their phone calls fast enough. On the contrary, investment performance falls to #7 on the list. Therefore, enabling advisors to build and maintain relationships with customers is a key strategy, and business leaders must enable their advisors with technology to facilitate their productivity.

CRM Magazine names Hearsay Social a 2012 CRM Rising Star

We are proud to announce that CRM Magazine, a leading resource on customer relationship management (CRM), recently named Hearsay Social “The Social Media Pro” and a 2012 CRM Rising Star.
The magazine’s “2012 CRM Rising Stars” article profiles both young and long-serving companies of the software world. While these companies vary in size and age, CRM highlights what they all in common: “their innovations are motivating people to act.”
Hearsay Social is featured on the list because of its unique ability to power enterprises on social media, from sales and marketing to compliance and legal. Large companies like our customers Northwestern Mutual, Farmers Insurance, and 24 Hour Fitness are increasingly taking note of the influence and staying power that social media has in the business world. Companies that can harness and use social media to their advantage will continue to win over companies that don’t.
CRM Magazine has identified Hearsay Social as the “x” factor in the social media space.
In addition, we’d like to congratulate fellow “rising stars” Adobe, Badgeville, and the other companies leading the way in how businesses approach digital marketing. Hearsay Social, along with the rest of these companies has entered new and untapped markets with great success, furthering the power of CRM.
Click here to read up on CRM Magazine’s complete list of “Rising Stars.”