The same trends driving rapid adoption of mobile and social technologies in North America and Europe are not only playing a role in Asia-Pacific as well, but they’re actually even more impactful there.
For example, 82% of high net worth individuals (HNWIs) in Asia-Pacific (excluding Japan) expect most or all of their wealth management relationship to be conducted through digital channels in five years, in contrast to 61% of HNWIs in the rest of the world, according to the Asia-Pacific Wealth Report 2014 recently released by Capgemini and RBC Wealth Management. Not only that, but the study found that Asia-Pacific HNWIs across all ages and wealth levels will increasingly demand mobile and social technologies for interacting with wealth managers.
According to Jean Lassignardie (Chief Sales and Marketing Officer, Capgemini Global Financial Services, @jlassig):
“The risk of not getting digital right is high for wealth management firms in Asia-Pacific, as its high net worth individuals are distinguishing themselves as more digitally-minded than their peers in the rest of the world. Asia-Pacific wealth management firms will need to offer a deep, multi-channel experience that takes into account regional variations in order to meet these high expectations.”
Of course, social media is especially crucial to the younger generation. Over half of Asia-Pacific HNWIs under the age of 40 indicate social media as an important channel for their wealth management relationship. The Asia-Pacific wealth manager should share that perspective, especially since Asia-Pacific HNWIs are already openly sharing information about themselves on social networks, which will be a useful resource for the digital-savvy financial professional.
To further explore Asia-Pacific’s wealth management climate and how the digital movement will play a part, download the free 52-page Asia-Pacific Wealth Report 2014.
Would you believe that social media and social networks are mostly untapped across both the enterprise and consumer landscapes?
That’s the finding of a McKinsey Global Institute report entitled The Social Economy: Unleashing Value and Productivity Through Social Technologies. In advance of the report’s publication, several of the best minds in social media met in San Francisco for a panel discussion hosted by the Churchill Club, which has organized events for a quarter of a century with big names like Bill Gates, Bill Clinton, and Arianna Huffington.
For the social technologies-focused session, Hearsay Social CEO Clara Shih sat on the panel amongst esteemed leaders in the social media space, including Wendy Arnott, VP of Social Media, TD Bank Group; BJ Fogg, Founder and Director, the Persuasive Technology Lab at Stanford University; David Gutelius, Chief Scientist, Jive Software. The panel was moderated by Michael Chui, a Senior Fellow at the McKinsey Global Institute.
View the discussion in its entirety in the video below and check out some of the best live tweets from the event:
“With the experience our employees have as consumers, I believe it is important for me as CIO to understand the experiences they are enjoying and how to bring those same experiences into the workplace in a ‘fit for business’ way.” — Jeanette Horan, Chief Information Officer of IBM
LinkedIn is now a publicly traded company, and the professional social network is accessed by 150 million people every month. Facebook, which is going public very soon, is accessed by a mind-blowing 901 million people every month. Other social networks, like Twitter, Google+, Pinterest, and Instagram, are likewise seeing record engagement rates as consumers continue to crave a social experience with everything they do online.
These statistics are startling because they illustrate the “consumerization of IT,” or an increasing tendency for new technologies to first be adopted by mainstream consumers before businesses. If organizations today want to keep up, they must look to the behaviors of their very employees for insight into which technologies can help them build a better business.
Forbes recently published an article discussing the new era of the social business, which must be led by a “Social CIO” that understands the importance of social media and social networking to their organization. Their perspective falls much in line with our own:
For CIOs, managing is about understanding an organization’s people, information and technologies. Their task is to make people capable of exceptional performance, to enable teams to collaborate and to prepare an organization to be more effective. This is what the true role of the CIO is all about, and it is the reason that she is critical to building a social business.
To understand that LinkedIn is important for networking and identifying subject matter experts; to see that Twitter can be used to communicate ideas to a broad audience; to grasp that Facebook is a valuable tool for connecting friends and family through shared interests; to appreciate that Google+ represents a new break-through in long form communication and collaboration are all important to understand when designing the information flow and technologies for the social enterprise.
It’s a challenge, but every organization will need to rethink themselves as a social business. From hiring to marketing to sales, everyone at your organization is a brand ambassador, and it’s up to the CIO to put the infrastructure in place to make that happen.
Looking for a good role model? Here’s a graphic highlighting the top 25 Social CIOs in the Fortune 250, as identified by harmon.ie:
Curious to learn more about the new role of the Social CIO? Check out some of these posts: