Social Media and Social Business the coming

business changesAlpesh Doshi

Fintricity

Agenda

Introduction to Social Media & Social Business

Social Media – the landscape

Social Business – How businesses will change

Summary

Definitions

Social Media

….is a set of technologies and channels targeted at forming and enabling a potentially massive community of participants to productively collaborateAnthony Bradley, Gartner, 7th January 2010http://blogs.gartner.com/anthony_bradley/2010/01/07/a-new-definition-of-social-media/

Social Business

… is the intentional creation of socially calibrated and dynamic business systems, process and culture. To create enhanced value exchange among constituents delivering improved and emergent business outcomes

An example of communities.....

Enterprise 2.0

Extended Corporate

Public B2B Trusted

Consumers Focused

Application of Web 2.0 within the enterprise. Focussed on enabling employees to interact

Created to work with a private community (e.g. Business partners) like wholesale or white label

A social application and service for a trusted group – your community of IFAs

Consumer facing Web 2.0 presence with possible integration into other networks

The Conversation Prism

Social Media LandscapeLarge and growing social media applications

Consumers across the demographic (18-40)

Financial Applications starting to emerge......

Social Networks have become a part of daily life

How is this relevant to Financial Services?

Finance sites are sprouting everywhere....

Lead by US (although regulation is different)

Social Media sites provide online tools and services to manage finances... And share goals

Here is an example from something in the UK....

Social Media MarketingSocial Analytics

Semantics Social Graph

Data

Why use Social Media?

Engage and Interact with Audience/Customer

To help Marketing and Brand Development

Build Trust in your Brand and enhance reputation

Social Networks Applications

Understand needs and drivers of consumers

Driver loyalty and advocacy

Input to Product Development

Blogs

Ho

w?

Monitor

Social Business - Characteristics

Conversations

Reputation

Agility

Transparency

User Oriented

Trust

Many Business Functions can be Socialized….

Marketing

Sales

Human Resources

Legal

Corporate Strategy

R &D

Product Development

Education and Training

Etc, etc

Working in Isolation ->Collaboration

Knowledge Management -> True Information Sharing

Data is the new Oil

Social CRM

Benefits of Social Business

Connect people internally and externally (e.g. expertise location)

Building Communities across functional areas

Breakdown organisational barriers and functional silos

Promote broader participation

Improve external brand reputation and enhance relationships

Discover how your organisation really works

ConclusionsSocial Media is already here!

Brands are keen to reach their customers and learn more about them

Conversations and Interactions are common outside financial services

Driven by brand, transparency, interaction

Social Business is coming too!

Enterprises must change and adapt to the new ways of working

Will improve productivity, transparency, agility, profitability.........

Integrated strategy and plan needed (and it’s not only about building communities

Companies must build a strategy, operating model and solutions

About FintricityFintricity works with companies to help them plan and execute their Social Media and Social Business strategies

Fintricity delivers business aligned technology solutions to meet that need

Fintricity provides expertise around technology, mathematics, computer science, sociology blended to build and deliver the right solution

Thank you• email: alpesh.doshi@fintricity.com

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