As a follow-up to my recent infographic on how banks are engaging customers on Facebook, I’ve created this infographic looking at which banks are using Twitter and in what ways they are engaging their customers and how successful are they?
Analysis sources: Followerwonk and Simply Measured
After a recent blog I wrote on the role of the futurist, I wanted to write about the changing role of marketing, how the CMO is becoming a more popular role but tenureship is unsurprisingly decreasing and to understand what now can we term as “success” for marketing. During my research I uncovered a really insightful piece by Brian Kardon on the Marketo blog about this very topic;
We’ve all heard (and will continue to hear) about the increasingly prominent role of the Chief Marketing Officer, or CMO. This is clearly a win for marketers, but with increased prominence comes increased scrutiny from your Board of Directors – especially for venture-backed companies.
Earlier this week, Lattice Engines, NEA, and Sequoia Capital brought together expert CMOs and marketing executives to discuss that very topic: how Boards of Directors are changing the way they evaluate the success of marketing.
I had the pleasure of moderating a panel with two expert practitioners – Sanjay Dholakia, CMO of Marketo, and Sharmila Mulligan, founder and CEO of ClearStory Data and formerly a CMO herself – and two partners from leading VC firms – Mickey Arabelovic of Sequoia and Pete Sonsini of NEA.
At the discussion panel, titled “The CMO Revolution: From Focused Expert to Empowered Leader”, our audience of marketers were treated to countless insights and observations from our panelists. Here are a few of my favorite takeaways:
Today’s CMOs need to adapt to the changing way that buyers make purchase decisions. Your audience is now researching products and services before they speak to sales, which means marketing has a lot more influence. Your audience no longer wants to be sold to; they want to be engaged with.
“There are three fundamental mind shifts that CMOs have to make today. It’s no longer about finding customers; it’s about being found. It’s about conversations, not campaigns.” – Sanjay Dholakia, Marketo @sdholakia
Now that everyone has access to “big data”, it’s the way you use your data that will differentiate your company within your space.
“Data matters for companies of all sizes. It used to be that startups had no data because they didn’t have any customers yet. Now there is enough data to make decisions from day one. CMOs today need to have a balance of both technical skill and creativity to raise awareness.” – Pete Sonsini, NEA @psonsoni
In order to maintain marketing’s seat at the revenue table, marketers should report to the board in a consistent, holistic way, focusing on both strategy and technique. What are the marketing team’s high-level goals, how is the budget being spent, and how does this position your company within your industry?
“Be consistent in how you report to the board each quarter. Board presentations should always include two to three slides from marketing. The first slide should cover the art of marketing. What’s the company’s positioning and value proposition? The second should cover the science. Is marketing investing in the right areas? Is sales getting what it needs? The third should cover what’s happening in the market with competitors.” – Sharmila Mulligan, ClearStory Data@ShahaniMulligan
This is also why organizations need to pay more than lip service to alignment between marketing and sales. Smart CMOs secure marketing’s place at the revenue table by making that alignment a part of daily life.
“Marketing and sales need to be held to the same number. Marketing needs to have a number assigned, or a quota just like sales. If sales and marketing are not aligned, it’s a complete miss.” – Sanjay Dholakia, Marketo @sdholakia
The panelists seemed to agree that there’s no exact set of skills or traits that make up a “perfect” CMO. That said, companies should look for certain qualities in their marketing leaders – whether those qualities are encompassed by one person, or a balance of people within the organization.
“There’s no formula for the perfect CMO. Start with the core of the person. The underdog mentality is key – someone who is always trying to improve, driven, likes to get their hands dirty and doesn’t quit.” – Mickey Arabelovic, Sequoia @Sequoia_Capital
“Stop searching for a CMO who offers the perfect blend of art and science. It’s better to have a healthy tension. Build a team with skill sets in both areas.” – Sharmila Mulligan, ClearStory Data @ShahaniMulligan
At the end of the discussion, at least one thing was clear: the role of marketing is changing at a rapid rate, especially when it comes to tech companies at the forefront of marketing innovation. My biggest takeaway from our session was that, with all of the advancements in marketing technology, the growing harmony between art and science, and the rising prominence of the CMO, it’s never been a better time to be a marketer.
KBC Bank Ireland have launched their new credit card offering which completes their suite of personal banking products and offers Irish customers a potential alternative for all their personal banking needs – or does it? The current personal banking offerings are tending towards market commoditisation and a consumer’s reason for choosing a bank account is increasing relating to customer service and online and mobile banking capabilities of any given bank.
KBC Bank have been operating in Ireland for the last 40 years and their parent company is KBC Bank NV, one of Europe’s largest banks. To date, KBC Bank have been associated with their mortgage products and for their corporate banking capabilities. Last year saw the introduction of a current account card to add to their existing products of savings, mortgages and insurance products. Ciaran Hancock from the Irish Times reported an increase in new accounts of 25% and an aggressive plan to take 10% market share of the personal banking space in an already intensely competitive marketplace.
Current account features include a Mastercard debit card, overdraft and draft issuance. The customer also has the option to transfer funds above a certain balance into a KBC Savings Account with a view to maximising interest rate return (source KBC Bank Ireland).
On foot of these new offerings, KBC Bank have invested heavily in their ” the Bank of You” campaign and one of the primary calls to action was “pop in for a coffee” at one of their hubs. But do Irish consumers really know the branch networks of KBC Bank? Incidentally they are Dublin, Cork, Limerick and Galway. Various reports detail KBC Bank’s committment to opening new branch hubs and increase their physical footprint by 5 new locations in the near future. But surely their first marketing objective would be brand education and awareness.
Although mobile and online are growing as channels for banking amongst Irish consumers, some consumers still prefer the physical branch as their preferred channel, with an uptake in branch visits at 51% compared to 43% the previous year. So getting branch distribution right will be an important success criteria for KBC Bank.
KBC say they are “committed to delivering a responsible but innovative bank that is grounded in customer and shareholder value”. (www.kbc.ie) Edelman’s most recent trust barometer of 2013 reports ongoing issues of trust amongst Irish consumers and banks, with 15% describing the banking industry as the least trusted sector in the economy.
I think this is the key differentiation factor for KBC Bank – a bank you can trust.
The real question we must ask ourselves is, do we really need another offering that will be “competitive and not the cheapest?” Will customer service and customer experience be the differentiating factor that will translate to 10% market share….
Only time will tell.
In mid-2012 an article from Silicon Republic discussed how Bank of Ireland were the first bank “to engage the social trio”, Facebook, Twitter and boards.ie. Subsequently, in April 2013, Socialmedia.ie published an analysis on how some of the biggest Irish banks are getting to grips with social media as a platform to engage their customers. The report shows that only 2 banks were actually on Facebook (Bank of Ireland and RaboBank) and AIB had a GAA site. Twitter was used as a customer service tool by AIB, Bank of Ireland, Ulster Bank and Rabo Bank.
Since then, the social media laggards have awoken from their slumber and a very different social media landscape lies before us. As consumers continue to embrace social media for brand evaluation and purchase options, the banking sector is increasingly recognising that this channel will play a significant role in defending its existing customer base from non-traditional competition sources. A presence on these platforms is no longer a matter of choice and Irish banks are compelled to “be” where their customers are. Internet is still the preferred channel of choice for Irish banking customers at 80%, with mobile quickly growing in popularity (Accenture 2013). As is true for success in any business, it is important to be where your customers are, and future banking customers are online. Social media has become an important way for banks to build relationships with their customers and to reach a younger audience. Following the financial crisis, credibility is a real issue for banks. Financial institutions feel a constant pressure to regain and improve customer satisfaction and trust and slowly social media channels are providing a vehicle for this to happen.
In this infographic I’ve compared how Irish banks, (including new player KBC Bank) are engaging their customers across Facebook, analysed the data and uncovered some interesting insights that leave us food for thought….
Bank of Ireland are active on Boards.ie, using the platform as a customer service tool. Most banks have active LinkedIn accounts which serve to host corporate information and for recruiting purposing. AIB also have a Flickr account and are using Google +. YouTube is also gaining popularity for showcasing products, demos and marketing campaigns.
In conclusion, while most banks have a presence across the main social media platforms, they are primarily focusing on using Facebook and Twitter to deliver customer service. We have seen marked changes in the level of activity and commitment by the banks to their social media strategy which can only be good news for Irish customers. Banks are no longer shying away from complaints on social media and are quickly acting to appease disgruntled customers. On a final note there is a lot more scope for banks to engage with current customers and potential customers, and to get more creative with their content across all platforms.
Check back soon for an infographic on how Irish banks are using Twitter.
One of the most frequently heard buzz words that has dominated financial services in the last year is branch transformation and engagement banking. A new phrase has even been coined “phygital” which describes the integration of digital elements into the physical environment.
Banks and all financial institutions have been working hard to determine the right distribution strategy and very recently Virgin Money have brought to a whole new level their take on the role of the branch going forward. Their new branches don’t even offer banking services.
With the Virgin Group diversified into more than 300 different areas of business and whether you are interested in music, travel, financial services or mobile telecommunications, it’s almost an impossibility to ignore the significance of the Virgin brand. Since it’s beginnings in the 1970’s Sir Richard Branson has been working tirelessly to beome “the most irresitible brand in the world” and with each new innovation is making gains towards that end.
The Virgin brand is all about pushing the limits and embracing the new and anticipating the future. Disruption is core to Virgn’s strategy and doing things differenlt and being good at it is what they do best. Sir Richard Branson himself is one of the most refreshing people to follow on Twitter – both inspirational and outspoken. A lesson to all of us, not just to accept but to challenge the norm.
Virgin money has opened their fourth Virgin Money Lounge which is exclusive to Virgin Money customers only. The appeal of the lounge is to offer customers a unique, relaxing and enjoyable lounge experience where communities can meet. Each of the 4 lounges are individually themed with somes features of the latest addition offering a space that imitates the first class flying experience!
Unlike other branch transformation efforts there is no soft, yet alone hard sell of financial services products. A tellerless environment whose aim is to build a new type of bank that people (customers) are part of and for us banking customers a serious and welcome departure from the status quo.
A few months ago I came across an article on Sheryl Connelly who is Futuring Manager with Ford. I had never heard of this job title before and planned to investigate more about this role and where it fits in the corporation, how many futurist job roles are actually out there and more importantly is there a difference and if so, what is the difference between a futurist and someone who analyses future trends? Again, by accident a few weeks later, I discovered that Hersheys were hiring a chocolate futurist. That was the impetus to tell me that maybe this was an evolving role.
In my subsequent research to write this piece I happened upon this YouTube video with Sheryl Connelly and I don’t believe any other words could better describe the role of the futurist;
I subsequestly read Sheryl Connelly’s Predictions Report for 2014, which is available to download from http://www.searchenginejournal.com/sheryl-connelly-fords-futurist-predicts-2014-trends/86733/ It is rare that I have been so engrossed by a report and learned so much from one single source. Clearly a superbly talented and intelligent lady and role model that I would dearly love to meet one day.
Twitter has become a serious tool in the world of finance and financial news. Financial institutions and ancillary financial businesses are finally coming to grips with how best to integrate this social media platform into their day-to-day activities and customer fronting engagements.
Even on Twitter some of the basic rules of marketing still apply – first impressions do count – so making the most of the blank canvas background that Twitter allows account holders to brand and decorate as they choose is worth putting time and effort into.
If you are looking for some inspiration on how best to adopt Twitter’s new profile view, here are my top 10, which incorporate examples across the spectrum of all types of financial twitter accounts with different styles applied:
1. @VirginMoney
In 2013 Accenture reported that internet banking is still the preferred channel of choice by 80% of Irish banking customers but mobile as a channel is set to greatly disrupt this current trend. AIB and Bank of Ireland have recently launched new banking apps which allow you to send money via mobile phones and are reported to be as safe and secure as any regular banking transaction. The AIB Me2U App provided in association with Visa, allows registered AIB Phone & Internet Banking customers to send money from a valid euro personal AIB Visa Debit or Credit card to a recipient’s euro personal Visa card (credit, debit or pre-paid) using the recipient’s mobile number (www.aib.ie) 
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Guest blog by Paul Berney, Co-Founder, Managing Partner & EMEA CEO MCordis http://www.mcordis.com
For some retailers mobile is both a channel and a device to be feared. Almost every retailer has experienced ‘showrooming’ with customers abandoning sales in-store after looking for better price, availability, customer reviews, etc. using their smartphones. Rather than trying to fight this somehow (a futile act in any case), smarter retailers are embracing mobile and integrating it into the retail experience throughout the customer journey. We are now seeing the use of multiple mobile technologies in-store to improve the whole retail experience. It is something we are referring to at mCordis as ‘Directed ShoppingTM’.
Directed ShoppingTM. takes many forms but essentially it refers to connecting, engaging, influencing and ultimately selling with and through mobile in the store.
Directed shopping includes all of the following types of activities and more:
As retail develops to become more experiential, mobile will surely play a bigger role in consumer engagement going forward. Retailers like Tesco in the UK are preparing themselves by installing Wi-Fi throughout their stores to enable the experience for customers, but also to allow them to capture more data about their customers. They are well aware that big data influences small decisions and their eventual aim is surely to mobile-enable their entire loyalty program (something we will write extensively on in the near future).
William Gibson’s quote about the future already being here, but just not evenly distributed, is often quoted at marketing conferences and events. That doesn’t make it any less true though. All the signs are already there that mobile enabled directed shopping will play a huge part in the future of retailing everywhere.
Paul Berney is the Co-founder, Managing Partner & CEO EMEA of mCordis www.mcordis.com
In the last quarter of 2013, Amazon launched their mayday button on the Kindle Fire HDX which provides 24/7 technical support to customers experiencing technical difficulties. Users are able to see their technical advisor but the advisor cannot see the caller.
Barclay’s Bank latest mobile app has a live video chat facility which again connects bank customers to customer support representatives. Salesforce’s have now launched what is thought to be a ‘game-changing’ technical support feature for mobile apps which heralds a new way for companies and organisations to capitalise on providing assistance to their customers.
The Salesforce Service Cloud SOS will enable developers to embed into their clients’ mobile apps a button that connects them directly to agents providing live audio or video support and on-screen guided assistance. Salesforce describes the SOS feature as the next breakthrough innovation for mobile customer service — a product that “will revolutionize in-app support.” Particularly for banks, where mobile is increasingly becoming the preferred channel for banking, the new service genuinely has the potential to revolutionize and greatly enhance user experience and foster deeper client / customer engagement.
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