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Top 8 Trends in Financial Services

& Social Media Examples of the best innovations in social media and financial services

from around the world. By Dana Larson

May 2016

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T r e n d # 1 : C h a t C o m m e r c e

•  Messaging used for commerce

–  Send money

–  Hail a taxi/transportation

–  Book a restaurant

–  Send a giﬞ card/certificate

–  Customer service

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T r e n d # 2 : D i g i t a l & S o c i a l M e d i a M a r k e t i n g

•  Targeted marketing that delivers:

–  Beּמer segmentation

–  Real-time marketing

–  Reduced acquisition costs

–  Faster time-to-market

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T r e n d # 3 : V i r t u a l B r a n c h e s

•  DenizBank Facebook virtual branch

–  10% of DenizBank’s online banking customers regularly use the app

–  150,000+ people used the app within 2 weeks of the media blast

–  3M+ viral impressions were generated through Facebook Ads

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T r e n d # 4 : C o m m u n i t y C r o w d s o u r c i n g

•  Barclaycard Ring—a community-built card. Card members start discussions in any of five areas, and then vote, ultimately shaping the product features:

–  Card Basics

–  Community

–  Financial Stats

–  Financial Health

–  Credit Lines and Rewards

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T r e n d # 5 : S o c i a l , U n i v e r s a l P a y m e n t W a l l e t – P o c k e t s

•  The Pockets app from ICICI Bank lets you use Facebook to:

–  Access your account

–  Book movie tickets

–  Track, split and pay the bill for entertainment with friends

–  Recharge a mobile phone

–  Pay bills

–  Get discounts

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T r e n d # 6 : S o c i a l C o m m e r c e A p p s — P a y K e y

•  PayKey enables users to directly send payments from within supported social and messaging platforms

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T r e n d # 6 : S o c i a l C o m m e r c e A p p s — V e n m o

•  Venmo enables users to make and share payments

–  Use Facebook to sign up and share payment activity

–  Fastest growing payments app

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T r e n d # 7 : I n n o v a t i v e M o b i l e F i n a n c e E c o s y s t e m s

•  China is leading the way in mobile finance with WeChat’s WeBank, Alipay from Alibaba and Baidu

•  Customers enjoy all of the features of a regular bank online and more

•  Facial-recognition soﬞware from apps like Megvii ensures accurate identity

“In 2004, whenever I had to pay my rent, I would go to my bank, queue, withdraw my rent as cash, walk it across the street to my landlord’s bank, take a number and queue, and then eventually deposit the money into his account,” he says. “Today, I pay my rent using Alipay from Alibaba. I invest using WeChat from Tencent, and I bought a mutual fund from Baidu. The landscape has completely changed.”

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T r e n d # 8 : S o c i a l M e d i a f o r C u s t o m e r S e r v i c e

•  Banks and other financial services companies are using social media to handle customer service inquiries

–  In some cases, response times can be faster on Facebook or Twiּמer than they might be via phone

–  When situations are handled well publicly, it can end up being a positive experience for everyone

–  The most successful organizations are those who don’t merely placate customers

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R e s o u r c e s a n d R e f e r e n c e s

•  Amex Offers for Social Media: hּמp://www.amexoffers.com/Amex%20Offers%20Social

•  DenizBank for Facebook success story: hּמps://www.facebook.com/business/success/denizbank

•  Barclaycard Ring: hּמp://www.barclaycardring.com/

•  ICICI Pockets app: hּמp://www.icicibank.com/Personal-Banking/insta-banking/internet-banking/pockets/index.html

•  PayKey social commerce app: hּמps://www.paykey.me/

•  Venmo social commerce app: hּמps://venmo.com/

•  WeBank: hּמp://www.webank.com/

•  Alipay: hּמps://intl.alipay.com/

•  Megvii facial recognition app: hּמps://megvii.com/

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