Social Business Innovation Summit Recap 2014

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Many financial services firms aren't yet taking advantage of social tools.

By Emilie Totten

The Social Business Innovation Summit wound down earlier this May, after an exciting few days of discussions. Sponsored by Hearsay Social, a social media marketing management platform, the annual conference is a meeting of industry leaders in the technology and financial services sphere. Industry and thought leaders traveled from across the globe to join in the conversation in San Francisco. The conference put individuals from different areas in touch, creating vibrant discussion inspired by the speakers.

Hearsay Social CEO Clara Shih started off the summit with a presentation on how social media enhances human capital rather than replacing it. Customers are finding more information online and expect to be able to use multiple devices. They often want personalized service and the ability to interact with companies in the way they choose.

Social platforms are becoming an increasingly important part of marketing and client experience for many industries. That’s why it’s so important to have events where leading voices can convene to discuss these issues. Financial services have been slow to adapt to social media because of compliance and other issues. According to data from Hubspot, only 33 percent of financial services respondents had acquired a customer through Facebook, compared with 73 percent of retail, wholesale and consumer goods.

However, the financial services industry is possibly the best poised to take advantage of these platforms, according to Hearsay Social, and many of the speakers agreed. One of the key takeaways from the summit was that client expectations are changing. Technology is transforming how buyers make decisions, and companies need to continue innovating in the social sphere. By 2020, more than half of the workforce will be millennials, and financial institutions will need to find a better way to connect with these individuals. Chances are, it will be through digital platforms.

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Emilie is Head of Marketing at Synthesis. Emilie earned her B.S. in Advertising from the University of Illinois at Urbana-Champaign. She has 15 years of integrated marketing experience in the financial services, technology, and healthcare industries. She lives in Chicagoland with her husband, two kids and two cats. When she isn't marketing or parenting, she can be found practicing yoga or reading a good book.

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