Wealth management is a form of financial planning that provides bespoke solutions to a wide range of clients – from the affluent to the high-net-worth or even ultra-high-net-worth. As such, it has always been a high-touch business, where customer engagement is usually conducted via personal meetings and face-to-face interactions. However, in recent years following the rapid growth in social media usage by the general public, there has been an ongoing shift in the demographics of affluent and high-net-worth individuals towards embracing digital platforms and social media in keeping with this trend.
Given this new reality, Standard Chartered Bank Malaysia Berhad had launched their Facebook Live initiative in 2019, with the goal of expanding its reach to tap into this new breed of affluent and high-net-worth base. Easily, this initiative has provided an accessible avenue for customers to obtain relevant educational content on wealth management and planning.
Just recently, Standard Chartered Bank Malaysia Berhad was awarded Winner, Best Social Media Marketing Initiative at the Global Retail Banking Innovation Awards 2020 (GRB Awards) by The Digital Banker. This exceptional recognition is a vote of confidence in StanChart Malaysia’s ability to execute such an ingenious idea and turn it into a fruitful reality.
Known in the industry as the world’s most authoritative and transparently judged Retail Banking awards program, the GRB Awards gives honour to the industry’s high achievers, whose initiatives blend innovative technology with a service-oriented mindset to raise the bar in consumer banking. Judging this year’s select winners in retail banking are well-respected adjudicators from companies such as KPMG Digital Village, Imaginarium Advisors, EY and Forrester.
“Standard Chartered rolled out the Facebook Live initiative to build awareness around wealth management and engage with clients further. By organizing monthly Facebook live sessions between January to December 2019, Standard Chartered had enabled its customers and audience to have direct access to financial experts, broadening its reach and increasing its visibility in the wealth management space,” said Nirav Patel, Managing Director at The Digital Banker during the awards virtual gala.
Standard Chartered has pioneered Facebook Live streams on wealth management topics.
Social Media and Wealth Management
The fact that social media is such a powerful engagement medium is already a given in this day and age. What’s more interesting though is the rapid rise of live video streams on these platforms – by going live on such platforms, brands can project authenticity in their messaging and draw its audience into deeper engagement. Presenting a video live sends a message to the target audience that the brand is open, transparent, and receptive to feedback.
Standard Chartered has pioneered Facebook Live streams on wealth management topics in January 2019, with the main objective of educating, updating and providing real-time access to financial experts on topics relating to wealth management and planning. To name a few, some of the notable themes covered in these streams are:
- Global Market Outlook 2019
- The China Growth Story
- Asian Multi-Asset investing
- Goal-Based Investing
Through its launch, it has provided an easy and convenient way to access financial advice from the Bank’s esteemed guest speakers, via the web or mobile devices anywhere, anytime. Furthermore, clients can participate in live sessions through the interactive comment section, or even re-watch the stream at a later time based on their convenience. This initiative has allowed StanChart audiences to have an unimpeded way to express their views, offer feedback and come up with suggestions.
It has also been proven beneficial for the business as it allowed StanChart to access the world’s largest online audience through a platform they use every day, which enables good customer engagement and helps in building brand equity and customer trust. Also by leveraging on the built-in analytical capabilities of Facebook to measure a video’s performance, the Bank has created a new avenue to attract and acquire new customers.
Throughout 2019, this initiative successfully garnered 545k reach, 131k views and 5.1k engagement. As this is still an ongoing initiative, the team continues to learn and adopt better ideas to improve future video content.