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Execs In The Know- A Global Network of Customer Experience Professionals

Building Online Financial Communities with Matt Wilcox

Chad McDaniel
(0:38): Welcome to Voice of the Customer Radio. This is Chad McDaniel, your show host, and we have a great guest joining us today, Matt Wilcox from Zions Bancorporation. Matt, I know I was excited to have you come join us today based on the level of enthusiasm we received from all the attendees at the Customer Response Summit this past May in Florida. So Matt, welcome and can you say something? Make sure I hear you okay.

Matt Wilcox
(1:05): Yeah. I am here and it is an honor to be here. I appreciate the invitation.

Chad McDaniel
(1:10): Well, excellent. Matt, before we get started, there are a couple of things. I want to just make some announcements to all of our guests that have joined us. Well first of all, I really appreciate the loyal following and listenership of Voice of the Customer Radio. It has been a real treat and pleasure to have all of out listeners’ part of our show format and program and I do greatly appreciate their loyalty. As always, at the end of the show, this show will be made available immediately. You can listen to it or share with your community and followers on Twitter, LinkedIn and many other social channels out there. The recording is available as soon as we conclude the show. If you have any questions at any time with our show, listeners, you can always email me mcdaniel@justcareers.com. And if you would like to be a guest on one of our shows or if you got a very compelling customer service, customer advocacy experience, we would love to hear about that and please email me and we will see how we can include you in our summer lineup. But with that, Matt, I have got a big announcement that in my world I guess, I want to say a big announcement that I want to make today and for all our listeners is that as of yesterday, we have just launched and announced the Customer Response Summit 3 and this is going to be down back in Scottsdale, November 14 and 16, and this is the third of the series. And it is by far best going to be build the best out of all of the summits and it has been an incredible journey for us and experience through number one and two, and I am very excited about number three.

(3:05): Matt, I hope you can come join us and many other listeners, but if you would like details on Customer Response Summit 3, you can go to our event website www.customerresponsesummit.com. In fact, we have got Jeff Russakow from Yahoo. He is the chief customer officer of Yahoo. He is going to be our key note speaker. And really, what it is all about is the customer collaboration 3.0, the new environment facing all corporations, the transformation of your customer engagement and experience. And we are asking folks are you ready for this. A complete description of what all of that means again is on the website, the customerresponsesummit.com. At some point, I hope all our listeners will take a minute to take a look at that and we are quite excited the way that format is coming together. So, what I like to do is mix a couple of things up on today’s show. Before I introduce Matt, I wan to bring in a couple of callers, press one on your handset. Let’s just hear what your objective or what you would like hear from Matt today. It can be just a two-second statement or whatever, but I would love to get some input, shout out to listeners right now and just press one on your handset. Let’s ask just a couple what you would like to hear from Matt. He has got a great story, a compelling story that he is going to share, and Matt, I know when we were at the summit recently back this past May, the title of your topic was “Building Online Financial Communities: The Fine Line Between a Bank Being a Resource or Your Friend”. And I know some of the things Matt you had talked about was discuss the importance of developing a well-defined strategy for some various social media tactics to ensure that the customers and prospects will actually want to engage with the brand, especially with banks. And I think the big question out there was why people would want to be friends with their bank online.

(5:06): It was a great story and a journey and again I know a lot of the folks there really resonated extremely well to that experience and so forth. So, good to have you. So, let me introduce you, Matt. First of all, Matt Wilcox is the vice president of Zions Bancorporation, overseeing all of their eBusiness activities. And his primarily responsibilities include all interactive and email marketing, online and mobile banking development and strategy. Matthew, I know you joined Zions Bank in 1999. You have had a very good run. Most of your time has been spent in Salt Lake City where the bank is headquartered. In addition to providing a traditional range of banking services, Zions offers a comprehensive array of investment and mortgage services and has a network of loan origination offices for small businesses nationwide. I know the company has also been positioned as a leader in providing electronic banking services. Matt, you have got an MBA from the University of Utah, an undergraduate in Business Marketing from Salt Lake City. Great to have you. And just so we can set the stage for our listeners, tell us a little bit about Zions Bancorp. You guys, I think if I remember, you operate in 14 different States and tell us a little bit about the number of customers and the sort of footprint of the bank.

Matt Wilcox
(6:28): Yes. Thank you again for having me. Zions Bancorporation is actually in 10 states. So we have eight different banks in 10 states all operating under their individual charters, primarily headquartered on the west coast from Texas to California. Zions Bancorporation is headquartered as you mentioned in Salt Lake City, Utah, and the founding bank for Zions Bancorporation was Zions Bank, which is headquartered in Utah and Idaho. It is roughly a $51 million institution grown quite a bit over the last 12 years since I have started. It has really taken a great adventurous journey through growing, through acquisition of some of the banks and really some emerging markets across the west coast. Also, I have seen some great things from the organization, from innovation and electronic banking services, and now with the launch of social media and some of these other emerging channels, it has really been a great journey and a great ride that we have been on here at Zions Bancorporation.

Chad McDaniel
(7:42): Well, it is going to be a challenge for you, Matt, this course because we don’t have the ability to show visuals on the radio show. And we are going to have to live that same experience we did just recently this past May. But you have had a good run with the bank. I mean, you have been there since 1999. You have seen a lot of different things including to your most recent role. Can we just sort of set the stage for this discussion, talk a little bit about the bank, the journey, where you guys started, kind of where you are today, and then we will sort of deep dive into some of that but kind of set the stage for us.

Matt Wilcox
(8:17): Yeah. It was interesting. About two years ago, I was part of a social networking group through our graduate school program at the University of Utah. And as part of that, there was a Facebook page created and so I joined that Facebook page and began utilizing Facebook to keep in touch with colleagues and the network from the University of Utah. I started to use it a little bit more as far as engaging with small businesses and it was really — and I opened an experience to see the level of engagement from really of the smallest to the smallest businesses. And it dawned on me quite a bit that our customers, our small businesses, folks in our community are really engaging and networking on there. And as a whole, our organization, we have a loyal following and we have got a loyal customer base, but we have really struggled with creating strong customer intimacy, going beyond just the traditional loyalty in having a loyal customer base but really understanding and following what our customer base really wanted and being kind of one step ahead in their needs. And what social media allowed us to do is, was get to know our customer a lot better and have our brand showcased in a different way. And that’s kind of where our journey got started about two years ago, from really forming a much stronger customer intimacy and started us down the path of really creating social media as a full-pledged tool for our bank and for our community.

(9:56): We went through the process. It was a 16-month long process as you are familiar with the banking industry, very heavily regulated to ensure that we did all of our checks and balances, worked with several groups from a risk standpoint to a compliance standpoint to a legal standpoint, to really get us to where we felt like we could fully role out social media for one of our banks. We’ve now subsequently started rolling out social media for some of other banks in our network. We’ve learned many things to reach one of the implementations that we didn’t realize before, but it’s been a terrific journey and a long journey, but I think one that was needed and necessary in order for us to understand and it really forced us to start small and understand and formulate a strategy around it as opposed to just starting out and launching pages, etc.

Chad McDaniel
(10:50): It’s interesting. I hear Matt and I like to speak a little bit to this to where appropriate, I guess. But I’ve heard a lot of some of the late-adapting industries being the heavily regulated healthcare utilities, some of the banking heavily consumer facing and many others are also too but then thrust right into it front and center. When you’re in a very regulated environment, obviously, it’s a different operating apparatus and it’s got its own set of unique challenges. Can you just sort of dive a little bit more into the regulated side, how that sort of place into the strategies and banking and standard operating procedures and other things that you’ve got to consider and look at?

Matt Wilcox
(11:42): Yeah, absolutely. When we first started looking at this, there was heavy concern around – – there’s already complaints in things about products and services. It’s going to happen, it’s going to happen with any company, and it becomes much more in focus when you’re talking about a bank because not only you’re handling people’s, somebody’s most trusted asset and their finances but it’s very easy to be perceived as not supporting the customer’s needs when you’re talking something so important as their finances. And so with the regulations around that, there’s already people talking and there’s already chatter about the financial services industry and everybody knows what’s happened over the last couple of years with banks and really the black eye, the industry has taken. And so talking about something where you’re setting up a forum for people to post comments during such an intensely scrutinized time was really — we got a little bit of pushback right from the onset and as you start to dig deeper, you realize that there’s already a conversation being had. I mean the voices of the customers are already been heard loud and clear and it really came down to the simple question do we want to engage or do we not want to engage. And I’m grateful that we found the sponsorship within our executives to really begin engaging. And it first and foremost started out listening and taking a look at really what was being said. Once we got that baseline, we’re really able to communicate effectively with the different groups that traditionally would bet something like this for us and the interesting thing that we found is we’re really having to wear multiple hats as we launch this.

(13:33): We needed risks buy off, we needed a compliance buy off, we obviously needed legal and corporate relations to buy off on this stuff, but there wasn’t a strong understanding of the social networking environment from those different groups and so we were having to think about what types of questions should they be asking us and then formulating the response that we felt appropriate in order to just get to the table with them to start having that dialog. As you look at how the regulations happened and how you have to monitor complaints and different things like that, there’s a lot of complexities when you put sponsored pages out there for people to provide feedback that everybody can see. It took a while for people to fully grasp that but it got to the point where we really have mitigated everything possible that we can think of and we’re not going to think of anything else until we actually engage and get out there and that’s to the point where we got today.

Chad McDaniel
(14:32): Okay. Very good. You said if I recall, the experience or this engagement to these emerging channels really started two years ago for you guys, correct?

Matt Wilcox
(14:43): That’s right. Yeah.

Chad McDaniel
(14:44): Okay. And what’s interesting Matt is that when you think two years in the normal scheme of business stuff, that’s not very long. But in this new world, it’s almost like you guys are a pioneer and warped speed two years later. Again, for the audience, give us some specific examples if you could that kind of how you started, kind of that first six months, what you guys did, and then sort of how you’ve matured two years after the fact, what you’re actually doing in different channel engagement to these emerging channels with your costumers. Any examples would be great, and then I’ve got a couple of questions I want to ask the audience.

Matt Wilcox
(15:28): You bet. To be quite honest with you, everybody heard the buzzwords and your Facebook and Twitter and all of that, and we knew that it’s part of our interactive strategies as far as creating that dialog with our customer when they’re outside of a face-to-face interaction that the social media, at the time two years ago, had tremendous buzz around it. It still does today. And so, we immediately grabbed on to Facebook and quickly launched the page for our bank here in Utah and Idaho for Zions banking. We did so without really betting it and that’s really how we came to the forefront of realizing the magnitude of what we had just done and so we had to take a step back and actually pull down the page to reevaluate how we were going to handle this new mangled social media, and throughout the process over the next two years, we had significant discovery around what the strategy is going to be, what it’s going to be used for, what’s the business case around it, how can we leverage this to really create some advocacy and some typical examples. When we immediately launched this, the engagement level just on Facebook alone was tremendous from just the response that we got from our customer base. We then, shortly thereafter, launched a Twitter page as we staggered to roll out which I would recommend for anybody that’s looking to roll out social medias, to really stagger your roll out with these different platforms, and recognize that people have been clamoring for this for quite some time as another form and method to engage with this.

(17:21): One example I’ll give you is we started to see a lot of traditional-type, call center-type calls being handled and dispatched to our customer service Twitter feed. We’ve also seen people reaching out to us with questions about financial tips and advice and normally you do a Google search on or visit a website but they recognize the immediacy behind social media and our ability to respond to that quickly. And so from that standpoint, we’ve been able to really start engaging and creating some more intimacy with our customer base and non-costumer base as well fairly quickly. One of the questions that we’ve often get asked is, well that’s all great that — how do you create, how do you identify the return on that investment that you’re making, and really our response is and the examples that we’ve given over the last two years is that the investment has been minimal other than the time and effort that it has taken and we’re still figuring out the whole ROI model but you really can’t look away from the return on engagement that you’re getting. I mean it’s really priceless on the level of engagement that we’re getting with the customer base and we’ve got examples after examples of customers reaching out to us with these channels, resolving disputes, successfully launching promotions, and contest to view this method. And also, we now have the ability to have really a nationwide focus group via social media with these platforms to find out what our customers want from us, what they need from us, what products and services are working and not working, and it’s really just been a great learning experience for us and a wonderful ride that we continue to ride on.

Chad McDaniel
(19:14): Do you feel — so do you feel for sure without a doubt that with these proactive outreaches you’d built and done in the last couple of years, it’s either increased customer growth or retention in one fashion or another? I mean, bottom line, you’ve gotten more intimate with these customers and they’re resonating well to that.

Matt Wilcox
(19:33): I do, I absolutely do. I mean the last thing anybody wants to do is move their financial relationship and — but given the last few years of what happened in the environment, there’s been an open door for people to move their relationships given what’s happened in the financial services industry and I feel like being out there and being engaging with our customer base and create that intimacy over the last two years has really helped resolve some things that may or may not have led to people leaving to go to another institution and I shouldn’t just focus on the bad as well. I mean this is creating an opportunity for people to sing the phrases of some of our banks as well and what they’ve been able to do for the community and small businesses in the community. A big thing for our organization is to be involved where we work, live, and play, and social media is a tremendous example for us to expand the reach of that, but also acknowledge those that are having success in the community just beyond to what the bank is doing but what are corporate partners and citizens in the communities are doing, and again, it goes back to that intimacy and what social media is able to create.

Chad McDaniel
(20:51): Matt, I’m assuming that some of those early adoption metrics that you shared really helped also in the commitment and executive support in getting there, even more jazzed about it. I can imagine the difficulty this was in the beginning trying to get a traditional say bank or whatever and get them to come to this and then once they are there I’m sure they’re big advocates and believers now.

Matt Wilcox
(21:15): Yeah. That really was key because — and before we really launched into anything and delivered any other strategies, we shared metrics and we shared the sentiment that the banks were receiving now and what was being said about the banks. And in my opinion, social media has been around a lot longer than people give it credit for because there has always been an opportunity for people who post comments and write reviews and things online and we were able to show how that has expanded over the last couple of years. And it was really eye-opening for our executives to see just the level of the chatter that was going on about our brands and to be able to show that but then they show it in the constructs of the strategy and then to show how our customers were engaging with us and how we were engaging with us really helps garner and solidify the support, and we continue to do that today, providing those reports for our executives and it’s really a good way for them to get a pulse on the sentiments of the overall organization, just above and beyond the traditional surveys and things like that. This really shows the heartbeat and pulse that the organization has in our communities.

Chad McDaniel
(22:32): A very quantifiable metrics and data that we all again take that hat on.

(22:38): Absolutely.

Matt Wilcox
(22:39): By the way, folks, you’re listening to Voice of the Customer Radio. We’ve got Matt Wilcox, Vice President, Zions Bancorporation. If any of our callers would like ask a question, Matt is full of information so please do. Just press one on handset and we’ll be happy to bring you into the show. Or if you are on our blog site or chat site, excuse me, feel free to ask a question there and we’ll be sure to get it in. I’m curious Matt if you’re willing to share the tools. Have you guys done this all alone? Have you used vendors? There’s different kinds of tools I guess between monitoring and the chatter that you mentioned. Again, listeners whom I’m just starting right now, what are the kind of tools that you would need to consider to help you in this sentiment monitoring and every thing else?

(23:32): Yeah, that’s a great question. The first tool that we leveraged was a tool called radian6, which is an inexpensive and well-known social media monitoring and response tool and we leverage that first in foremost just to garner sentiment and comments around our different brands and different keywords that we wanted to track. We didn’t leverage or use it at first to do any sort of response mechanisms, but it was really primarily used just to get the voice of the customer view of the social network. The other tool that we used and actually have been using for many, many years is Omniture which is a web analytics tool. They now have some social media components with it as well and we were able to get a fill for the different types of pages and products and services that customers were searching for online and kind of compare that to the comments that we’re being made in the chatter that was happening via social media and we were able to line those two together. There are some other tools. Omniture has a — there’s a comparable product that Google offers for free and Google analytics that delivers some of the same mechanisms and there are a lot of other listening and monitoring tools out there, but the one that we found that works for all of our different brands was radian6. And we also leverage to local interactive agency to just help provide some guidance to us around what some other — other clients were going outside of the financial services industry with social media and how we could leverage some of that insight. And we really talked to as many different companies as we could, small businesses, other organizations that really just were starting using it, have seen some successful with it and garnered a lot of just different success stories and testimonials around what social media has created for them and put that into our research as well.

(25:42): And I would also add that one big component that really helped us was some different studies that the Forrester had placed on social media and we’ve really leveraged a lot of research that their analyst had done in advance of rolling out our strategies that was very beneficial. So armed with voice of the customer data, web analytic data and just what different customers were using social media for and some of that research really helped us put together what we feel was a very, very strong business case.

Chad McDaniel
(26:19): That’s a — that’s extremely insightful and thank you. And I’d like to — I would like some questions come in. I’ll get there real soon, folks. For any of our listeners, I’d like to throw out if anyone is using tools that you want to comment on what we’ve just been talking about or any there other suggestions or ideas for our listeners, please press one on your handset. We’d love to hear other examples of engagements and tools and what’s working, that type of stuff. So, let’s go to the phones. I’m going to go to caller 801257, you’re online. Can you please introduce your name and please ask your question.

Kelly
(26:57): Ah, that’s me. Chad, this is Kelly who works with Teleperformance.

Chad McDaniel
(27:01): Hi Kelly!

Kelly
(27:03): You actually set me up perfectly because I was going to ask about the method to compile the data, so the questions concerning the comment that customers have. So you answer that one, but I did think of another one which I wanted to ask Matthew. Matthew, do you tend to use the social media for your own employee? Question concerns comment and satisfaction as well?

Matt Wilcox
(27:30): Yeah, that’s a great question, one that’s been heavily debated, and I would answer yes and no. Yes on the front that we have an internal blog and we do capture feedback and sentiment of our employee base with that blog. We also have a kind of an innovation forum where we ask — we have certain executives write entries into what we’re thinking about, what will work — mean in the industry, what the financial services landscape looks like and gather comments and feedback from our employee base there. So from that end point we — voice of the employee. From the overall use of social media within the organization, we have set up several different categories on people’s level — social media and continue to monitor that today, but we’ve got designated representatives from each of our banks that are set up to speak on behalf of the bank. We’ve got people that have access — church in reference from the social media standpoint to find out what’s going on and I think that will grow overtime as far as the use of social media from our employee base to engage with the customer base and we absolutely to engage with our employees via social media and leverage those types of tools to gain their insights. Our employees, we often forget that our — at the — in the trenches with our customer base and we really want to give them the tools that they can use, that our customers are already using and we feel we can do the same and then do it in exciting way to get insight from them as well and what we’re doing well from an executive standpoint that were not in the trenches with the customer base. So I would — it’s kind of a high — but we definitely see the need for both of them.

Kelly
(29:34): Thank you very much.

Chad McDaniel
(29:36): Kelly, I have a question for you, but first of all, that’s a great question, and because one of the things that we’re going to be looking at the Customer Response Summit 3 is social media outside in and how social media is being used internally to get the same sort of benefits of engagement and brand advocacy and other type of things in the internal organization, so we are quite excited about a bit of that discussion. Kelly, you on the front line, I guess, what do you — this is the answer I have for you, anything you’re hearing from your clients or group of clients, any common themes in regards to where, not just whether out in the journey, but what most of us call it corporate America seem to be either focused on right now or seemed to be struggling with. Any comments on that?

Kelly
(30:27): I would say our customers really are clamoring for leadership and guidance and innovation in utilizing social media. Some are further ahead than others maybe, but we’re really heading in that direction ourselves. We’ve started quite a lot in the last year for internal purposes with employees but I don’t think we’ve completely found a holistic solution necessarily. But then we do use voice analytics and I should say nice analytic explorer where you can text data gathering and we’re still probably in our infancy there but it’s really helping us quite a lot, but I was interested to hear Matthew’s experience with radian6 because I know we’ve looked at that, too.

Chad McDaniel
(31:15): That’s an excellent, Kelly. And again, thank you very much. Again, Kelly, I will go ahead and put you on hold for now. Everyone, if you have any questions, please press one on your handset. We will definitely look to get you into the show and ask some of the questions. Great question Kelly again, very much appreciated. We have a couple of questions on the chat board, this is from Julia. Matt, this says, what factors were most important in securing executive buy-in during your role out? Great question, Julia.

Matt Wilcox
(31:47): Yeah. There were several factors that were really important to us to get that executive buy-in. First and foremost, we wanted to find an executive that believed in what we were looking at and we found an advocate in one of our executives that had heard more that just the buzz of social media but had really a firm believer in it and one that actually was using social media in their personal lives. And so first, we found that advocate that we could lean on to help us get in the meetings that we may not have been able to get into, to provide and leverage a voice from presenting to other executives, to really comment around what they feel the importance of social media is. The second piece that was really strong for us was to show that we have done a real risk impact of whether we engage or not engage and what the risks and pros and cons are from engaging. Because there are inherent risks when putting the pages up there that you’re sponsoring because you are going to get comments that you probably don’t want to get. But what we have found is that having those comments up there actually provides tremendous relevancy and belief in the positive comments, that it is not just a staged environment for you to pat yourself on the back about your company. So we wanted to make sure that people understood that there was going to be some negative sentiment out there and it was going to be on pages that we sponsored. And I think once we got past that hurdle of people understanding that the negative really provides much more relevancy to the positive, that was a huge milestone for us. The second one was doing a risk impact of the different sites and getting agreement from our executives that we weren’t going to just follow every single site.

(33:43): We weren’t going to let social media be the next shiny object that we were moving from platform to platform without any sort of real insight or strategy. That we focused on five core sites, five core platforms, and we got our risk group to do an analysis of each one of those sites and give us what the pros and cons were of engaging on those sites, and getting an understanding from the executives that these five sites, these five platforms are where we were going to be focusing our energies over the next little bit and we would be bringing up additional sites as we saw necessary, but these were the five cores that we would focus on. And the final thing that I think really helped create a comfort level is to make sure that they understood that we weren’t going to take this approval and just runaway with it and they wouldn’t hear from us again, and getting agreement from each one of the key groups to give us their time and effort in putting them in place on a social media governance committee. And so, we now have a social media governance committee that meets every other month, or excuse me, every month with key sponsorship from each one of the key areas, so there is a member from each one of the key areas that comes in and we talk about what’s working on social media, what’s not working, what are some of the things going on in social media, what are some of the things going on in the industry, what does a sentiment look like, and are there some different things that we should change with our policies, is the policy working and not working. And so, getting their buy-in and support that they would give us their time and effort and being part of that governance committee, with those things in hand, we felt like we got everybody to a comfort level where could move forward with all of this.

Chad McDaniel
(35:30): Thank you again. I am so glad these shows are recorded because I am trying to write feverously all these great suggestions, Matt, you are providing. So again, after the show, if you like today’s radio show, please feel free to share the podcast with your colleagues and your communities and so forth, and great questions coming in. Matt, we got another one from Patrick, I’m on the chat board. It says, what are Matt’s thoughts around consumer interest about being able to transact, do online banking with social media tools like Facebook? So, what are your thoughts around consumer interest about being able to transact I guess with the bank, online banking with social media tools like Facebook? Patrick, did I get the question right? [Unintelligible] Okay.

Matt Wilcox
(36:25): Yeah, you know what, I think that from what I have seen and may be some others have seen different perceptions around this, but I have seen it mixed really across the board. And I think it has some dependencies on the different demographics and the relationship the folks have with the bank. So, we have heard a lot about transacting on Facebook. There have actually been case studies written on being able to transact with your bank via Facebook. I see that’s still a waste away in my opinion and the rationale that I look at that and why I say that is there is a lot of bad guys out there that are looking at vulnerabilities within banks to potentially commit fraud. And I think from a security standpoint, the level of trust that people place in a financial institution is really build around the security backbone that financial institutions put in place with online banking and the security environments that are centered around that. And I don’t think that people are ready to let that go away just yet by transacting in an environment that may or may not be as locked down as an online banking site, maybe at a bank. So I think that the discussion is certainly not going to go away. I think it will continue to be debated and I think that people will continue to explore opportunities to transact with their banks via somebody’s social networking sites. But I still think it is a little waste away and I think security is a big reason why and just the trust that the clients may or may not have in doing that.

Chad McDaniel
(38:12): That’s very insightful. I agree with some of those predictions and current state. Another question from Steve, and again, great questions folks, thank you so much. Steve asked Matt, how are other eBusiness tools in Zions using or planning to consider to improve their customer experience? Are you looking at components of unified communications like presence, video, collaboration, any plans for real time analytics?

Matt Wilcox
(38:39): Yeah. That’s a tremendous question. So we are looking at a variety of various — one that has really risen to the forefront of our strategy is the use of video, and I think the use video is going to grow and expand within our organization. We have had great success with video webinars, with insightful industry experts that provide discussion topics around planning for retirement, saving for college, how to start a small business. It has really kick started us to really begin formulating a strategy about creating a full-pledged video webinar series that we can have available not only on our social networking sites but also our just traditional bank websites. So that is one that is really moving to the forefront. Some of the others that we are looking to engage and expand on with the customer communication is, real time alert mechanisms, so people really wanting to have alerts for a security standpoint but also just information about what’s happening in the community and banks beginning to start sponsoring that. If you think about some of the different banks across our different market places, we have got banks in natural cities but we also have banks in real small towns and those small towns are really centered around what’s going on in the community, what’s the next parade, what’s the next thing playing at the fair, and it sounds funny because that used to be just bulletin board material but now we’re leveraging social media to communicate that in our small towns as well and actually starting the leverage video in those market as well with some of our branch managers and things like that.

(40:36): Mobile marketing is emerging for us in using the GO location on the devices to be able to add value to merchant rewards program, so people are walking by a merchant in our communities partnering with them to display couponing which would then entice them to go into the merchant within our community, getting them, leveraging them to use one of the products that they may have with one of our banks to pay for that and by doing so we’re creating some loyalty not only with the merchant but with our customer as well. So we’ve got a lot that’s on the drawing board that we would say is in the incubator of ideas, and one area that we stressed to get to is having too many good ideas and I don’t think we’re there yet but that’s somewhere where we definitely want to be.

Chad McDaniel
(41:31): Matt, you’re — you’re very open and you’re very honest. I appreciate again all these insights and considerations and willing to share and collaborate with all of us here. Still, I know you’ve got a — just a quick follow-up question, I like this to and I’ll throw it out there to the last question it was, how do you see the rapid movement to smart phones and tablets will impact your eBusiness initiatives? That’s the first part, and then the second is, have you already felt the increased contacts to your customers contacting Zions with these types of devices? Any ideas of that?

Matt Wilcox
(42:05): To answer your first question, yeah, absolutely. To answer your first question, we see the movement to mobile and again to tablets is huge. I was speaking at the mobile financial summit, mobile banking summit earlier this week and a lot of the talk was centered around what’s next for mobile, and one of the many answers that was given was really around the tablet and is tablet — should tablet be considered mobile banking or should it be considered online banking and really the answer is the tablet is more of a mobile product but the tablet offers the ability for a better UI experience, more customization and we think that has parallels in the social media world that you can do different things on the tablet than you can do on a traditional smart phone or you could do on your website because you can still take your tablet and be on the go. The other piece with the mobile device is again back to the mobile marketing and being able to leverage knowing where your customer is to be able to market real time offers to them on the fly. We think it’s going to have tremendous value to adding to the customer intimacy goals that we have for the organization. The second part of your question is we do already see our customers engaging with us differently using these devices, that the percentages increases month over month and year over year of people that are visiting our sites or visiting our properties that we’ve set up online with the smart phone and tablets have increased dramatically over just the last couple of months and folks using those devices because they’ve got them with them all the time, wanting to engage with their bank is tremendous.

(44:03): And we now have people going into our traditional branches checking in with foursquare from their mobile device so they’re in the branch, they’re in one of our branches checking in on a social media property that they’re in one of our branches, and I never in a million years thought I would see that, but people using these to engage with their — with their social graph to let people know what they’re up to and what they’re going. We need to pay attention to that because it’s useful data for us as we move forward with social media and also we’re using these emerging channels to communicate.

Chad McDaniel
(44:42): Wow! A lot for all of us to be thinking about and digesting, and all these new different ways of this customer channels engagement tools and PDAs and everything else coming out today and it’s quite fascinating. I think one of the things that I will probably do in a future show if — for the community is we’ll just do an open format, bring in many people and just talk about the collaboration of these emerging tools, mobile and other things that are out there that we all got to look at and consider how it’s impacting our individual businesses. So, we could keep talking on that subject for a long time and it’s interesting Matt to hear some of where you guys are evaluating those and accepting and looking and — we evaluating that on a continuous basis. I want to ask you, Matt, when you were — with the two-day summit that we had back in Florida, we heard from a lot of corporate speakers, back-to-back corporate speakers, was there anything that sort of resonated from your point of view hearing the different journeys or kind of case studies of where each of these corporations were at in these emerging channels of consumer or customer engagement? Any take away that came out of that sort of resonated in a common team?

Matt Wilcox
(46:03): Yeah. Do you know that the best thing I heard was no matter the size of the organization, and this is going to sound maybe a little cruel, but no matter the size of the organization, they all had similar pitfalls or shortcomings in order to do this. They all had maybe some struggles with executive buy-in. They may have had some struggles with what level of engagement they were going to have, what properties they were going to use. And so what they told me is there’s really no clear cut answer. Regardless of the amount of fund you have to throw at social media, you need to still start with the contracts of the solid strategy. That came through loud and clear for me. Whether you are Disney or Time Warner, or small mom pop shop, you still had to start with a strategy and what you wanted to get out of it and how you wanted to use it to engage with your customer base. It was nice to hear that after going through such a long journey for hours. And you said earlier that two years really isn’t that long of a journey but when you look at something that is so immediate in real time, anything more than a day may seem like a long journey in this market place. It was refreshing to hear that others had similar expectations, that they had obstacles they had to overcome in order to get where they are today. The other thing that I heard loud and clear is that they’re all using it. In some fashion or another, all companies are beginning to use social media, and if you’re not, you got to get on the bandwagon because your customers are already there.

(47:50): I made a comment when I was speaking at the Customer Response Summit 2, we had an opportunity to be part of the social media business council and we were at a meeting at the Dell computers and Michael Dell was addressing the group and I’ll never forget his comment because I have used it several times but somebody asked him, “How did you have the courage to be one of the first companies to engage in social media and that all the concerns and speculation about maybe hampering or dampening perceptions of your brand?” And he said, “Well, anytime you have 200,000,000 people using something, you should start using it immediately, and that obviously that 200,000,000 number has grown dramatically but that thought has always stayed with me, that our customers are already there, they are already using it, whether it’s social media or smart phones or tablets. If they are using it, you are going to want to use it as well to leverage what they like and that you don’t — you can’t create intimacy with your customer until you are there with your customer.

Chad McDaniel
(48:56): Thank you for sharing that. That’s very, very helpful and in grand good to resonate into that. I agree with everything you said about kind of a take away on the Customer Response Summit 2. There was another very common metric we heard time in time out was that typically, the size of the internal social teams were three to five FTE. Matt, in your world, is that similar or what is kind of the team structure you have for social response?

Matt Wilcox
(49:27): Yeah, that is very similar. We originally started it with just existing folks to put together in the business case and part of the business case was building a model for what type of FTE was going to be needed and that just turned into a real wild guess. And what we — so once the business case was formulated and we got the buy-in to start, we added one FTE to really continue to monitor and carry out the strategy that had been created and we’ve since added two people so we have a team of three that really monitors the activity of social, provide the reporting, assist the different banks in _50:11_ creation and leveraging their insight from a business standpoint on what they want to get out of social and takes that and put that into action. So, we currently sit with a team of three and we’ll continue to monitor that, but it wasn’t as if we needed to go out and hire 15 to 20 people to pull this off.

Chad McDaniel
(50:31): Well, that’s excellent. I want to ask our callers, if anyone is brave, please press one on the handset. But it would be interesting to hear, if you don’t want to identify the company, that’s fine, but just sort of where you’re at and your social response. Just starting kind of halfway, further down, any major pitfalls, any considerations, please just press one on the handset. I’d love to hear just a story of kind of where you’re at and how this is all resonating for you. When we — so while we’re letting those callers do that, Matt, I wanted to say as you look forward here, what are some predictions, where is all these going to go in regards to how your bank’s long-term involvement and commitment and I guess this is a new channel, just like the telephone isn’t permanent-type thing, but tell us a little bit about some of the predictions and where you see all these going.

Matt Wilcox
(51:32): Yeah. I mean we absolutely think this is here to stay. We think it’s past the flush in the pan or just a trend, and some people will question that because you look at kind of what happened to MySpace where that was the social media superstar and now that’s gone by the wayside a little bit. But we see this as a forum where people are going to continue to want to communicate and engage not only with each other but with their companies that they work with or do business with and we’re in it for the long run and plan to be here for the long run and we’ll continue to innovate in this channel. We were called as a pioneer earlier and we appreciate that but we still felt like we’re a little bit behind when we got there. And so, one of our major objective is to continue to be an innovator in this space and continue to use it for things that maybe some companies haven’t already thought about, and also leveraging good ideas that others have created because that’s one of the powers of social media is, is getting other good ideas and putting them into action for yourself. So my prediction is that it’ll continue to grow, the user will continue to grow. You look at the largest growing segments of say just the Facebook with women 45 and up that wasn’t predicted but people are using them, the tools and they may be using them differently or they may be using them similarly but one thing that I know for certain is these people are going to continue to use them and how they’re going to use them is going to change and evolve and so our ability to either be in front of that or be change agents with them together is going to be a key, but it is not going to go away. I think we’re going to continue to use it and leverage it for different things and we’ll continue to monitor it. Somebody questioned earlier about do you think people will start transacting in some of these environments, maybe or maybe not. But one thing we know for certain is that it’s going to be part of our long-term customer communication strategy for the long term.

Chad McDaniel
(53:40): Outstanding. I’m going to the phones here. Kelly, did you have another question? The hand is raised on the handset here, 801257.

Kelly
(53:49): No, I’m good. Thanks, Chad.

Chad McDaniel
(53:51): Okay. There was one other question in the chat and then I’m going to have a final question before we have to depart here. Real quick, speaking of security, what types beyond password and secret questions are you considering? Speech recognition, digital signature, potential eye scan in the future, anything, comments on that?

Matt Wilcox
(54:13): Yeah. So, we obviously have dual authentication from a strong authentication standpoints when they’re accessing secure sites. We’re strongly considering the digital signature realm because we see a definitive need for that. I always chuckle a little bit when I hear about the eye scanner things because you think about some of those futuristic movies out there but that’s actually coming to the forefront as well. We’re in the early stages of looking at different voice recognition technologies, on how those may play a role in some of the emerging technologies. And so, we’re certainly looking and exploring at all of the different ways and we’ve got a terrific security group here that is always on the forefront of different technologies. One company that I would mention that I’d strongly recommend anybody taking a look at it is Trusteer, and loading Trusteer on their machine is a real valuable way to protect yourself against the viruses and spam and anything like that. That’s one great tool that’s relatively inexpensive that people can utilize to lock in their machine and protect it as they’re going to some of these new different sites that may have not been explored or maybe targeted. That’s one way to protect yourself.

Chad McDaniel
(55:40): Matt, you’ve been wonderful. I got one final question here and I’m sure your show is going to have a number of downloads and will be a huge hit with our community. You’ve been such a gentleman and willing to share and has very good specific ideas for all of us to take away. What would be your parting comments to us in regards to keeping the head high, just where to start or how to get started, _56:11_, but I mean just sort of how do you keep that energy and any words of wisdom or encouragement that you want to leave us on because we know the energy it takes to get there?

Matt Wilcox
(56:25): Yeah. And again, I appreciate the opportunity to be here. It is important to really begin what do you have in mind and really focus on a positive outcome. Because I will tell you, it was difficult as we started this because we had such enthusiastic visions of the use of social media in this emerging channels and it really got slowed down and I’d say at some point to _56:56_ halt and that can be a little demoralizing because you see the vision, you’re very excited about it and you know what it can do and what it can create and the intimacy that it can provide with the costumer base. And so it is easy to get the site tract with some of the hurdles that you have to overcome and I would just recommend that you really focus on that positive outcome of where you want to get and share that vision with as many people that will listen, and if they don’t want to listen, just talk louder. I mean you really want to get that vision out there of what you want to accomplish with this and start sharing what’s being said from your costumer base already or even prospects around your brand and share that with everybody because that’s really part of your vision, is to be engaging with those people that are already talking about your brand. But as you mentioned Chad, there’s going to be times where you going to need to keep your head high because there are people out there that inevitably just don’t want you to do this because you have less risk when you do nothing and I would completely disagree with that because the risk of not engaging in this is so dramatically high and you see the stat on the Socialnomics video of the ROI of Social Media by 2015 is will or won’t your company still exist.

(58:25): You’re going to need to do this and you’re going to need to engage in these emerging channels because this is where your customer base is going. And they may not already be there yet but they’re going there, and in order to really engage and create that intimacy, you’re going to have to be there with them and share that vision loud and proud and keep your head high as there aren’t going to be people out there that don’t want to get there.

Chad McDaniel
(58:49): Matt, extremely well stated. Thank you so much. You’re listening to Voice of the Customer Radio, Matt Wilcox, Zions Bancorp. Thank you again. We’ll see you at the next Voice of the Customer Radio show. Thank you.

Matt Wilcox
(59:01): Thank you.