Social Media & Debt Management

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120 second versionof

how not to do it

How Not To Do It

Debt collectors from ANZ bank in Australia have been caught setting up fake Facebook profiles in order to connect with debtors and get their contact details

Described as a single guy who enjoyed footy, poker and running on the beach, Facebooker “Max Bourke” managed to get up to 80 friends before getting stopped

ANZ has confirmed that several members of its debt collection department in Melbourne are facing disciplinary action over the incident

Apparently, the incident was not a bank-sanctioned activity, but was carried out by an individual or group of individuals

If nothing else, this is a lesson to businesses about having a social media policy in place and practicing the highest levels of transparency when it comes to the use of social media profiles and content

How Not To Do It

Paula Newland fell behind on her payments in early January on her 2005 Chevy Impala

Debt collector shared that information on her MySpace page

Woman then filed a civil lawsuit against the collection agency accusing them of violating collections law by harassing her online, on the phone and in person.

She is asking for $25,000.00 in damages

The court found that because of the post to her MySpace page, she suffered

Damage to her business and community reputation

Extreme mental distress

Aggravation

Humiliation and embarrassment

How Not To Do It

Debt collectors are using bait on Facebook to track down and keep track of debtors

The online construct “Jenny Anderson“ was the tool of professional skip tracers, to all 658 of her "friends"

How Not To Do It

Brand Building

Understanding the new politics

between socially empowered

customers and brands

Connectivity Causes A Shift In Power

In How We Relate

In How Well We Relate

I Am A New Type Of Customer

Snapshot Of The ‘Social’ World

Broadcast v Listen

62%Felt that ‘companies are only

interested in selling products and services to me, not necessarily the product or service that is right for me’

Transparency & Trust

7%Trusted companies to ‘always act in their best interest’

Self Generated Fantasy

9%Trusted what the company says about itself

Importance As Stakeholder

10%Thought companies took note

of what they said

Trusted Advice

95%Used some form of internet

comparison siteformal and informal locationsfriends, families, professional reviewspeople they believe are similar to themselves

Open To Dialogue

69%Believed there would be a positive impact from companies taking more time to find out about their needs and interests

Open To Participation

82%Were interested in participating in product developmentBelieved it would make them more likely to tell others about the company

Implications

More clueson the changing scriptbetween customers &

brands

How We Spend Our Time Online In UK

Our Impact Is Now Very Public

Imagine This

As the Western economies continue their relative decline, many consumers never recover from the recession

Imagine This

Being in debt becomes a shared social experience

Imagine This

What was a private matter between customer and debt collector loses its stigma as everyone ‘admits the disease’

Imagine This

Debtors publically attack brand reputations via social Media to generate mass sympathy & avoid repayment

Integrate This

Social activism of this type in US courts already reported

Online ‘early warnings’ of debt collection tactics already reported in UK

Conclusion

Debt management is slowly being politicised and made public

Method will now matter as much as outcome for DM brands

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Social Media & Debt Management

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