Hearsay Systems

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Hearsay Systems
Hearsay Systems logo 2017.png
Type of businessPrivate
FoundedSan Francisco, California (2009 (2009))
HeadquartersSan Francisco, California; New York, NY
Founder(s)
Key peopleClara Shih
(CEO)
Steve Garrity
(CTO)
Websitehearsaysystems.com
Alexa rankPositive decrease 163,247 (April 2014)[1]

Hearsay Systems (formerly Hearsay Social)[2] is a software-as-a-service (SaaS) digital marketing platform[3] for financial services[4][5] that uses predictive analytics to help financial advisors automate marketing tasks.[6][7] The service operates by using social networking services such as Facebook, LinkedIn, and Twitter, as well as advisor websites,[8] compliance-friendly text messaging,[9][10] and email[11] as ways for clients to market to various customer bases. Clients include large companies such as Allstate as well as smaller local companies.[12][13]

The company was founded in 2009 by former Microsoft employee Steve Garrity and Starbucks board member Clara Shih.[14] They initially intended Hearsay Social to be used to help larger companies promote their local branches via social media but has since described the company as a more general “social selling platform”.[15]

In 2013, Hearsay raised $30 million in a Series C round, for a total of $51 million. Investors include NEA and Sequoia Capital.[15][16] The company is currently headquartered in San Francisco, California, with international operations in Europe[17] and Asia.[18]

Technology[edit]

Hearsay’s technology centralizes digital client communications in one dashboard.[19][20][21] Its predictive algorithms suggest clients to contact based on what they're saying online and predict clients’ future actions.[7][20] For the enterprise, Hearsay works in conjunction with financial firms’ core enterprise systems, including compliance archives and corporate CRM systems.[22]

In May 2015, Hearsay announced its Universal Supervision dashboard for compliance and supervision teams to review advisors’ digital activities and enforce compliance rules.[23][24] In August 2016, Hearsay announced Hearsay 360, a tool that gathers the data that are exchanged through text, social media, advisors' websites and email, and analyzes that information in order to suggest to an advisor what he or she can do next to interact with that client.[25]

References[edit]

  1. ^ "Hearsaysocial.com Site Info". Alexa Internet. Retrieved 2014-04-01.
  2. ^ Sanci, Tessie (30 November 2016). "Hearsay Systems updates social media monitoring platform". Investment Executive. Retrieved 22 February 2017.
  3. ^ Seetharaman, Deepa (30 May 2016). "What Keeps Companies From Thinking Digitally?". The Wall Street Journal. Retrieved 13 January 2017.
  4. ^ Yeung, Ken (10 July 2016). "Why Hearsay Social's Clara Shih pushes companies to think digitally". VentureBeat. Retrieved 13 January 2017.
  5. ^ Gregory, Bresiger (10 July 2016). "Millennials are ditching financial advisors for apps". New York Post. Retrieved 13 January 2017.
  6. ^ Miller, Michael (25 July 2016). "Fortune Brainstorm Tech: AI Myths, Realities, and Opportunities". VentureBeat. Retrieved 13 January 2017.
  7. ^ a b Grygo, Eugene (6 December 2016). "Hearsay Bolsters Platform with Predictive Analytics". Financial Technologies Forum. Retrieved 13 January 2017.
  8. ^ Huddleston, Tom (21 February 2015). "Hearsay Social wants to give financial advisors a leg up on automated rivals". Fortune. Retrieved 13 January 2017.
  9. ^ "Hearsay Messages Gives Visibility and Control to Compliance Teams". Compliance Week. 6 November 2015. Retrieved 13 January 2017.
  10. ^ Zulz, Emily (4 November 2015). "Hearsay Social Rolls Out Compliance-Friendly Text Messaging Tool". Think Advisor. Retrieved 13 January 2017.
  11. ^ "Hearsay Social Releases Hearsay Mail Predictive Email Solution". CRM Magazine. 9 October 2015. Retrieved 13 January 2017.
  12. ^ Casserly, Meghan (10 September 2012). "Hearsay Social Takes Out Insurance; Adds Allstate To Client List". Forbes. Retrieved 2 October 2013.
  13. ^ Oreskovic, Alexei (5 September 2013). "Internet's Hearsay Social raises $30 million in funding". Reuters. Retrieved 2 October 2013.
  14. ^ McMahan, Ty (14 December 2011). "Hearsay CEO Brings Cup Of Social Marketing To Starbucks". WSJ "Venture Capital Dispatch" weblog. Retrieved 29 December 2011.
  15. ^ a b Ha, Anthony. "Hearsay Social Raises Another $30M To Help Businesses Grow Sales Through Social Media". Tech Crunch. Retrieved 5 October 2013.
  16. ^ Oreskovic, Alexei. "Internet's Hearsay Social raises $30 million in funding". Reuters. Retrieved 5 September 2013.
  17. ^ "Hearsay expanding into mobile: CEO". CNBC. 8 September 2013. Retrieved 21 April 2015.
  18. ^ Yiu, Enoch (3 April 2013). "Yes, Shih can! Hong Kong-born entrepreneur returns to city to set up financial social media firm". South China Morning Post. Retrieved 13 January 2017.
  19. ^ O’Donnell, Anthony (9 November 2015). "Hearsay Predictive Omnichannel Suite Lets Advisors Operate across Social, Websites, Email and Text". Insurance Innovation Reporter. Retrieved 13 January 2017.
  20. ^ a b Boorstin, Julia (19 February 2015). "Hearsay shifts to disrupt financial services & fight robots". CNBC. Retrieved 13 January 2017.
  21. ^ Neal, Ryan (17 August 2016). "Hearsay Social Launches Digital Marketing Dashboard". Wealth Management. Retrieved 13 January 2017.
  22. ^ Levaux, Janet (17 August 2016). "Hearsay Launches New Social Media Tool for Advisors". Think Advisor. Retrieved 13 January 2017.
  23. ^ Levaux, Janet (3 June 2015). "Wells Fargo, Hearsay Social Roll Out New Tech Tools". Think Advisor. Retrieved 13 January 2017.
  24. ^ Neal, Ryan (27 May 2015). "Hearsay Social Launches 'Universal Supervision' Dashboard". Wealth Management. Retrieved 13 January 2017.
  25. ^ Sanci, Tessie (17 August 2016). "Hearsay Social introduces service to enhance client communications". Investment Executive. Retrieved 26 January 2017.