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Social Media IntelligenceMarket: UAECopyright 4SiGHT Research & AnalyticsCategory: BankingCase: Credit Cards
Background Social Media is fast catching up as one of the informal touch point for several service providers, as itprovides an opportunity for the customers to directly interact with the brand custodians without anyintermediaries. The anonymity that the social platform provides, helps the customer state their opinion in completehonesty without holding themselves back. This works both to the advantage and disadvantage ofbrands, as these opinions negative or positive is open for everyone to see. Companies have taken several steps to improve their brand image on the social media as it will havestrong impact on the future growth of the brand and its brand value. Social Intelligence is one such strategic benchmarking tool that can be employed to track the customeropinion with regards to a brand in various aspects in competitive context. This document outlines an application for Social Media Intelligence and is developed as a proof ofconcept based on the UAE Banking Market, with a specific deep-dive for Credit Card.2Copyright 4SiGHT Research & Analytics
Why Social Media Intelligence? Improve products & services through customer generated feedback & suggestions. Benchmark against competition on Reputation Parameters. Analyze online & offline campaigns run for wide initiative or for any specific purpose Understand customer attitudes for a particular product / category. Mitigate a potential crisis by receiving information about any negative trending conversations.3Copyright 4SiGHT Research & Analytics
MethodologyClearly defined objectiveDEFINITIONBroken down to specificthemes & individualkeywordsBlogsQ & A SitesReview SitesMicro blogsMessage boardsCOLLECTIONVideo Sharing SitesSocial NetworksComplaint SitesNews SitesIndividual TopicsSENTIMENT ANALYSISANALYSISAuthor DemographicsEmerging Themes4Copyright 4SiGHT Research & Analytics
Frame of ReferenceBanksProductsTimelinesAccountsCredit CardsLoans1st Feb 2015 – 15th April 2015 Please note this is a proof of concept study to demonstrate the benefits of one of the application of Social MediaIntelligence. Hence, please treat the findings as indicative only.5Copyright 4SiGHT Research & Analytics
Findings – General Trends in Social MediaUAE BanksCopyright 4SiGHT Research & Analytics
Share of voiceBrands MentionsPercentageEmirates NBD10,02531%SCB4,35614%Mashreq3,89112%HSBC UAE3,08810%RAK 4%ADCB9753%Total31,894100%Emirate NBD has the highest share of voice followed by SCB and Mashreq.HSBC UAE & RAK bank has decent share of the mentions ( 10%) followed by the other banks with less share of mentions.7Copyright 4SiGHT Research & Analytics
Conversation through the week% Mentions over the day of the weekWeekday (Sun-Thurs): 85%Weekend (Fri – Sat): 15%Traffic days (Mon – Wed) : 58%24%17%17%14%12%7%Sun MonTueWedThuFri8%SatAs expected the % online conversation are high during the week compared to the weekend. It reaches the maximum volume duringWednesday before tapering off.8Copyright 4SiGHT Research & Analytics
Buzz Volume over the time periodVolume of Mentions over the time period2500ENBD Posts Puzzle on FacebookENBD Posts Puzzle on Facebook20001500100050001st Feb8th FebNBAD 15th FebDIB22nd FebHSBC UAE1st MarFGB8th MarSCB15th MarMashreq22nd MarEmirates NBD29th MarRAK Bank5th AprCBD12th Apr19th AprADCBThere is an increased volume of conversation whenever the bank engages with the customer through non bank related activities likeposting puzzles & while posting quotes about health & life (RAK Bank)Customers need the conversation alive and not bothered about the nature of conversation as long as the bank engages them.9Copyright 4SiGHT Research & Analytics
Buzz Strength: Mentions vs. Followers12,00010,000Mentions8,000Top Performing Bankon Social MediaBanks with OptimalPerformance for the Followersbase it 00000350000400000450000Social Media Followers (FB & Twitter) Emirates NBD stand out the followers base it has and the conversation it generates followed by Mashreq Bank.RAK Bank & CBD perform optimally well for the proportion of followers they have.There is a definitive score for improvement with regards to HSBC, FGB & DIB10Copyright 4SiGHT Research & Analytics
Sentiment 6856323021155TotalMentions req HSBC UAE RAK Bank NBAD3,8913,0883,0302,086127312117FGB1,890NeutralIn the social media space, across theindustries, the neutral mentions areusually the highest. - in both developingand developed markets alike.2DIB1,308CBD1,245ADCB975Neutral mentions are related to affiliateoffers (on credit cards, debit cards, etc.),informationpostedaboutbranchlocations, advertisements by variousservice providers in association withrespective banks, general non bank relatedconversation (puzzles, healthy living tips)etc. Additionally, this information is sharedby many syndication profiles on socialmedia. Syndication profiles are automatedprofiles designed for sharing information.The negative and positive mentions aregenerally driven by customers and socialmedia usersAs a relative percentage of total mentions, ADCB, NBAD and HSBC UAE have the highest percentage of negative mentionsADCB and HSBC UAE also rank in the top 3 banks with positive share of mentions11Copyright 4SiGHT Research & Analytics
Source of conversationSocial 11619121131324463726469776384 31,89410,025SCB4,356MashreqHSBC UAERAK 45ADCB975As expected, Social Networking Sites like Facebook, Google Plus, account for the bulk of the conversation followed by Twitter. Hence itis very important to have an official presence in those sites to address the conversation.* Majority of the social network comments is from Facebook. The survey can be set up to capture each source.Copyright 4SiGHT Research & Analytics12
Who is driving the conversation ?ConsumerBrand918689Other - News/Media etc91898883807571692615 171084TotalMentions 2Emirates NBD31,89410,0256SCB4,3565161311931MashreqHSBC UAE3,8913,088RAK Bank3,03084NBAD2,086FGB1,890DIB1,30812 13CBD1,2459ADCB975For majority of the banks, customers are leading the dialogue currently – brands are only playing the second fiddle.FGB, HSBC UAE and RAK Bank to some extent are participating in the dialogue and are comparatively more active (via official handle).13Copyright 4SiGHT Research & Analytics
Author Demographics – Consumer TotalConsumerMentions reqHSBC UAERAK ADCB887The conversation content is predominately generated by Males in most of the banks while Females mostly generate the content forADCB, SCB & Emirates NBD.14Copyright 4SiGHT Research & Analytics
Banking Products in FocusAccountsCredit CardsLoans15Copyright 4SiGHT Research & Analytics
Size of Comments - ProductsShare of Mentions - across banksShare of Mentions - across hers89%Mentions 31,894Mentions3,330Products account for only 11% of the total conversations – Service, staff, touch points, process, pricing, etc account for the rest.Credit Cards and Loans account of nearly 80% of the Product conversations.16Copyright 4SiGHT Research & Analytics
Product analysisShare of Mentions - across banksShare of Product Mentions - by banksCredit 16501Mashreq HSBC UAE RAK Bank464355331NBAD2282927126EmiratesNBD 3555434132295551FGB202DIB1851116CBDADCB8342Credit Cards mentions account for nearly half of the Product related mentions.Loan mentions comparatively higher for CBD,NBAD,ADCB and RAK bank.17Copyright 4SiGHT Research & Analytics
Credit Card in FocusCredit Cards18Copyright 4SiGHT Research & Analytics
Sentiment Analysis - Credit CardSentiment - across banks (%)Sentiments – by banks 524944 ions 147151115SCB1621723201314219181710Mashreq HSBC UAE RAK Around 2/3rd of the credit conversation are neutral in nature. However there is a strong positive/negative polarity in the conversationabout credit card compared to other products.* Low baseHSBC UAE & CBD have a strong mention of Positive comment related to credit card.Copyright 4SiGHT Research & Analytics19
Conversation SpecificsConversation Drivers (%)Source of Conversation (%)Forums4%Others News/Media tter29%Mentions Brand21%1471Mentions1471Social Network & Twitter account for 3/4th of the conversation generated for credit cards followed by News sites.In credit cards conversation, there is a higher proportion of the brand generated conversation (as against overall conversation share of10%).20Copyright 4SiGHT Research & Analytics
Conversation themes Conversation themes - Credit CardsFraudGeneral ServicePricing%Staff Servicing100100The top 3 conversation topics forcredit cards across banks are: Staff servicing General service Pricing and rates (fees)80564026274436 3628494239403325 eq HSBC UAE RAK Bank20421999NBAD24*FGB165DIB52CBD23*ADCB12** Low base21Copyright 4SiGHT Research & Analytics
Deep dive – Staff ServicingStaff Servicing mentions – across banksStaff Servicing mentions – by banks (%)AttitudeKnowledge898075Knowledgeof Staff33%6964363525206832252011EmiratesNBD 6531Attitude ofStaff67%Mentions8075530204SCB58Mashreq HSBC UAE RAK Bank805025*Staff servicing variable is largely driven by the Attitude of the staff & the Knowledge of the staffExcept in FGB, staff attitude has more mentions than staff knowledge.NBAD24*FGB54DIB29*CBDADCB5*-* Low base22Copyright 4SiGHT Research & Analytics
Staff Servicing The word cloud on ‘staff servicing’clearly shows terms such as, ‘wait,worse, waste, disrespectful,shamehsbc, etc. There are indicators of Attitude andknowledge issues related to customerservice23Copyright 4SiGHT Research & Analytics
Verbatim: Emirates NBDPositiveNegativeNeutral24Copyright 4SiGHT Research & Analytics
Highlights - General Trends in Social Media#1 Emirates NBD is clearly ahead on the volume of conversation it generates. The bank closest to it (SCB) only generates half thevolume of conversation that ENBD generates. Bulk of the conversation generated online has a neutral sentiment as they are mostly about affiliate offers (on credit cards,debit cards, etc.), information posted about branch locations, advertisements by various service providers in association withrespective banks, general non bank related conversation (puzzles, healthy living tips)etc Social networking site – Facebook & Twitter account for the bulk of the conversation. Hence a presence in this site ismandatory for a brand to be socially relevant. The consumers generate a bulk of the social media conversations followed by the banks themselves in their social mediahandle. RAK Bank, HSBC UAE & FGB are the most active banks in generating their own online conversations. Weekdays have a high volume of social media conversations compared to weekends. The conversation peaks duringWednesday of every week.#2#3#4#5Marketing Implication:Apart from Emirates NBD, none of the other UAE banks are really engaging the customers in the social media space. There is no excitement or strong buzzaround the bank brands online. This can be addressed by having engaging competition like puzzle, running a hashtag campaign around products or generalhealth etc. More over banks must set up their official bank handles on all the popular social media platform & make the customers aware of their officialhandles. Banks can also think of having a theme specific social handle like Deals*, Female centric, health centric, complaint resolution** etc25Copyright 4SiGHT Research & Analytics*ENBD Deals Handle : https://twitter.com/ENBDdeals**Etisalat Care: https://twitter.com/Etisalat Care
A case study in Focus : RAK Bank (Brand Conversations)General LifestyleMessage & TriviaPuzzlesConversation on DealsConversation onBanking Products26Copyright 4SiGHT Research & Analytics
Emirates NBD: Puzzle Engagement (Examples)27Copyright 4SiGHT Research & Analytics
The Next Steps : Leveraging Social Media Intelligence for InsightsBrand Monitoring Periodic monitoring of the brand onthe social media will providevaluable insight on the brand imagein the Webosphere.This gives a 360 degree view of allthe brand stakeholders feedbacksentimentsEvaluation of Online#Hash tag campaignsCompetitive Analysis Easymeansofcompetitivebenchmarking based on the brandstrength of competition on thesocial media.Can be defined & set as a keymetrics to be monitored over aperiod of time Quick & easy means to measure theHash Tag campaigns and itsresultant sentimentsIn all the various types of analysis the system can be set to read and understand the comment at several levels for rich insights. For ex:Staff servicing can be studied at the overall branch level and even at the servicing of a particular product like Loans, credit cards etc.28Copyright 4SiGHT Research & Analytics
Caveats Not all the conversation can be demographically tagged – Location, Age, Gender etc. As users can post anonymouscomments in the social media sites and also set their setting privacy setting very high that will prevent the toolfrom reading their demographic information. The quality of the data largely depends on how effectively the survey is defined in the tool.29Copyright 4SiGHT Research & Analytics
Thank you!Presented by: 4SiGHT Research & AnalyticsDeepak Kudkilwardeepak@4sight-global.comAnand Nigamanand@4sight-global.comNagrajan Rajshekarannagrajan@4sight-global.comCopyright 4SiGHT Research & AnalyticsDubaiRiyadhJeddah1003, X3,Jumeirah Bay Tower,JLT Dubai, UAEAl-Khalidia Towers,Floor 23, Riyadh,Saudi ArabiaAl-Eqtessad Plaza,5th Floor, Office # 504,Jeddah, Saudi Arabia
Sentiment Analysis - Credit Card 19 Sentiment - across banks (%) Neutral 61% Negative 15% Positive 24% Mentions 1471 Sentiments –by banks (%) Around 2/3rd of the credit conversation are neutral in nature. However there is a strong positive/negative polarity in the conversation about
