Canadian Banks Using Social Media

HOW CANADIAN
BANKS USE
SOCIAL MEDIA
ENGAGING AND INTERACTING WITH CUSTOMERS

BY CRAIG SEBASTIANO
AUGUST 2012

@craigsebastiano http://ca.linkedin.com/in/craigsebastiano

2 HOW CANADIAN BANKS USE SOCIAL MEDIA
TABLE OF CONTENTS

• INTRODUCTION

• THE SOCIAL NETWORKS

• THE “BIG SIX”

• STRENGTHS, OPPORTUNITIES, AND RECOMMENDATIONS

• COMPARING THE “BIG SIX” TO OTHERS

• WHY JUST THE “BIG SIX”?

• CONCLUSION

• SOCIAL NETWORK ACCOUNTS

• SOURCES


INTRODUCTION
STRENGTHS, OPPORTUNITIES, AND RECOMMENDATIONS

Canadian banks use social media but not all are active enough or as engaged as they
could be. There are two clear leaders: ING DIRECT Canada, which uses both official languages
and whose CEO is actively involved in social media, and TD, which is constantly producing
content for all channels. The other banks need to change their strategy and become more
involved or potentially risk losing the next generation of customers as well as new employees.

The following is a review of the banks’ presence on the four main social media channels.
What I didn’t do was rank them in terms of Twitter followers, Facebook likes, and YouTube
subscribers/video views because that doesn’t matter. Yes, it’s a quick and easy way to measure
results, but reaching a certain number of followers isn’t an accomplishment nor does it matter
how those numbers compare to the competition. Staying active in social media once the
accounts have been set up and engaging with customers is an accomplishment.

The biggest opportunity right now is reaching out to French-speaking Canadians. When it
comes to social media, many banks are ignoring more than 20% of the population whose first
language is French.


THE SOCIAL NETWORKS

Canada’s banks use four main social media channels to communicate to their clients:
Facebook, Twitter, YouTube, and LinkedIn. While there are many other social networks
out there, these four are currently the most popular ways to engage with customers.

FACEBOOK TWITTER
“STILL THE ONE” “500 MILLION STRONG AND GROWING”

“Banks, like most
Facebook is the largest social network in the world with Twitter surpassed the 500 million user mark in June
more than 955 million active users at the end of June
other 2012, according to Semiocast. There are more than 10
2012. Last year, 6S Marketing said that nearly half of the million Canadians on Twitter, making Canada the
institutions, rely on
Canadian population was using Facebook every eighth-largest in terms of the number of users.
month. their branding to
get their name out
there. Social media

YOUTUBE has become a LINKEDIN
“VIDEO KILLED THE SOCIAL MEDIA STAR” valuable extension “WE MEAN BUSINESS”

YouTube receives more than 800 million unique visits to of that brand.” – LinkedIn operates the world’s largest professional
its site every month. There are over four billion hours of network on the Internet with 175 million members in
XConnect
video watched on the site each month. Last more than 200 countries and territories. In January
year, comScore said that more than half of Canadians 2012, the number of LinkedIn users from Canada
visited YouTube on a monthly basis. topped the five million mark.


THE “BIG SIX” = THE BIG FIVE & ING DIRECT
BMO CIBC

BMO, established in 1817, is the oldest of CIBC is the smallest of the Big Five banks. It
the Big Five banks. Its largest acquisition was formed when the Canadian Bank of
was the purchase of Wisconsin-based Commerce and the Imperial Bank of
Marshall & Ilsley in 2011. BMO has $526 Canada merged in 1961, which was the
billion in assets and more than 46,000 last major bank merger in Canada. It has
employees. $387 billion in assets and 42,000 employees
worldwide.

ING DIRECT CANADA RBC

ING DIRECT Canada launched here in RBC is Canada’s largest bank in terms of
1997. In just 15 years, the virtual bank has assets ($800 billlion) and market
built up nearly $40 billion in assets. capitalization. It is also one of the 20
However, it may be acquired by a rival largest banks in the world. RBC has more
now that ING Group has said it is “currently than 74,000 employees worldwide.
reviewing strategic options” for the
Canadian division.

SCOTIABANK TD

Scotiabank is Canada’s third-largest bank TD has $773 billion in assets and more than
with $660 billion in assets and more than 85,000 employees. It is the sixth-largest
80,000 employees. It is also the most bank in North America by branches. TD
international bank among Canadian was formed in 1955 when The Bank of
financial institutions as it has customers in Toronto and The Dominion Bank of
more than 55 countries. Canada merged.


BMO
KEY POINTS STRENGTHS

• BMO has French versions of • Looking for social media channels on BMO’s website? They’re easy to
find on both the English and French sites
some of its social media • BMO has a French YouTube channel as well as a French Facebook
page, the latter of which is updated frequently
accounts • The main Twitter account (@BMO) actively responds to customers

OPPORTUNITIES & RECOMMENDATIONS
• Not all of BMO’s Twitter
• BMO’s French YouTube channel should be updated more often; the last
accounts follow each other video was uploaded in May 2011
• Not all of the Twitter accounts
(@BMO, @BMOsmb, @BMOCM, @BMOmedia) follow one another, but
they should

Social media
channels are
easy to find
Facebook on the
and bank’s
YouTube website in
pages in both English
French and French


CIBC

• CIBC is active on Twitter in • Has both English and French Twitter accounts
• Jamie Golombek (@JamieGolombek), a tax and estate planner at
both English and French CIBC and Financial Post columnist, is a big brand ambassador
• Shows it’s a good corporate citizen with the @CIBCcommunity account
and CIBC Community Matters Facebook page
• Like BMO, not all Twitter
accounts follow each other
• French content is rare on the Facebook page
YouTube videos could have French subtitles
• CIBC was one of the last to •
• There should be additional brand ambassadors from Wood Gundy or
World Markets in case Jamie Golombek ever decides to leave
become active on YouTube • Twitter accounts should follow one another
• French equivalent of the @CIBCcareers Twitter account would be ideal

A nice
touch:
these
Following just @CIBCcommunity and
tweets are
@CIBCnews
identical
except
they’re in
Jamie
both
Golombek is
official
the brand
languages
ambassador


ING DIRECT CANADA

• ING DIRECT Canada is the • Actively engaged on all major channels and uses hashtag campaigns
• CEO Peter Aceto has his own Twitter account (@CEO_INGDIRECT) and
most active of all the banks tweets regularly; he also has his own blog
• Has French Twitter (@AsdelEpargne) and Facebook
on social media; even the (facebook.com/AsdelEpargne) accounts, which are both active

CEO tweets and blogs
• Inactive Twitter accounts (@FeeTweeter, @FedUpWithFees, and
• Its French-language @Tweeteurdefrais) can be deleted once related campaigns are
finished
accounts are quite active • Should provide a link to its LinkedIn company page on its website or
other social media pages

A French-only Even the
Facebook CEO is
account using social
media


RBC

• There’s a social media page • RBC has a social media page on its website
• Accounts related to corporate social responsibility, such as the RBC Blue
listing all of its accounts, but Water Project, are promoted well
• There’s a Twitter account (@AskRBCCanada) devoted to customer
there may too many service

• Showcases corporate social
• Create and maintain more French social media accounts
responsibility with RBC Blue • The brand is being diluted because there are currently 12 Twitter
accounts listed on the social media webpage (excluding RBC Bank
Water Project USA) as well as 10 LinkedIn company pages for the parent company
and its subsidiaries (excluding U.S. wealth management); RBC Wealth
Management – Estate and Trust Services has just eight followers
• None of the LinkedIn company pages are mentioned on the RBC social
media webpage

RBC’s Blue
RBC’s social
Water
media page
Project
lists all of its
pages on
accounts
YouTube
(and there
and
are many)
Facebook


SCOTIABANK

• One of Scotiabank’s Twitter • Has an account (@scotiahelps) dedicated to resolving customer issues
• Did an online expert panel about retirement and investing on Facebook
accounts is devoted to in 2011 as part of its Let the Saving Begin program
• Has French content on its YouTube channel
customer service • Created a Google+ company page

• The @scotiabank Twitter
• Scotiabank’s international Twitter accounts are all very active, but its
account is almost dormant domestic account is pretty much dormant; @scotiabank is an
opportunity to recruit future staff or feature news about the bank
• Mention other social media accounts on
• French content is rare, but YouTube, LinkedIn, Facebook, and Google+ besides only on Twitter
• Use the Google+ account; there’s just been one post since January
there is some on YouTube

Just two
tweets in
total since
April 2011
Videos and yet
in there are
French still 2,000+
followers


TD

• TD understands social media • TD has a web page devoted to its social media accounts
• The @TD_Canada Twitter account operates 17 hours/day, 7 days/week
and is very active on all four • Joined YouTube in 2006 and videos are posted often
• Its Money Lounge Facebook page is still active five years after
major channels launching
• Friends of the Environment Foundation on Twitter and Facebook
• YouTube videos are posted
• Bilingual accounts or ones devoted just to French-speaking Canadians
about once a week • The @TD_Canada Twitter account should retweet some tweets coming
from the @TDFEF account
• Mention LinkedIn page on TD website’s social media webpage
• Fix the URL for the Money Lounge’s Facebook page on the social media
webpage; it’s currently incorrect (facebook.com/tdmoneylounge)

Joined
YouTube and
Facebook in
2006 and
Note the hours 2007, respectiv
of operation ely


COMPARING THE “BIG SIX” TO OTHERS
WHAT OTHER FINANCIAL INSTITUTIONS ARE DOING

National Bank’s social media
accounts are mentioned on the
French and English versions of its
website

Invesco Canada’s social media accounts are very easy to find
because there’s a tab in the top navigation of the website

Sun Life’s French Twitter account
for recruiting: @EmploisSunlife


WHY JUST THE “BIG SIX”?
NATIONAL BANK AND OTHERS

Canada’s Big Six banks all use social media. But the smallest of them all, National Bank of
Canada, is still just getting started. The Quebec-based bank’s English Twitter and YouTube
accounts only became active in the fall of 2011 so I didn’t want to make a full comparison at this
point since it wouldn’t be fair. However, unlike some of its larger competitors, National does have
a webpage pointing to all of its social media accounts.

While many other financial institutions are involved in social media, none are as active in
the four largest channels as the ones I reviewed. VanCity also has a web page for its social media
accounts, but its Citizens Bank of Canada @citizensbanker account has been inactive for nearly
four years. The person responsible for the account was let go and even tweeted about it:

The last tweet:
four years ago

Links to a story
about Citizens
Bank layoffs


CONCLUSION
FINAL THOUGHTS

Canada’s banks all use social media to connect and engage with their customers. But
there are leaders (ING DIRECT Canada and TD) and there are laggards (the rest).

And as mentioned earlier, French-speaking Canadians are not being targeted by all of the
banks. Maybe it’s because they don’t have as much market share in Quebec compared to the
rest of Canada. I see it as a missed opportunity in terms of both engaging with customers and
recruiting the next generation of employees.

Banks must also be aware of emerging social networks. For example, will Google+ or
Pinterest become the next Facebook or end up being the next Friendster? And how important will
they be in the future? Social networks come and go. And it’s impossible to predict what will
happen. But in nearly every line of business, leaders don’t always stay on top. Just look at Yahoo
vs. Google, Research In Motion vs. Apple, IBM vs. Microsoft, or GM vs. Toyota.

Social media isn’t going anywhere and it’s not the number of accounts, followers, likes or
tweets that count. Being engaged with those followers is what really matters.


SOCIAL NETWORK ACCOUNTS
THE “BIG SIX” LIST

BMO

• Facebook: BMO Financial Group & BMO Groupe financier

• LinkedIn: BMO

• Twitter: @BMO, @BMOCM, @BMOmedia & @BMOsmb

• YouTube: BMO Financial Group & BMO Groupe financier

CIBC

• Facebook: CIBC Community Matters / Engagement Communautaire CIBC

• LinkedIn: CIBC

• Twitter:
@CIBCcareers, @CIBCcommunity, @CommunauteCIBC, @CIBCnews, @NouvellesCIBC, @CIBConCa
mpus & @CIBCsurlecampus

• YouTube: CIBCVideos



ING DIRECT Canada

• Facebook: SuperStarSaver & AsdelEpargne

• LinkedIn: ING DIRECT Canada

• Twitter:
@asdelepargne, @CEO_INGDIRECT, @ingdirectcanada, @FedUpWithFees, @FeeTweeter, @OrangeYUL, @Ora
ngeYVR, @OrangeYYC, @OrangeYYZ, @SuperStarSaver, @Tweeteurdefrais

• YouTube: ING DIRECT Canada Superstar Saver

RBC

• Facebook: RBC Royal Bank – Canada, RBC Blue Water Project, RBC Play Hockey & The RBC Next Great
Innovator Challenge

• LinkedIn: RBC, RBC Capital Markets, RBC Dominion Securities, RBC Global Asset Management, RBC
Insurance, RBC Investor Services, RBC Wealth Management, RBC Wealth Management – PH&N, RBC Wealth
Management – Estate and Trust Services, & RBC Wealth Management – Private Banking

• Twitter:
@AskRBCCanada, @GMAConseiller, @RBC, @RBCArts, @RBCGAMAdvisor, @RBCGAMNews, @RBCGreen, @R
BCIS, @RBCOlympic, @RBCPlayHockey, @RBC_Canada, @RBC_Golf & @RBC_Newsroom

• YouTube: RBC Royal Bank – Canada, The RBC Blue Water Project, Le Projet Eau Bleue RBC & RBC
http://ca.linkedin.com/in/craigsebastiano
@craigsebastiano


Scotiabank

• Facebook: Scotiabank

• Google+: Scotiabank

• LinkedIn: Scotiabank

• Twitter: @Scotiabank & @Scotiahelps

• YouTube: Scotiabank

TD

• Facebook: TD Money Lounge – Canada & TD Friends of the Environment Foundation

• LinkedIn: TD

• Twitter: @TD_Canada & @TDFEF

• YouTube: TD (Canada)


SOURCES
Slide 3
http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/demo11a-eng.htm

Slide 4
http://newsroom.fb.com/content/default.aspx?NewsAreaId=22
http://www.6smarketing.com/canadian-facebook-statistics/
http://semiocast.com/publications/2012_07_30_Twitter_reaches_half_a_billion_accounts_140m_in_the_US
http://mashable.com/2012/08/01/youtube-4-billion-hours/
http://www.youtube.com/t/press_statistics/
http://blogs.marketwatch.com/canada/2011/01/26/canadians-youtube-twitter-facebook-usage-surpasses-
americas/
http://press.linkedin.com/about
http://xconnectto.com/2012/02/03/social-media-shifts-customer-interactions-from-teller-to-twitter-and-facebook/

Slide 5
http://www.bmo.com/home/about/banking/corporate-information/about-us/bmo-financial-group
http://www.ingdirect.ca/en/aboutus/index.html
http://www.canada.com/business/unload+Canadian+operations/7033784/story.html
www.scotiabank.com/ca/common/pdf/about.../Q2-12-factsheet_e.pdf
https://www.cibc.com/ca/inside-cibc/history.html
https://www.cibc.com/ca/pdf/about/q212hlts.pdf
www.rbc.com/investorrelations/pdf/rbcglanceq212.pdf
http://www.td.com/about-tdbfg/corporate-information/corporate-profile/profile.jsp
http://www.td.com/popup/150/timeline/1955.html

Slide 6
http://www.bmo.com/home
http://www.bmo.com/accueil
http://www.youtube.com/bmocommunaute
http://www.facebook.com/BMOcommunaute


SOURCES
Slide 6 continued
https://twitter.com/BMOsmb
https://twitter.com/BMO
https://twitter.com/BMOMedia
https://twitter.com/BMOCM

Slide 7
https://twitter.com/JamieGolombek
https://twitter.com/CIBCcommunity
https://twitter.com/CIBCcareers
https://www.facebook.com/CIBCcommunitymatters
http://www.youtube.com/user/CIBCVideos
https://twitter.com/cibcnews
https://twitter.com/nouvellescibc

Slide 8
https://twitter.com/FeeTweeter
https://twitter.com/FedUpWithFees
https://twitter.com/Tweeteurdefrais
https://twitter.com/AsdelEpargne
https://twitter.com/CEO_INGDIRECT
http://blog.ingdirect.ca/
http://www.facebook.com/AsdelEpargne

Slide 9
https://twitter.com/AskRBCCanada
http://www.youtube.com/user/rbcbluewaterproject
http://www.facebook.com/rbcbluewaterproject
http://www.rbc.com/social/index.html


SOURCES
Slide 10
https://twitter.com/scotiabank
http://www.youtube.com/scotiabank
http://www.newswire.ca/en/story/806949/next-stop-facebook-scotiabank-s-let-the-saving-begin-tour-goes-live-online
https://plus.google.com/110368251281324569092/posts
https://twitter.com/scotiahelps
https://twitter.com/scotiabankmx
https://twitter.com/ScotiabankJM

Slide 11
http://www.td.com/about-tdbfg/media-room/social-media/social-media.jsp
https://twitter.com/TD_Canada
https://www.facebook.com/TDMoneyLoungeCanada
http://www.facebook.com/TDFEF
https://twitter.com/tdfef
http://www.youtube.com/user/TDCanada

Slide 12
http://www.nbc.ca/bnc/cda/productfamily/0,2664,divId-2_langId-1_navCode-17677,00.html
http://www.bnc.ca/bnc/cda/productfamily/0,2664,divId-2_langId-2_navCode-17677,00.html
www.invesco.ca
https://twitter.com/EmploisSunlife

Slide 13
https://twitter.com/nationalbank
http://www.youtube.com/user/nationalbanknetworks
https://twitter.com/citizensbanker
https://www.vancity.com/AboutUs/SocialMedia/


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