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Battle of the banks in Singapore - by Tesla Insights

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Case study: what customers say about banks in Singapore.

What do your customers think about your banking products and service?
What do they expect from a retail bank?
How do they compare you to the competition?
Do they like your latest campaign or your newest product?
How much do they talk about you vs your competitors?
Where do they talk about you?
Who are your top influencers?

You can answer all these questions using social media intelligence.

Publicado en: Marketing
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Battle of the banks in Singapore - by Tesla Insights

  1. 1. Battle of the banks How DBS, POSB, OCBC, UOB, Maybank, HSBC and Citibank fare online & on social media in Singapore Tesla Insights April 2015
  2. 2. Tesla Insights April 2015 BATTLE OF THE BANKS KEY CHALLENGES IN RETAIL BANKING  Loyalty  Retain market shares  Capture millenials  Regulatory compliance  Cyber security
  3. 3. CUSTOMER-CENTRIC BUSINESS MODEL « Banks that know their customers well and that can tailor offerings accordingly will stand out from competitors, winning market share and wallet share. That provides a huge immediate advantage and is essential to long-term success in today’s low- growth, low-margin environment. » (PWC, 2015 Retail Banking Trends) (PWC, Retail Banking 2020) BATTLE OF THE BANKS Tesla Insights April 2015
  4. 4. LISTEN TO YOUR CUSTOMERS  What do your customers think about your banking products and service?  What do they expect from a retail bank?  How do they compare you to the competition?  Do they like your latest campaign or your newest product?  How much do they talk about you vs your competitors?  Where do they talk about you?  Who are your top influencers? You can answer all these questions using social media intelligence. BATTLE OF THE BANKS Tesla Insights April 2015
  5. 5. METHODOLOGY For this case study, we have listened to all english conversations about the main 7 retail banking brands in Singapore for 3 days (April 7th to 10th), on all platforms : Websites, Facebook, Twitter, Youtube, Instagram, Blogs, Media, Forums. We are using the latest social media listening technology, and our human analysts scan all conversations listed by the automated tool to verify relevancy and analyse the sentiment. BATTLE OF THE BANKS Tesla Insights April 2015
  6. 6. • 1.555 mentions of at least one of the 7 main banks in Singapore in 3 days • Facebook, as the mostly used social network, is with no surprise the one where banks are involved the most, but a good half of them are only mentioning the bank account to sell or rent their goods online. • Twitter is used both by influencers to disseminate information about banks, and by many customers as a customer service tool. • Like in so many other industries, the good old forums are where most interesting discussions about the banks happen, as we will see. WHERE DO PEOPLE SPEAK ABOUT BANKS?BATTLE OF THE BANKS Tesla Insights April 2015
  7. 7. HOW MUCH DO THEY TALK ABOUT YOU VS COMPETITION? How are these 1555 mentions split between brands? • 41% for DBS (631) • 35% for OCBC (540) • 22% for POSB (347) • 12% for UOB (186) • 7% for Citibank (102) • 6% for Maybank (92) • 4% for HSBC (56) Mentions are not exclusive one from another, as we’re going to see in a minute: internet and social media users love to compare everything! BATTLE OF THE BANKS Tesla Insights April 2015
  8. 8. During these 3 days, main discussed topics were: • Discount/deals, especially on Online Shopping Platforms • Personal finance • Credit card benefits i.e Air miles and rebates (lots of comparison for this topic) • OCBC stands out because of its 360 Account conditions change announcement. • DBS stands out because of its strong ties to local events (SG50, Marina Bay Regatta Competition etc), truly “living, breathing Asia” locally (their motto) ! They are also commenting on local news in the media (Property cooling measures likely to be eased end-2015). • PR News: OCBC selling over 30 shophouses and shop units, DBS/Manulife deal… WHAT PEOPLE SAY ABOUT BANKS?BATTLE OF THE BANKS Tesla Insights April 2015
  9. 9. WHAT PEOPLE THINK ABOUT YOUR BRAND VS COMPETITION? Your customers compare your offer with the competition constantly, especially on forums. When looking for a new bank, lots of people would not rely on your website but they will browse the net to compare the offers and get more unbiased information. Monitor what is said about your brand to correct wrong information when needed. Being aware of how people see your products compared to the competition will allow you to repurpose your communication to change the perception if needed. More than 39 pages about DBS vs OCBC and UOB! BATTLE OF THE BANKS Tesla Insights April 2015
  10. 10. WHAT PEOPLE DIDN’T LIKE? OCBC gets 52% of the negative mentions, mainly on the forum HardwareZone about how people are disappointed by the 360 account new conditions and who should quit the 360 account. HSBC get more negative mentions than average (26%) because of the tax evasion case, mainly on Twitter. BATTLE OF THE BANKS Tesla Insights April 2015
  11. 11. OCBC FOCUS WHERE ARE THE NEGATIVE MENTIONS ABOUT OCBC HAPPENING? No need to panic. Negative mentions are 8.5% of the mentions about OCBC. Most of them are the result of a huge general confusion about the new conditions on the 360 account, announced 1st of April and with effect from 1st of May. But the account has also its defenders. To monitor conversations and correct wrong information, you must know where these are happening : 82.6% of them are on the good old forums. OCBC FOCUS Tesla Insights April 2015
  12. 12. BUT WHAT ARE THE MENTIONS THAT YOU MUST FOCUS IN PRIORITY? Here are the 3 most influential Twitter accounts who mentioned OCBC during the period. Let’s take the mention of Lorenzo Zanirato. “Is it really time to ditch the OCBC 360 account ? No. Not yet.” This is the kind of content you want your confused customers to see, right? Well, why not sharing it with those who expressed their confusion? OCBC FOCUS Tesla Insights April 2015
  13. 13. WHAT DOES OCBC DO? OCBC seems to be doing the best job on social media, with more than 10% of the Singaporean population as Facebook fans, and 10.000 followers on Twitter. But what was OCBC doing when everybody was discussing the lowest rates of its 360 account online? We have not seen any mention of this hot topic by OCBC during the period. BATTLE OF THE BANKS Tesla Insights April 2015
  14. 14. AND WHAT SHOULD THEY DO INSTEAD? 1 FOR OCBC: WATCH FOR SWITCHERS ! - Most people were confused. They didn’t understand what would be the real impacts of the new conditions of the 360 account. OCBC could have given more information and correct the information where it was wrong. - In a conversational world, people care more about how you talk than about how you deliver. - Do answer ALL negatives, you’d be surprised how fast it can turn into POSITIVES. 2 FOR COMPETITION: LET THEM KNOW ABOUT YOUR OWN ACCOUNTS - Lots of people are commenting about switching to another bank. Let’s take this opportunity to talk about your own products. Listen to why they want to switch and how your offers can help them take their next move… - This is an exemple of how listening can help you come up with better content to deal with your prospective customers real time concerns ! BATTLE OF THE BANKS Tesla Insights April 2015
  15. 15. 89% of negative comments about POSB happened on Twitter, the other ones are on Facebook. That’s why POSB is using Twitter to improve their customers experience, answering all questions and negative comments. That’s how they positively surprise even the customers who didn’t expected an answer... WHAT POSB DOES WITH NEGATIVE MENTIONS? POSB FOCUS Tesla Insights April 2015
  16. 16. BANKWHAT UOB DOES WITH NEGATIVE MENTIONS? No Twitter presence for one of the main Singaporean banks ? This let all negative mentions and questions on Twitter unanswered. More could also be done to drive engagement on Facebook. There is good image content, but the bank should move away from simply announcing promotions. UOB FOCUS Tesla Insights April 2015
  17. 17. HOW TO USE NEGATIVE MENTIONS TO IMPROVE YOUR CUSTOMER EXPERIENCE? 1 TO DRIVE YOUR NEXT MOVE - Know what are the main concerns and problems faced by your customers to drive your next campaign, content or strategy. For this case study, on 3 days only, we don’t have enough data to give you reliable quantitative insights about the main discussed topics, but one month data gathering would give you a quite accurate idea already. 2 TO TRANSFER CRM FROM VOICE TO TWITTER - Phone calls to the customer service are lengthy, even if they solve the issue, it’s too long. - Like POSB, switch the customer service on Twitter, where it’s faster and more convenient for users. BATTLE OF THE BANKS Tesla Insights April 2015
  18. 18. Thank you ! Let your customers decide your next move. Go where they express emotions. Let us help you refine the raw data into gold insights. 18 About Tesla Insights We are offering actionable social media insights to help you connect with your customers main concerns, passions and aspirations, in Asian markets. Please do get in touch for more custom social media insights for your own needs: www.agencetesla.asia insights@agencetesla.com Tesla Insights April 2015

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