Published on February 28, 2014
How Indian Banks Leveraging Social Media: A Detailed Investigation Report Prepared by Webenza November 2013
Indian Banking: Social Media Global Footprint
Social Media Strengths of Indian Banks: 5 Indian Banks Find Places in Top 50 Global List A report by The Financial Brand around the Social Media Strengths (based only on Facebook Likes, Twitter Followers and YouTube Views) for Banks, revealed that ICICI Bank Ranked 4th globally at the end of Q3’2013. Power 100 Score* 4 8 9 *Power 100 Score: The Financial Brand’s proprietary score to rank 100 banks globally in terms of their social media strengths. 14 25 *Global Ranks: Ranked based on the “Power 100 Score” globally.
Social Media Strengths of Indian Banks: Top 5 Indian banks – global standing across platforms Though ICICI ranked 4th among Indian Banks in the global social media competition, however, Kotak Mahindra was ahead of ICICI on both Twitter Followers and YouTube Views in Q3’2013. GLOBAL RANKING IN Q3’2013 IN TERMS OF Top 5 Indian Banks Facebook Likes Twitter Followers YouTube Views 3 37 19 4 38 39 5 83 20 9 36 59 37 6 17 The following slides also reveals that, on the basis of current engagement, Kotak Mahindra is consistently improving (observed the maximum growth within the above three KPIs) in the past 60 days.
Facebook Audience (Likes): Fan growth rate of top 5 Indian banks ICICI Bank has the maximum no. of Facebook fans. However, Kotak Mahindra (57%) saw the maximum growth followed by Axis Bank (21%) on their Facebook Likes in the last 60 days. IDBI had the lowest growth rate. Data for Nov’13 considered till Nov 27, 2013
Twitter Audience (Followers): Fan growth rate of top 5 Indian banks Kotak Mahindra has the maximum no. of Twitter Followers. While, Axis Bank (67%) followed by Kotak Mahindra (41%) saw the highest growth in the last 60 days; IDBI observed the lowest (2%) growth rate. Data for Nov’13 considered till Nov 27, 2013
YouTube Audience (Views): Fan growth rate of top 5 Indian banks Kotak Mahindra has the maximum no. of YouTube Channel Views. HDFC (27%) followed by Kotak Mahindra (13%) saw the highest growth in YouTube Views in the last 60 days. Data for Nov’13 considered till Nov 27, 2013
Indian Banking: A Social Media Overview Players considered in this report are in terms of market share and revenue. These include: SBI, HDFC, ICICI, Axis Bank, Yes Bank, IDBI, Kotak Mahindra, Canara Bank, Punjab National Bank (PNB), Bank of Baroda, Citibank and Union Bank if India. “Bank of India” was eliminated from the list due to some data unavailability.
Digital Media Landscape: SOV and SMQ standings – Top Indian Banks SBI, the industry leader in revenue and digital media coverage of Share-of-Voice (in the past three months), lost to HDFC, ICICI and other 3 players in Social Media Quotient* (SMQ). Bank of Baroda PNB UBI Indian Banking Industry SMQ Benchmark (43.5) Digital Media Share-of-Voice (SOV) Digital Media Landscape Canara Bank Bubble size represents the revenue of the bank *SMQ is a cumulative score out of 100 that signifies the bank’s social media presence, focus and strength. SBI ICICI HDFC Kotak Mahindra Yes Bank AXIS IDBI Social Media Quotient (SMQ) Note: “Bank of India” and Citibank are not considered in this chart.
Social Media Quotient: Understanding Banks’ Current Social Media Engagement & Efforts HDFC scored the highest (92.9) in terms of social media channel presence and focus, followed by ICICI (84.8) and Axis Bank (72.5). Other players that are doing extensively well in social media include IDBI, Yes Bank and Kotak Mahindra. Social Media Quotient* (SMQ) Analysis Note: Social Media Quotient (SMQ) analysis is done on the basis of Social Media engagement and presence in the month of Nov’13.
Social Media Channels: Channel Focus by Indian Banks Indian Banks are not concentrating on Blogs and Slideshare, however, all the players are present on LinkedIn and also manage their Wikipedia pages. Increased adoption affinity was seen for Twitter and Facebook. Bank Facebook Twitter SocialFriendly Website LinkedI n YouTube Blog Google+ Slideshar e Wiki Pinterest
Social Media Channels: Channel strength across Indian banks Yes Bank scored the most on Twitter, while ICICI led on Facebook. Whereas, HDFC and Kotak Mahindra emerged as the most diversified company in terms of their choice of Social Media channels. Channel Score Social Media Channel Strength across Competitors
Digital Media Coverage Snapshot: SOV How Indian banks share the Digital Media coverage Share-of-Voice (SOV) N = 19,452 • • SBI appeared to be the most talked about bank in the digital media space During the past three months (Aug 25 - Nov 25), SBI accounted for maximum coverage with (35%) share in SOV followed by ICICI (20%) and HDFC (14%)
Digital Media Coverage Snapshot: Volume Trend Coverage trend among competitors Coverage Volume Trend • • SBI led in coverage across three different time periods, however, during Sep 25-Oct 24, it got the maximum coverage compared to other two time periods considered for analysis ICICI had more coverage during Aug 25-Sep 24, while rest of the competitors had almost similar coverages across three different time periods
Digital Media Coverage Snapshot: Topic Association What drove SBI to lead in SOV? Key Drivers for SBI Coverage SBI coverage during the past three months centred around Recruitment, Executive Movement, Product Updates, Financials and Thought Leaderships (Research) Top SBI Story in Nov’13: • SBI raises lending rates by 0.20 per cent • State Bank of India Recruitment 2013 – For Pharmacists, CRO & Armourer – For Engineer Pay Scale >Rs. 60 Lakh per Year – For Clerical Posts – Chief Technology Officer Application Form 2013 • State Bank of India executive in bribery probe put on leave • SBI MF appoints Dinesh Khara as MD and CEO • State Bank of India (SBI), the country's largest lender posted a 33 per cent drop in net profit for Q2 Top SBI Story in Oct’13: • State Bank of India donates Rs 2 crores to CM relief fund • State Bank of India Recruitment 2013 • State Bank of India gets first woman boss, Arundhati Bhattacharya appointed chairperson of India's largest bank • Air India & State Bank of India come together to launch #travel credit card @Fly_Air_India @SBIconnex • SBI cuts car, consumer goods loan rates Top SBI Story in Sep’13: • State Bank of India increases its minimum rate of lending by 0.10 per cent to 9.80 per cent • SBI acquires 23% shares of BSBII, Indonesia • SBI share price reflects state of banking in India - Business Standard • State Bank of India likely to recruit 19,000 clerks • State Bank of India Chairman Pratip Chaudhuri says the RBI has tightened liquidity starting July 15 • An SBI research report today said banks are likely to net USD 5 billion by March, 2014 by availing RBI's special window facility to swap foreign currency non-resident ( FCNR) dollar funds -- half of what experts from foreign brokerages have initially estimated
Digital Media Coverage Snapshot: Topic Association Word Cloud for top 3 competitors in SOV Word Cloud
Digital Media Coverage Snapshot: Top sources that garner banking industry coverage Channel Breakout that Garnered Coverage Across Competitors N = 19,452 • The industry (comprising of top players) witnessed the maximum coverage generated through Online News followed by Customsites and Twitter in the past three months (Aug 25 – Nov 25)
Digital Media Coverage Snapshot: Sources that garnered coverage across competitors Channel Breakout across Competitors N = 737 • N = 5,719 N = 1,153 N = 49 N = 6,295 N = 5,187 N = 312 Online News contributed almost equal coverage for ICICI and SBI in the last three months, while SBI led across all other channels
Indian Banking: Social Media Best Practices We considered top Five players for in-depth investigation of Social Media performance and engagement especially on Facebook and Twitter, who scored the maximum in SMQ, that include – HDFC, ICICI, Axis Bank, IDBI and Yes Bank. The evaluation was done only for the month of Nov’13 (till Nov 25).
HDFC Bank: SMQ Rank - 1 Facebook & Twitter engagement snapshot SMQ Score: 92.9 • Facebook engagement was mainly around offers on Loan (Car, Home and Personal), Mobile & Net Banking and Card Offers • Twitter engagement carried out mainly through various #hashtags that include - #DreamDrive, #SmartBuy, #MobileBanking, #QuoteUnquote, #Travel, #SecureBanking, #FinanceFunda, etc. Has a separate Twitter Handle for customer support (@HDFCBank_Cares) • Facebook Likes: – 1,805,477 • Twitter Followers: – 11,128 • YouTube Subscribers: – 1,044 • LinkedIn Followers: – 60,269 • Google+ Followers: – 10,518 •
ICICI Bank: SMQ Rank - 2 Facebook & Twitter engagement snapshot SMQ Score: 84.8 • Facebook engagement was mainly through Puzzles, Q&A, Exploring India, promoting Net and Mobile banking. • ICICI Bank has only one Twitter Handle and is mainly used for Customer Support services • Facebook Likes: – 2,573,269 • Twitter Followers: – 10,772 • YouTube Subscribers: – 1,054 • LinkedIn Followers: – 71,949 • Google+ Followers: – N/A
Axis Bank: SMQ Rank - 3 Facebook & Twitter engagement snapshot SMQ Score: 72.5 • Facebook engagement was mainly through Trivia, eDGE Loyalty Rewards Program, Offers on Card Usage, CSR (Events) • Twitter engagement carried out mainly through tweets around Trivia, eDGE Loyalty Rewards Program, Offers on Card Usage, #AxisBankFoundation, etc. Has a separate Twitter Handle for customer support (@AxisBankSupport) • Facebook Likes: – 1,871,510 • Twitter Followers: – 4,292 • YouTube Subscribers: – 778 • LinkedIn Followers: – 45,489 • Google+ Followers: – 9,535 •
IDBI Bank: SMQ Rank - 4 Facebook & Twitter engagement snapshot SMQ Score: 62.8 • Facebook engagement was mainly through various #hashtags that include #ratesofinterest, #savings, #BankingTip, #HealthQuote, #Fact, #FinanceFunda, #DidYouKnow, #ReliefFund etc. • Twitter engagement also carried out through #hashtags that includes #SaveEnvironment, #Rupee, #SuccesQuote, #Quote, #DidYouKnow, etc. Has only one Twitter Handle that is also used for customer support (@IDBI_Bank) • Facebook Likes: – 794,298 • Twitter Followers: – 9,850 • YouTube Subscribers: – 6,062 • LinkedIn Followers: – 9,712 • Google+ Followers: – 19,509 •
Yes Bank: SMQ Rank - 5 Facebook & Twitter engagement snapshot SMQ Score: 59 • Facebook engagement was mainly through Quizzes, Trivia, Quotes, Offers and Promoting Contest on Twitter, etc. Several other posts were centred around Rana Kapoor, Founder, Managing Director & CEO and his views on different topics • Twitter engagement carried out mainly through several contests and connected with followers through #hashtags like, #YesIDidIt, #Contest, #Quiz, etc. It started a major campaign in the month of Nov’13 that says “14 Challenge, 14 Days, 14 Prizes, 2 Special Prizes & One Grand Prize! Participate now” It does not have any separate Twitter Handle for customer support • Facebook Likes: – 303,142 • Twitter Followers: – 47,870 • YouTube Subscribers: – 32 • LinkedIn Followers: – 15,708 • Google+ Followers: – N/A •
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