Impact on Social Media


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In line with ING’s ambition to be at the forefront of developments in social media, ING is today presenting the study ‘Impact of social media 2012 (#SMING12)’ based on a survey among 1,500 Dutch consumers. The survey shows that consumers find social media increasingly trustworthy. 65% said they find the information posted on online media to be trustworthy. 40% of consumers find posts made on social media to be trustworthy.

ING has expanded its social media presence rapidly over the past years in its main markets, implementing monitoring tools and stepping up ING’s online interaction to bring the customers closer to its company.

Social media are always considered to be very influential. But what impact does information posted on social media actually have on consumers and the reputations of companies? How trustworthy do consumers find this information? The social media press release about the study ‘Impact of social media 2012’, including infographic and the full report can be found at

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Impact on Social Media

  2. 2. ABOUT THIS STUDYMore and more news about financial But exactly what impact does allinstitutions is appearing in online and that online buzz actually have onsocial media. consumers? And how reliable do consumers think all that information is?ING has seen an increase in the Is it different from other online media?buzz around its brand over the past And from traditional media?few years too. From around 10,000mentions each month in 2011 to30,000 mentions in September 2012. These questions have led ING to carryAnalysing this buzz has shown out a major study on the subject.that people are discussing, sharing You can read the results of the studyand commenting on anything and in this report.everything.And all that buzz has quickly startedto seem very important. 2
  3. 3. WHAT CAN YOU EXPECT FROM THIS REPORT?Answers to the question of how consumers come into contact with financial newsin online and social media.Answers to the question of how reliable consumers think that financial news in onlineand social media is.And insights into the impact that financial reports in online and social media haveon consumers.All this has been presented on the basis of dozens of facts and insights into theperceived reliability and impact of financial reports in online and social media. 3
  4. 4. MAIN CONCEPTSTRADITIONAL MEDIA ONLINE MEDIA SOCIAL MEDIATraditional media include Online media reports Social media reports‘offline’ media such as include articles on online include posts/stories/television, radio, news- news websites, news- reports which appear onpapers, news magazines paper websites, weblogs, Facebook, Hyves, Twitter,and so on. In any case, forums/discussion plat- YouTube, LinkedIn,it concerns reports, forms, review sites and Google+ and so on.sources and media that the websites of compa-are related to news and nies/organisations.current affairs. 4
  5. 5. WHAT IS THE MAIN THING THAT WE HAVE LEARNT?Financial reports in online and social media have been shown to have a majorimpact on consumers: social media play an increasingly influential role in developingreputations and brand preference for companies.Whilst traditional media are still perceived as being more reliable and having a greaterimpact, the impact of traditional media is being put under pressure since the rise ofsocial media. 5
  7. 7. HOW OFTEN DO CONSUMERS COME INTO1 IN 3 CONSUMERS SEE CONTACT WITH REPORTS ABOUT THE FINANCIALFINANCIAL REPORTS IN 42% SECTOR IN SOCIAL MEDIA?SOCIAL MEDIA AT LEASTONCE A WEEKMore than half of consumers 15% 10% 12% 9%see reports about the financial 8% 5% 0%sector in social media ‘lessthan once a month’ or more Never Less At least Weekly Several than once a times a Daily Several times afrequently. once a month month week day HOW OFTEN DO CONSUMERS COME INTO55% OF CONSUMERS SEE CONTACT WITH REPORTS ABOUT THE FINANCIAL SECTOR IN ONLINE MEDIA?FINANCIAL REPORTS IN 22%ONLINE MEDIA AT LEAST 18% 19%ONCE A WEEK 13% 13% 11% 5% 0% Never Less At least Weekly Several Daily Several than once a times a times a once a month week day month N=750 7
  8. 8. HOW OFTEN DO CONSUMERS COME INTO CONTACT WITH REPORTS ABOUT ING NEARLY 1 IN 5 CONSUMERS56% IN SOCIAL MEDIA? SEE REPORTS ABOUT ING ON SOCIAL MEDIA AT LEAST ONCE A WEEK 16% 9% 9% 4% 29% SEE REPORTS ABOUT 3% 2% 0% ING IN ONLINE MEDIA ATNever Less than At least once a once a Weekly Several times a Daily Several times a LEAST ONCE A WEEK month month week day HOW OFTEN DO CONSUMERS COME INTO CONTACT WITH REPORTS ABOUT ING IN30% ONLINE MEDIA? 24% 17% 16% 5% 6% 2% 0%Never Less than At least Weekly Several Daily Several once a once a times a times a month month week day N=750 8
  9. 9. CONSUMERS CAN RECALLREPORTS FROM ONLINEAND SOCIAL MEDIA EASILY74% of consumers can recallreports about ING in online andsocial media.Consumers recall reports fromnews websites best of all.A quarter of consumers canremember reports about INGon Twitter or Facebook.
  10. 10. THE TOPICS THAT CONSUMERS RECALL ABOUT FINANCIAL MARKETSAND ING VARY A LOT BETWEEN CHANNELSSocial media are mainly focussed on personal experiences and choices, customerservice and product services, and marketing communications. Traditional onlinemedia are dominated by news on financial markets and the economic crisis. TWITTER FACEBOOK FORUMS REVIEW SITES NEWSPAPER WEBSITES ONLINE NEWS WEBSITES Financial crisis 37% Advertising/ 42% Personal 42% Customer 46% Financial crisis 60% Financial crisis 51% communications experiences service & Product services Personal 37% Personal 36% Reasons for not 41% Financial market 55% Financial market 49% experiences experiences choosing a bank Products 46% in general in general Customer 36% Customer 36% Financial crisis 39% Reasons for 38% Financial situation 55% Financial situation 47% service & service & choosing a bank of bank of bankProduct services Product services N=108 N=313 N=99 N=134 N=498 N=476 10
  11. 11. CONSUMERS remember OF THOSE FINANCIAL REPORTS THAT CONSUMERS REMEMBER, THE TONE IS:FINANCIAL reports,whether they are Facebookpositive, neutral or 42% 33%negative Review sites 58% 28%The financial reports whichconsumers recall from Facebook Blog 31% 26%and review sites are mainlypositive. Forum / discussion platform 40% 25%The financial reports which Twitter 41% 25%consumers recall from blogs,forums and discussion platforms Hyves 56% 20%are mainly negative. Newspaper website 56% 16%The financial reports whichconsumers recall from review Online news site 58% 16%sites, newspaper websites andonline news sites are mainly Negative Neutral Positiveneutral. 11
  12. 12. PERCEIVED RELIABILITY OF FINANCIALREPORTS IN ONLINE AND SOCIAL MEDIAFinancial reports in traditionaland online media are seen asmore reliable than reportsin social media. The study doesshow, however, that reportsin social media are graduallyincreasingly seen as reliable. 12
  13. 13. CONFIDENCE IN SOCIAL MEDIA THERE IS RELATIVELY LOW CONFIDENCE IN FINANCIAL 3,94 REPORTS IN ALL THEGeneral 4,66 MEDIA INVESTIGATED 5,05 On a scale of 1 (not reliable 3,92 at all) to 7 (very reliable)Financial market 4,63 traditional media do not 5,00 score higher than 5 (quite reliable). 3,77 ING 4,49 TRADITIONAL MEDIA 4,77 ARE SEEN AS THE MOST RELIABLE Social media Online media Traditional media N=1,100 Social media are seen as less reliable than online and traditional media. 13
  14. 14. ONLINE MEDIA ARE GENERALLY SOCIAL MEDIA ARE SEEN ASSEEN AS RELIABLE LESS RELIABLE6 OUT OF 10 TRUST REPORTS 3 OUT OF 10 THINK THAT REPORTSABOUT ING IN ONLINE MEDIA ABOUT ING IN SOCIAL MEDIA ARE RELIABLE 41% 65% 39% 39% 37% 64% 36% 58% 32% 28% 27% 23% 30% 27% 26%12% 10% 9% ING Financial markets General ING Financial markets General Unreliable Neutral Reliable Unreliable Neutral Reliable 14
  15. 15. SOCIAL MEDIA ARE TRUSTED MOREBY FREQUENT SOCIAL MEDIA USERS 7 6 5 4 3 2 1 er ily ly lly kly th v Da na ee Ne on io W M as cc O Average perceived reliability of social media by frequency of use on scale of 1 (completely unreliable) to 7 (very reliable) N=1,100
  16. 16. CONSUMERS THAT USE 4,68SOCIAL MEDIA REGULARLY Total 5,04TRUST NEWS IN SOCIAL 5,27MEDIA JUST AS MUCH AS 4,74TRADITIONAL MEDIA General 5,01 5,14For consumers that use socialmedia at least once a week, 4,68the differences between social, Financial market 5,23online and traditional media 5,44are minimal, or even negligible. 4,56 ING 4,72 5,21 01 02 Very unreliable 03 04 Neutral 05 Very reliable 07 06 Social media Online media Traditional media Consumers who use No significant differences social media at least weekly. 16
  17. 17. THE IMPACT OF FINANCIAL REPORTSTraditional media and onlinemedia have a greater impact onconsumers than social media.At least, that is what consumerssay. Reports in social mediamore often succeed at changingopinions, preferences orbehaviour than reports intraditional and online media. 17
  18. 18. THE WAY THATCONSUMERS THINK ABOUTTHE IMPACT OF ONLINEMEDIA DIFFERS FROMTHE WAY THEY BEHAVEIN REALITYIn a direct ranking of theperceived impact of variousmedia forms, social media aregiven a low score. However,reports in social mediamore often lead to a changeof opinion, preference orbehaviour. This means thatthe real impact of social mediais greater than the impact ofonline news media.
  19. 19. Informative television programmes AND newspapers AREPERCEIVED TO HAVE 4 to 5 times MORE impact than social media# MEDIA TYPE impact score Informative television programmes on news and current affairs (such as NOS Journaal, RTL1 16 Nieuws, Pauw & Witteman, EenVandaag, DWDD etc.)2 Newspapers, national and regional (such as Trouw, Telegraaf, Financieel Dagblad, 15 Dagblad van het Noorden, Noord Hollands Dagblad, Brabants Dagblad etc.) Newspaper website (such as,,,,,3 etc.) 124 Online news websites which are not linked to a newspaper/periodical/magazine (such as, etc.) 105 Informative radio stations such as BNR, Radio 1 etc. 86 News magazines (such as Elsevier, 360, Quote, HP/de Tijd etc.) 87 The company’s website 78 Review sites (such as,, and 79 News and current affairs on entertainment radio stations such as Radio 538, Qmusic, Sky Radio etc. 510 Forums/Discussion platforms (such as,,, Radar/Kassa forum etc.) 4 Entertainment television programmes on news and current affairs (such as Pownews,11 3 RTL Boulevard, Shownieuws, Dit was het nieuws etc.)12 Social media (Facebook, Twitter, Hyves, LinkedIn etc.) 313 Blogs (such as,,,, etc.) 1 19
  20. 20. HOWEVER...Financial reports lead __% of consumers to... OPINION CHANGED NEGATIVELY CONFIRMATION OF CURRENT CHOICE 39% 33% 34% 36% 29% 30% 26% 26% 22% 21% 22% 24% 22% 24% 24% 19% OPINION CHANGED POSITIVELY CONVINCED OF CHOICE 33% 27% 29% 25% 25% 22% 23% 20% 20% 19% 16% 17% 17% 12% 14% 13% es k s te s on s ew new er SWITCHED BANKS oo te te og si itt yv si si si eb b Bl Tw usH ce s w w sc ie Fa 26% er ev di 25% 24% ap s/ R e 21% 20% m in sp 17% nl ru O Fo 12% 11% NFinancial reports in social mediamore often lead to a change ofopinion, preference or behaviour es ok ne tter s / te s s te te og s si yv bo m si si i ebthan reports on online news sites Bl Tw ru H ce s w w Fo w ie Fa er evor newspaper websites. ap R e in sp nl ew O N 20
  21. 21. CONNECTION BETWEEN IMPACT THE IMPACT OF FINANCIAL AND FREQUENCY REPORTS IN SOCIAL MEDIA IS 9 GREATER FOR FREQUENT SOCIAL 8 MEDIA USERSImpact of social media 7 6 Reports about ING in social media in 5 particular have a significantly greater 4 3 impact on daily social media users. 2 1 0 er lly ly y ly kl th ai ev na ee D on N io W M as cc O Frequency of social media use N=750 ING Financial sector N=750 N=750 21
  22. 22. CONNECTION BETWEEN IMPACT THE MORE RELIABLE CONSUMERS AND RELIABILITY THINK REPORTS IN SOCIAL MEDIA 8 ARE, THE GREATER THE IMPACT 7 THAT THEY HAVE The impact of reports in social media isImpact of social media 6 5 twice as high for consumers who think that social media are very reliable than 4 for consumers who do not think that 3 social media are reliable. 2 1 0 Very unreliable Neutral Very reliable ING Financial sector N=646 N=643 22
  23. 23. 17 17 16 16 15 CONNECTION BETWEEN TRADITIONAL MEDIA THE IMPACT OF Impact Informatieve TV TV 15 14 AND FREQUENT SOCIAL MEDIA USE TRADITIONAL MEDIA Impact Informatieve 14 13 DECREASES AS 13 17 12 17 CONSUMERS USE 12 SOCIAL MEDIA MOREImpact of informative TV 11 Impact of newspapers 15 15 11 10 FREQUENTLY 10 13 9 13 This effect is strongest 9 8 amongst young people. 11 11 8 7 9 79 llM M e e s s s s s s it it ijk ijk lijk lijk ijk ijk oo oo to to el el el el N N en en de de ek ek ag ag an aan Af Af W W D D 7 7 ya Frequentie social media gebruik er lly ly y ly er ly y ly kl th ai ev kl na th ai ee ev na D on ee D N on io Frequentie social media gebruik W N io M W as M as cc cc O O Frequency of social media use ING (N = 750) Frequency of social media use ING (N = 750) (N = 750) Financiële markt ING (N = 750) Financiële markt (N = (N = 85) ING jongeren 18 - 24 750) Financial market (N = 750) INGjongeren 18 --24 (N = 84) FM jongeren 18 24 (N = 85) ING youth ages 18 - 24 (N = 85) FM youth ages 18 - 24 (N = 84) FM jongeren 18 - 24 (N = 84) 23
  24. 24. THE IMPACT OF FINANCIAL REPORTS IN SOCIAL MEDIA IS 2 TO 2.5 TIMES GREATER ON YOUNGER PEOPLE The impact of online reports is more or less the same for all ages. 8 7 6Impact factor 5 4 3 2 1 0 18 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65 + years years years years years SOCIAL MEDIA REPORTS - FINANCIAL SECTOR N=655 ONLINE MEDIA REPORTS - FINANCIAL SECTOR
  27. 27. STUDY CONDUCTED BASED ON FIVE SURVEY QUESTIONS:SURVEY QUESTION 1How often do consumers come into contact with reports in social media about the financial sector ingeneral and ING in particular?How often do consumers find these financial reports in online and social media to be reliable?  SURVEY QUESTION 2SURVEY QUESTION 3traditional media (television, radio, etc.)?  To what extent does trust in financial reports in online and social media differ from trust in messages inTo what extent do consumers remember financial reports in online and social media?  SURVEY QUESTION 4SURVEY QUESTION 5reputation?  To what extent do financial reports in online and social media have an impact on brand preference and 27
  28. 28. RESEARCH QUESTION 1To what extent do consumerscome into contact with reportsin social media about thefinancial sector and ING inparticular? 28
  29. 29. Facebook and YouTube 67 % Facebookare the most used social 24 % 72 %media platforms 54 % YouTube 73 %67% of consumers use Facebook 13 %at least once a week. YouTube is 31 %used a lot too: 54% of consumers Google+ 36 % 55 %use this network at least once a 23 %week. Linkedin 34 % Uses this medium at least weekly 57 %Pinterest and Foursquare are the 21 %least popular. Twitter 26 % 66 % Uses this medium at least monthly 16 % Hyves 25 % 59 % Never uses this medium 5% Foursquare 8% 88 % N=1,500 5% N=1,500 Pinterest 7% 90 % 29
  30. 30. Online news sites and 63% Online newsnewspaper websites sites 72%are used the most. 20%More than half of consumers use 60%these platforms once a week Newspaper sites 68%(63% and 59% respectively). 21% Uses this medium atWeblogs and forums/discussion 26% least weeklyplatforms are the least popular. Review sites 52%Review sites are mainly used 22% Uses this medium atsporadically. least monthly 21% Forums/ discussion 32% Never uses this platforms 51% medium 15% Weblogs N=1,500 23% 64% N=1,500 30
  31. 31. TYPE OF SOCIAL MEDIA USERS EXPLANATION OF USER TYPES •  Inactive: Respondent who has indicated that he/she Inactive 10% uses social/online media, but creates, contributes or consumes content less than monthly. •  Consumer: Respondent who has indicated that he/she Consumer 87% uses social/online media and consumes content at least monthly.Contributor 70% •  Contributor: Respondent who has indicated that he/she uses social/online media and contributes content at least monthly. Creator 64% •  Creator: Respondent who has indicated that he/she N=1,500 uses social/online media and creates content at least monthly.The largest proportion of our respondents are media consumers, whilst many of themare contributors and creators. There is also an overlap between media consumers,contributors and creators, and most creators are consumers of media too. 31
  32. 32. HOW OFTEN DO CONSUMERS COME INTO33% OF CONSUMERS SEE FINANCIAL CONTACT WITH REPORTS ABOUT THE FINANCIAL SECTOR IN SOCIAL MEDIA?REPORTS IN SOCIAL MEDIA AT LEAST 42 %EVERY WEEKMore than half of consumers see reports about 15 %the financial sector in social media from time to 10 % 12 % 8% 9% 5%time. 33% of consumers come into contact withthis sort of reports at least once a week. It has also Never Less than At least Weekly Several Daily Several once a once a times a times a dayappeared that 14% of consumers see reports about month month weekthe financialsector at least once a day. HOW OFTEN DO CONSUMERS COME INTO CONTACT WITH REPORTS ABOUT THE55% SEE REPORTS ABOUT THE FINANCIAL FINANCIAL SECTOR IN ONLINE MEDIA?SECTOR IN ONLINE MEDIA AT LEAST 22 % 19 % 18 %EVERY WEEK 13 % 13 % 11 %Consumers come into contact with reports about 5%the financial sector more often in online media, and 0%more than three quarters of them see reports like Never Less than At least Weekly Several Daily Severalthis from time to time. 55% of consumers come into once a once a times a times a month month week day N=750contact with reports about the financial sector in N=online media at least every week. 24% say that they 750see financial reports every day. 32
  33. 33. HOW OFTEN DO CONSUMERS COME INTO19% SEE REPORTS ABOUT ING CONTACT WITH REPORTS ABOUT ING IN SOCIAL MEDIA?IN SOCIAL MEDIA AT LEAST EVERY 56 %WEEKAlmost a fifth of consumers come intocontact with reports about ING in social 16 %media at least every week. Another 6% 9% 9% 3% 4% 2%of them say that see at least one reportabout ING in social media every day. Never Less than once a At least once a Weekly Several times a Daily Several times a day month month week29% SEE REPORTS ABOUT ING HOW OFTEN DO CONSUMERS COME INTOIN ONLINE MEDIA AT LEAST ONCE CONTACT WITH REPORTS ABOUT ING IN ONLINEA WEEK MEDIA? 30 %Consumers come into contact with reports 24 %about ING more often in online media, but 17 % 16 %it is still concerns a minority of consumers.29% of consumers see online reports 5% 6%about ING at least every week. 2% Never Less than At least Weekly Several Daily Several once a once a times a times a day month month week N=750 33
  34. 34. ConclusionsConsumers come into contact with reports about the financial sector morefrequently than reports about ING.Consumers come into contact with reports in online media more frequentlythan reports in social media.Consumers primarily see reports about the financial sector in online media.A minority of consumers come into contact with reports about the financialsector and ING in social media every week.But over half of them see reports about the financial sector in social mediafrom time to time, and a third of them see these every week.Specifically for ING, this means that more than half of consumers never comeinto any contact with reports about ING in social media. But it was shown thata fifth of consumers do see reports about ING in social media every week.Though they are often not the majority of consumers that see reports onING or the financial sector in online media or social media, the figures aresubstantial for a sample that is representative for the Netherlands, with moreor less as many online media/social media savvy users. 34
  35. 35. RESEARCH QUESTION 2To what extent do consumersthink that financial reportsin online and social media arereliable?  35
  36. 36. GENERAL32% OF CONSUMERS THINK THAT FINANCIAL 27%REPORTS ABOUT ING IN SOCIAL MEDIA ARE 19% 21%RELIABLE 13% 12%The perceived reliability of reports about ING is 6% 4%slightly lower than that for reports about financialmarkets (39%) and general news stories (36%).Additionally, reports about ING in social media are FINANCIAL MARKETSthe ones most often perceived as unreliable. 41% 24%see these reports as unreliable, compared with 23% 18%39% for reporting about financial markets and 37% 13%for reports in social media in general. 7% 9% 5% 41 % 39 % 39 % 37 % 36 % 32 % ING N = 461 28 % 27 % 28 % 23 % 21 % 19 % 10 % 10 % 10 % 3% ING Financial markets General Very unreliable Neutral Very reliable N = 434 Not reliable Neutral Reliable 36
  37. 37. 7,0FREQUENT SOCIAL MEDIA USERS CONSIDER 6,0SOCIAL MEDIA MORE RELIABLE 5,0Consumers who use social media more frequently 4,0also find it to be more reliable. Consumers who usesocial media every day give it a score of 5.6 on a 3,0scale of 1 (not at all reliable) to 7 (very reliable). 2,0Consumers who never use social media give it an Very unreliable 1,0average score of 2.2. r lly ly kly ily ve th na Da ee Ne on ioFrequent social media users find it ‘quite reliable’ to W M as cc‘reliable’ (scores 5 and 6 on a scale of 1, unreliable, O Average perceived reliability score on ato 7, very reliable). Consumers who never use social scale of 1 (totally unreliable) to 7 (verymedia say that it is ‘unreliable’ (score 2 on a scale of reliable)1 to 7).Differences between monthly use and weekly useand weekly use and daily use are negligible. 37
  38. 38. CONSUMERS THAT MAKE MORE Very reliable 7ACTIVE USE OF SOCIAL MEDIA 6THINK THAT FINANCIAL REPORTS 5IN SOCIAL MEDIA ARE MORE Neutral 4 3,4 3,9 04 03RELIABLE 3 2For all types of users it has been shown Very unreliable 1that more active users give a higher Inactive Active Not a Consumerreliability score than less active users. Consumer Very reliable 07 06 05 04 04 Neutral 04 03 03 03 02 Very unreliable 01 Not a Contributor Not a Creator Contributor Creator 38
  39. 39. ALL RESPONDENTSING-CUSTOMERS THINK SOCIAL Very reliable 7,0MEDIA REPORTS ABOUT ING 6,0ARE MORE RELIABLE THAN NON- 5,0CUSTOMERS DO 4,0 Neutral 3,9 3,6 3,0Though the difference between the 2,0averages is rather small (customers Very unreliable 1,0give an average score of 3.9, non- ING customer Non-customercustomers give it 3.6), that differenceis significant. The higher score of 3.9 is USE SOCIAL MEDIA WEEKLYstill relatively low on the scale of 1 to 7. Very reliable 7,0The score of 3.9 means that consumers 6,0feel fairly neutral about reports about 5,0 4,0ING in social media. 4,0 Neutral 3,7 3,0Amongst the consumers that use one 2,0of the social networks at least every Very unreliable 1,0week, ING-customers find social media ING customer Non-customerreports on ING more reliable than non-customers do. 39
  40. 40. GENERALONLINE MEDIA ARE SEEN AS RELIABLE 44 %SOURCES 26 %The overwhelming majority of consumers 18 % 8%say they see online media as being reliable 0% 1% 2%(sometimes ‘reliable’ to ‘very reliable’). This N = 351applies whether it refers to reports about ING FINANCIAL MARKETS(58%), the financial markets (65%) or reports 48%on news and current affairs in general (64%).In any case, online media are generally seen 27%as ‘quite reliable’. It is striking that only a very 14%small proportion of consumers think online 1% 2% 6% 2%media are unreliable. N = 377 65 % 64 % ING 58 % 42 % 30 % 30 % 27 % 26 % 14 % 7% 12 % 2% 4% 2% 9% 10 % Very unreliable Neutral Very reliable ING Financial General markets N = 336 Not reliable Neutral Reliable 40
  41. 41. PERCEIVED RELIABILITY OF ONLINE MEDIAONLINE NEWS PROVIDERS ARECONSIDERED TO BE THE MOST RELIABLE 77% 71% 66% 64%Out of all the online media, newspaper websites 46%are considered the most reliable (77% scoredthem ‘quite reliable’ to ‘reliable’), followed by 21%online news sites (71%).BLOGS: THE LEAST RELIABLE e es es s s og ite rm sit sit sit Bl eb bs foOut of all the online media, newspaper websites ws w at we rw vie pl ne pe nare considered the most reliable (77% scored Re n tio e sio pa in isa us ws nlthem ‘quite reliable’ to ‘reliable’), followed by O an sc Ne rg dionline news sites (71%). O s/ m ru Fo Percentage that feels this medium is reliableCOMPANY WEBSITES SCORE REASONABLYWELL64% of consumers think company websites arereliable, when referring to news items and currentaffairs which involve ING, for example. 41
  42. 42. 7 Very reliableAGE HAS A LIMITED INFLUENCE ON HOW 6CONSUMERS SEE THE RELIABILITY OFFINANCIAL REPORTS ON ONLINE AND 5SOCIAL MEDIA 4 NeutralThe frequency with which consumers use 3social media plays a major role in the extentto which they think social media are reliable. 2 Very unreliableAge turns out to account for differences 1amongst consumers that use social media 18-24 25 - 34 35 - 44 45 - 54 55 - 64 65+every week. Weekly use of social media Weekly use of online mediaAmongst frequent social media users, older Less than weekly use of social mediaconsumers find social media more reliable Less than weekly use of online mediathan younger consumers. Consumers aged35-44 years are the most sceptical when it Amongst infrequent social media users too,comes to reports in social media. there are no significant differences betweenAge is not associated with any differences the extents to which they find social mediabetween frequent social media users’ and online media reliable.perception of the reliability of online media. 42
  43. 43. ConclusionsThe perceived reliability of social media varies. In most cases, the reliabilityscore stays roughly around the middle, on a scale of 1 (very unreliable) to 7(very reliable).There are slightly more consumers who think that social media are unreliablethan those who think they are reliable.Whether consumers find social media reliable is dependent on factors suchas the frequency with which they use social media, their social media profile,and whether or not they are a customer.The more frequently consumers use social media, the more they think thatsocial media are reliable compared to those who use them social media lessfrequently.Although the differences are less pronounced, it has been shown that olderfrequent social media users (at least weekly) find financial reports in socialmedia more reliable than younger regular social media users do.ING-customers see reports about ING in social media as being more reliablethan non-customers do. 43
  44. 44. RESEARCH QUESTION 3To what extent does theperceived reliability offinancial reports in onlineand social media vary from theperceived reliability of reportsin traditional media such astelevision, radio etc.? 44
  45. 45. PERCEIVED RELIABILITY OF 3,9ALL MEDIA IS RELATIVELY General reports 4,7LOW 5,1Consumers say that reportsof financial reports are not Reports about 3,9particularly reliable from any of financial 4,6 marketsthe media forms studied. The 5,00perceived reliability of reports insocial media is generally fairly 3,8neutral. Online media reports are Reports about 4,5 INGmainly considered to be ‘reliable’, 4,8but reports in traditional mediaforms are also seen as ‘quite Very unreliable 1,0 0,0 2,0 3,0 Neutral 4,0 5,0 Very reliable 6,0 7,0reliable’. Social media Online media Traditional mediaREPORTS ABOUT ING ARE PERCEIVED AS LESS RELIABLEFor the most part, reports about ING were perceived to be less reliable thanreports of news and current affairs in general and about financial markets. 45
  46. 46. THE MORE FREQUENT THE USE OF 4,68SOCIAL MEDIA, THE MORE RELIABLE Total 5,04SOCIAL AND TRADITIONAL MEDIA ARE 5,27PERCEIVED TO BE 4,7Amongst consumers who use social media General 5at least once a week, there are only minimal 5,1or even insignificant differences between 4,7their perceptions of the reliability of reports Financial market 5,2in social, online and traditional media. 5,4 4,6NO DIFFERENCE BETWEEN SOCIAL, ING 4,7ONLINE AND TRADITIONAL MEDIA FOR 5,2GENERAL NEWS REPORTS 1,0 Very unreliable 2,0 3,0 Neutral 4,0 5,0 Very reliable 7,0 6,0There were no differences in the perceived Social media Online media Traditional mediareliability of general news reports in social,online and traditional media. Consumers who use social No significant differencesBoth for reports about financial markets media at least weekly.and reports related to ING, there were nodifferences in the perceived reliability ofonline and social media. 46
  47. 47. TRADITIONAL NEWS SOURCES TYPE OF SOCIAL MEDIA USERSARE THE MOST RELIABLE Traditional, news source 5,4The reliability that consumers Online, news source 5,1attribute to financial reports in Traditional, total 4,9online news sources is significantly Online, total 4,6higher than the reliability theyattribute to financial reports in Traditional, entertainment 4,3traditional media such as television Online, blogs, etc. 4,2and radio in general. However, Social 3,9the perceived reliability of reports Very unreliable Very unreliable 1 0 2 Neutral 3 4 Very reliable 5 6 7on traditional news sources suchas the television news, on theother hand, is significantly higherthan the perceived reliability offinancial reports on online newssources. The perceived reliabilityof reports on traditional newssources is significantly higher thanthe perceived reliability of financialreports on traditional entertainmentsources. 47
  48. 48. ConclusionsFinancial reports in traditional media are generally seen by consumers asmore reliable than financial reports in social media.The perceived reliability of social media increases the more frequentlyconsumers use social media.Frequent social media users show smaller differences or none at all in theirperceived reliability of reports in traditional, online and social media.Reports about news and current affairs in general, for example, are seen to beequally reliable in traditional media and social media. Additionally, online andsocial media are considered to be equally reliable when it comes to reportsabout both the financial market and ING.Traditional news sources (television news, newspapers and radio stationssuch as BNR) and online news sources (newspaper websites and online newssites) are perceived to be the most reliable. Entertainment from traditionalsources (such as Pownews and the news item on QMusic), online socialsources (blogs, etc.) and social media are given the lowest reliability scores. 48
  49. 49. RESEARCH QUESTION 4To what extent can consumersrecall financial reports fromonline and social media? 49
  50. 50. CONSUMERS RECALL MORE REPORTS TO WHAT EXTENT DO CONSUMERS REMEMBER REPORTS ABOUT ING IN SOCIAL MEDIA, BASED ONWHEN THEY ARE MORE FREQUENT FREQUENCY OF USE?SOCIAL MEDIA USERS 70%The more frequently that consumers use 60%a social media channel, the better they are 50%able to recall financial news, such as reportsabout ING. 40%It emerges that consumers recall reports about 30%ING much better when they are more frequent 20%users of the Facebook network. 10%Consumers who use Facebook every day canremember reports more easily. 0% Never Occasionally Monthly Weekly DailyThe more frequently consumers use Twitter, Twitter Facebook Hyvesthe more Twitter reports they remember too.It is remarkable that consumers who useTwitter every day recall reports about INGless well than those who use Twitter weekly. 50
  51. 51. CONSUMERS CAN WHAT PERCENTAGE OF RESPONDENTS CAN RECALLRECALL REPORTS REPORTS ABOUT FINANCIAL MARKETS?ABOUT FINANCIAL Newspaper website 62%MARKETS MAINLYFROM NEWSPAPER Online news site 57%WEBSITES AND Facebook 16%ONLINE NEWSSITES. Twitter 15% Blog 14%62% of consumers Hyves 9%can recall reportsabout financial Forums/discussion platforms 8%markets. For online Review sites 5%news sites this Percentage that recalls reports in this medium over the past 6 months N=397percentage is 57%.For other media,the percentage ofconsumers that can to the reliability scores 16% for Facebook andrecall reports on of forums and blogs, in 15% for markets is this aspect social medialower. Compared score the strongest, with 51
  52. 52. WHAT PERCENTAGE OF RESPONDENTS CAN RECALLREPORTS ABOUT ING? Newspaper website 44% Online news site 42% Facebook 29% Twitter 26% Review sites 18% Forums/discussion platforms 18% Hyves 17% Blog 16% Percentage that recalls reports in this medium over the past 6 months N=1,500From newspaper websites and online news sites, consumers can recall reportsabout ING less well than they can recall reports about financial markets. In this regard,social media score better. 52
  53. 53. THE SUBJECTS THAT CONSUMERS REMEMBER VARY SHARPLYBETWEEN PLATFORMS TWITTER FACEBOOK FORUMS / REVIEW SITES NEWSPAPER ONLINE NEWS (N = 108) (N = 313) DISCUSSION (N = 134) WEBSITE SITE PLATFORMS (N (N = 498) (N = 476) = 99)1 Financial crisis Advertising / Personal Service & Financial crisis Financial crisis (37%) communication experience provision of (60%) (51,1%) (41.9%) (42.2%) service (46.3%)2 Personal Personal Reasons to not Products (46.3%) Financial market Financial market experience (37%) experience choose the bank in general in general (36.1%) (41.4%) (55.4%) (48.9%)3 Service & Service & Financial crisis Reasons to Bank’s financial Bank’s financial provision of provision of (39.4%) choose the bank situation (54.6%) situation (46.6%) service (36.1%) service (35.5%) (38.1%)4 Stock markets, Product (30.7%) Service & Personal Organisation Organisation share prices etc. provision of experience (42%) (37.2%) (31.5%) service (37.4%) (33.6%)5 Financial market Financial crisis Products (35.4%) Organisation Stock markets, Stock markets, in general (30.6) (26.8%) (27.6%) share prices share prices (39.6%) (33.6%)OVERALL Financial news & Marketing & Products & Products & Financial news Financial news service, service, service, service, provision of provision of provision of provision of service service service service (negative) (positive) 53
  54. 54. OF THOSE FINANCIAL REPORTS THATConsumers remember CONSUMERS REMEMBER, THE TONE IS:reports which are positive,neutral and negative in tone. Facebook 25% 42% 33%It is not fundamentally the casethat negative reports are easier Review sites 14% 58% 28%to remember; positive reports areremembered by many consumers too. Blog 43% 31% 26%The tone of the reports that consumers Forums/discussion platforms 34% 40% 25%remember can vary significantly. Theoverall tone of reports that consumers Twitter 34% 41% 25%remember is predominantly neutral. Hyves 24% 56% 20% Newspaper website 28% 56% 16% Online news sites 26% 58% 16% Negative Neutral Positive 54