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Social media in indian banking industry
 

Social media in indian banking industry

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The profit pool of the Indian banking industry is probable to augment from US$ 4.8 billion in 2005 to US$ 20 billion in 2010 and further to US$ 40billion by 2015, with increasing wealth generating ...

The profit pool of the Indian banking industry is probable to augment from US$ 4.8 billion in 2005 to US$ 20 billion in 2010 and further to US$ 40billion by 2015, with increasing wealth generating population. Almost 98% of the working population in India are said to have a bank account by the year 2015. With Social Media sites becoming most used and visited online platform, it is imperative for businesses to listen to their customers in social media communities.

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    Social media in indian banking industry Social media in indian banking industry Document Transcript

    • Indian Banking Industry Social Media Case Study http://simplify360.com
    • Abstract The profit pool of the Indian banking industry is probable to augment from US$ 4.8 billion in 2005 to US$ 20 billion in 2010 and further to US$ 40billion by 2015, with increasing wealth generating population. Almost 98% of the working population in India are said to have a bank account by the year 2015. With Social Media sites becoming most used and visited online platform, it is imperative for businesses to listen to their customers in social media communities. Being a completely customer driven segment, Banks need to be in constant touch with their customers. Social Media can act as a great channel of communication not just for promoting new schemes but also listening to what the customer needs and collecting feedback online. Unfortunately banking sector in India has still not explores the power of social media. Only a couple of banks are present in social media sphere but their engagement and activity level still needs a lot of work. Internet Reach of Banking Related WebSites http://simplify360.com
    • Research Method • Each individual bank was researched over the internet to find their social media reach. The banks were scored based on various parameters using statistical analysis. • Banks were categorized into National Banks and Private Banks. • Based on their scores, Banks were plotted against each other to measure their engagement level across social media communities (channels) • Social Networking site used are: Twitter, Facebook, LinkedIn, Blogs, Youtube etc. Understanding the Graphs Nationalized Banks The banks in Nationalized category are State Bank of India, Bank Of Baroda, Bank Of India, Indian Overseas Bank, Punjab National Bank, Allahabad Bank, Oriental Bank of Commerce, Punjab & Sind Bank, Bank Of Maharashtra, IDBI Bank, UCO Bank, Dena Bank, Canara Bank, http://simplify360.com
    • Union Bank Of India, Central Bank Of India, Indian Bank, Corporation Bank, Syndicate Bank, Vijaya Bank. Bank Channels Engagement Score Social Media Score Nationalised Banks 3.64 State Bank of India 4 3.4 2.82 Bank Of Baroda 3 2.7 2.52 Bank Of India 3 2.2 2.34 Indian Overseas Bank 3 1.9 1.82 Punjab National Bank 2 1.7 1.76 Allahabad Bank 2 1.6 Oriental Bank of 1.76 2 1.6 Commerce 1.76 Punjab & Sind Bank 2 1.6 1.3 Bank Of Maharashtra 1 1.5 1.3 IDBI Bank 1 1.5 1.7 UCO Bank 2 1.5 1.64 Dena Bank 2 1.4 1.18 Canara Bank 1 1.3 1.58 Union Bank Of India 2 1.3 1.18 Central Bank Of India 1 1.3 1.58 Indian Bank 2 1.3 1.52 Corporation Bank 2 1.2 1.12 Syndicate Bank 1 1.2 1.12 Vijaya Bank 1 1.2 http://simplify360.com
    • Interaction Distribution of Nationalized Banks Nationalised Banks Interactivity level 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 No of Channels In case of government banks, only SBI seems to have more social media reach and high engagement level. But you will notice later that it is very low in terms of how private banks are performing in social media. Private Banks The banks in Private category are American Express, HDFC Bank, ICICI Bank, Yes Bank, Citi Bank, South Indian Bank, Kotak Mahindra Bank, ING Bank, Axis Bank, IndusInd Bank, City Union Bank, Karnataka Bank, Dhanalakshmi Bank, Federal Bank, Jammu & Kashmir Bank, Karur Vysya Bank, Syndicate Bank. http://simplify360.com
    • Bank Channels Engagement Score Social Media Score Private Banks 4.64 American Express 5 4.4 5.14 HDFC Bank 7 3.9 4.78 ICICI Bank 7 3.3 3.22 Yes Bank 4 2.7 2.82 Citi Bank 3 2.7 2.7 South Indian Bank 3 2.5 3.32 Kotak Mahindra Bank 5 2.2 2.46 ING Bank 3 2.1 2.34 Axis Bank 3 1.9 1.76 IndusInd Bank 2 1.6 1.64 City Union Bank 2 1.4 1.18 Karnataka Bank 1 1.3 1.12 Dhanalakshmi Bank 1 1.2 1.12 Federal Bank 1 1.2 1.12 Jammu & Kashmir Bank 1 1.2 1.12 Karur Vysya Bank 1 1.2 1.12 Syndicate Bank 1 1.2 http://simplify360.com
    • Interaction Distribution of Private Banks Private Banks Interactivity Level Karnataka Bank Dhanalakshmi, Federal, J&K, KVB, Syndicate 0 1 2 3 4 5 6 7 8 No of Channels The graph above shows that HDFC is doing a great job in managing multiple online social profiles and at the same time engaging with customers. Meanwhile other banks are very low in terms of social media reach and engagement. This shows that there are more banks that are unable to understand the value of social media engagement. While some who have understood are excelling high. http://simplify360.com
    • Top Ten Banks according to their Social Media Performance Bank Social Media Score HDFC Bank 5.14 ICICI Bank 4.78 American Express 4.64 State Bank of India 3.64 Kotak Mahindra Bank 3.32 Yes Bank 3.22 Citi Bank 2.82 Bank Of Baroda 2.82 South Indian Bank 2.7 Bank Of India 2.52 http://simplify360.com
    • How HDFC Bank is using Social Media http://simplify360.com
    • ICICI versus SBI: Twitter Engagement Comparison Conclusion Though banks are supposed to listen to their customers not just from the aspect of selling more but also from the point of social welfare, they still haven’t explored one of the most used channels of communication used today. Social media is being used today to discuss products/ services and consumers like to use services which not only tell them about themselves but also listen to them. A few private banks like ICICI and HDFC have begin to understand this shift and have started to be engaging rather than selling. http://simplify360.com
    • Need Social Media Help to Get Started…. mpleSimS Want to get in touch with us? We’d love to hear All our accounts come with a 15 from you! days free trial. We also offer customized packages to suit your exact needs. For pricing details visit: http://simplify360.com/registerLogin You can get in touch with us at: : For Product Demo, send a support@simplify360.com mail to: http://simplify360.com/blog support@simplify360.com / @simplify360 +1 616 589 2164 (US Sales) +91 80 40971130 (India Sales) http://simplify360.com