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Canadian Banks Using Social Media

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This presentation is about how Canadian banks are using social media. ...

This presentation is about how Canadian banks are using social media.

Slide 2 - An overview of the four major social channels (Facebook, YouTube, Twitter, and LinkedIn) banks are using

Slide 3 - The reasoning behind the banks I looked at

Slide 4 - A quick overview of the banks

Slide 5 - What I looked at in my review

Slides 6-11 - Strengths, opportunities, and recommendations for BMO, CIBC, ING Direct Canada, RBC, Scotiabank, and TD

Slide 12 - Comparing the banks to other institutions: National Bank, Invesco Canada, and Sun Life

Slide 13 - Conclusion and final thoughts

Slides 14-16 - A list of all the social media accounts for BMO, CIBC, ING Direct Canada, RBC, Scotiabank, and TD

Slides 17-19 - Sources

Slide 20 - The end

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Canadian Banks Using Social Media Canadian Banks Using Social Media Presentation Transcript

  • HOW CANADIANBANKS USESOCIAL MEDIAENGAGING AND INTERACTING WITH CUSTOMERSBY CRAIG SEBASTIANOAUGUST 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 @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 3 HOW CANADIAN BANKS USE SOCIAL MEDIA 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. @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 4 HOW CANADIAN BANKS USE SOCIAL MEDIA 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. @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 5 HOW CANADIAN BANKS USE SOCIAL MEDIA 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. @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 6 HOW CANADIAN BANKS USE SOCIAL MEDIA 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 findFacebook on theand bank’sYouTube website inpages in both EnglishFrench and French @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 7 HOW CANADIAN BANKS USE SOCIAL MEDIA CIBC KEY POINTS STRENGTHS • 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 OPPORTUNITIES & RECOMMENDATIONS 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 @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 8 HOW CANADIAN BANKS USE SOCIAL MEDIA ING DIRECT CANADA KEY POINTS STRENGTHS • 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 OPPORTUNITIES & RECOMMENDATIONS 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 pagesA French-only Even theFacebook CEO isaccount using social media @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 9 HOW CANADIAN BANKS USE SOCIAL MEDIA RBC KEY POINTS STRENGTHS • 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 OPPORTUNITIES & RECOMMENDATIONS • 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 BlueRBC’s social Watermedia page Projectlists all of its pages onaccounts YouTube(and there andare many) Facebook @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 10 HOW CANADIAN BANKS USE SOCIAL MEDIA SCOTIABANK KEY POINTS STRENGTHS • 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 OPPORTUNITIES & RECOMMENDATIONS • 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 2011Videos and yetin there areFrench still 2,000+ followers @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 11 HOW CANADIAN BANKS USE SOCIAL MEDIA TD KEY POINTS STRENGTHS • 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 OPPORTUNITIES & RECOMMENDATIONS • 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 andNote the hours 2007, respectivof operation ely @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 12 HOW CANADIAN BANKS USE SOCIAL MEDIA COMPARING THE “BIG SIX” TO OTHERS WHAT OTHER FINANCIAL INSTITUTIONS ARE DOINGNational Bank’s social mediaaccounts are mentioned on theFrench and English versions of itswebsite 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 @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 13 HOW CANADIAN BANKS USE SOCIAL MEDIA 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 @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 14 HOW CANADIAN BANKS USE SOCIAL MEDIA 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. @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 15 HOW CANADIAN BANKS USE SOCIAL MEDIA 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 @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 16 HOW CANADIAN BANKS USE SOCIAL MEDIA SOCIAL NETWORK ACCOUNTS THE “BIG SIX” LIST 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
  • 17 HOW CANADIAN BANKS USE SOCIAL MEDIA SOCIAL NETWORK ACCOUNTS THE “BIG SIX” LIST 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) @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 18 HOW CANADIAN BANKS USE SOCIAL MEDIA 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 @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 19 HOW CANADIAN BANKS USE SOCIAL MEDIA 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 @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • 20 HOW CANADIAN BANKS USE SOCIAL MEDIA 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/ @craigsebastiano http://ca.linkedin.com/in/craigsebastiano
  • HOW CANADIANBANKS USESOCIAL MEDIA© CRAIG SEBASTIANOTHEWRITER.CA @craigsebastiano http://ca.linkedin.com/in/craigsebastiano