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African commercial banks social benchmark report

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African Commercial
Banks Social
Benchmark Report
Who’s winning
and who’s lagging
on social?
2 @whysatisfy | @conversocial								 Share this
Financial Institutions Responsiveness Report | Conversocial African Finan...
3 @whysatisfy | @conversocial								 Share this
Financial Institutions Responsiveness Report | Conversocial African Finan...
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African commercial banks social benchmark report

  1. 1. African Commercial Banks Social Benchmark Report Who’s winning and who’s lagging on social?
  2. 2. 2 @whysatisfy | @conversocial Share this Financial Institutions Responsiveness Report | Conversocial African Financial Services Benchmark Report This report is for executives, marketing and social media experts in the financial services industry who are striving towards improved customer service who want to work within the confounds of “putting the customer first” , ensuring they are at the forefront of today’s mobile customer. Report Contents: Findings The African Mobile User Financial Services Performance Report The Importance of Social Customer Care Appendix 1 2 3 4 5
  3. 3. 3 @whysatisfy | @conversocial Share this Financial Institutions Responsiveness Report | Conversocial African Financial Services Benchmark Report Most Responsive to Direct @ Mentions Best Mean Response Time Least Responsive to Direct @ Mentions Worst Mean Response Time Industry Average Responsiveness to Direct @ Mentions Industry Average Mean Response Time Overall 72.2% 6 mins 35 secs 4.6% 4 hrs 19 mins 31.83% 1 hrs 28 mins South Africa 72.2% 12 mins 16 secs 24.80% 3 hrs 6 mins 34.80% 1 hrs 54 mins Kenya 71.6% 6 mins 35 secs 8.9% 1 hrs 38 mins 28.58% 56 mins Nigeria 57.9% 24 mins 20 secs 4.6% 4 hrs 19 mins 32.10% 1 hrs 35 mins 1 REAL TIME RESOLUTION: The banks in Kenya are the most responsive and have an average response time of less than an hour compared to Nigeria at over 90 minutes and South Africa with an average response time of close to 2 hours. Although Kenya may be the fastest to respond, they are not the most responsive when replying to customers. South African banks are the most responsive, on average replying to 34.8% of messages, they are followed by Nigeria at 32.1% HUMANITY @ SCALE: South Africans are more connected and reach out over 4 times per hour, this is almost double the amount of times Kenyans make contact each hour. South Africans may be more social media savvy and aware that if they make contact via Twitter they will get a more timeous response. SERVING THE ALWAYS-ON CUSTOMER: With thanks to social media and mobile connectivity a customer can research, shop and provide feedback in less time than it would have taken them to walk to the local branch in days gone by. The consequence is that the brand no longer has a closing time and customers expect fast responses to their queries, for this reason brands now need a solid Social Customer Care plan to ensure they are equipped to manage reasonable customer Findings LEADERS AND LAGGERS
  4. 4. 4 @whysatisfy | @conversocial Share this Financial Institutions Responsiveness Report | Conversocial African Financial Services Benchmark Report 2 Africa boasts 7 of the world’s 10 fastest growing internet populations. As the price for an entry level smartphone decreases across the African continent, more and more people are “going online”. By the end of 2016 the number of smartphone connections had almost doubled compared to the previous 2 years. There are now over 226 million smartphone users on the African continent 1 As more people get connected they join various social media channels and by the end of 2016 mobile social media usage had grown by over 50% year on year. 2 This translates into more people having access to shop, transact and interact online. South Africa has a very connected population in terms of mobile phones, over 145% of the population has a mobile subscription. This indicates that some people have more than one mobile phone. 52% of the South African population have access to the internet and 27% (15 million) are active on social media. The amount of social media users who were active on their mobile phones increased by 30% year on year. Overall 13 million South Africans were accessing social media via their mobile device at the beginning of 2017. 3 82% of the Kenyan population has a mobile subscription, 67% of the population has access to and uses the internet, 14% of these individuals are active on social media. Most of these users access social via a mobile device. In the last year, there has been a 31% increase in active social media users and a 46% increase in individuals that access social media via their mobile phones. 4 In early 2017, there were over 18 million Nigerians active on social media, just 10% of the total population. 83% of the Nigerian population has a mobile subscription and 51% have access to the internet. Overall 8% of the total population accesses social media via a mobile device. Between 2016 and 2017 there was no growth in the amount of internet users in the country, however there was a 20% increase in active social media users and a 36% increase in social media access via mobile. 5 It is evident that mobile penetration is growing rapidly throughout the African continent. As a result, more people have access to the internet and ultimately social media. With information and access at their fingertips these mobile users are becoming accustomed to a world of instant gratification. This translates to more online purchases and direct interaction with brands. 1 Smartphone use has doubled in Africa in two years - https://qz.com/748354/smartphone-use-has-more-than-doubled-in-africa-in-two-years/ 2 We Are Social – Digital 2017 Global Review - https://wearesocial.com/blog/2017/01/digital-in-2017-global-overview 3 Digital in 2017: Southern Africa - https://www.slideshare.net/wearesocialsg/digital-in-2017-southern-africa 4 Digital in 2017: Eastern Africa - https://www.slideshare.net/wearesocialsg/digital-in-2017-eastern-africa 5 Digital in 2017: Western Africa - https://www.slideshare.net/wearesocialsg/digital-in-2017-western-africa The Growth of Mobile in Africa
  5. 5. 5 @whysatisfy | @conversocial Share this Financial Institutions Responsiveness Report | Conversocial African Financial Services Benchmark Report 3 Today people want to have all the information they need literally at their fingertips, in the same manner if they have a question or complaint they want to voice it as soon as possible. Enter the world of our new age mobile phones, the device that allows us to have instant gratification for numerous needs. This has led to a change in how companies need to treat their customers as their customers now have access to them 24/7. Social media allows customers to provide feedback, ask questions and vent frustrations at any time of the day or night, it also means that the customer wants feedback as instantaneously as possible. Using the Conversocial custom built Twitter Tracker we analysed the Twitter activity of 5 banks in 3 African countries (South Africa, Kenya and Nigeria) who have the largest Twitter following. We measured: • What volume they are seeing on a hourly basis • How responsive the Twitter account is • How long on average they take to respond • Whether the operation strives to achieve in-channel resolution • Whether the company shows proactive support for service over social* *we used the Twitter Search API to find mentions (up to 2001 max) of each Twitter handle in April 2017. We then gathered and matched the replies to those mentions and calculated the time taken in each case, excluding the slowest 5% of tweets (which can otherwise disproportionately affect results). Financial Institutions Performance Report RESPONSIVENESS Making service on social channels accessible and known If a brand preaches to have a Social First policy and wants their customers to know that they value that channel as a way to reach out and hear what they have to say, then they need to ensure that they are responsive to the messages coming through on that channel. For a customer is it comforting to see timely responses and regular interaction on a brand’s social channel. Seeing how responsive a brand is and how they value their customer’s feedback builds confidence and has the potential to evoke brand loyalty. Among the banks analysed the responsiveness average is 31.83% , this indicates that the banks know that social is an important channel and the majority of the banks have prioritised Social Customer Care within their Customer Care department. Overall the top bank in each country was FNB (South Africa) with
  6. 6. Financial Institutions Responsiveness Report | Conversocial African Financial Services Benchmark Report 6 @whysatisfy | @conversocial Share this 72,2% responsiveness. They surpassed all the other South African banks analysed by close to 50%. The most responsive bank in Kenya was Equity Bank Kenya 71.6%, they also far surpassed their competitors with the next most responsive bank being I & M Bank at 32.6% . Banks in Nigeria are not as responsive as their counterparts, the most responsive bank being Diamond Bank with only 57.9% responsiveness. Overall the least responsive bank is First Bank Nigeria with a 4.6% responsiveness rate. OVERALL RESPONSIVENESS % SA BANKS RESPONSIVENESS % KENYAN BANKS RESPONSIVENESS % NIGERIAN BANKS RESPONSIVENESS % @ imbankke@ Nedbank @ CapitecBankSA @ ABSA @ standardbankZA @ rbjacobs @ diamondbankhelp @ accessbank_help @ zenithbank @ gtbank_help @ rbjacobs @ imbankke @ StanbicKe @ chasebankkenya @ KeEquityBank @ KCBGroup @ StanbicKe @ chasebankkenya @ KeEquityBank@ KCBGroup @ diamondbankhelp @ ABSA @ standardbankZA @ CapitecBankSA @ Nedbank @ gtbank_help @ zenithbank @ accessbank_help 80% 70% 60% 50% 40% 30% 20% 10% 0% 80% 70% 60% 50% 40% 30% 20% 10% 0% 80% 70% 60% 50% 40% 30% 20% 10% 0% 80% 70% 60% 50% 40% 30% 20% 10% 0%
  7. 7. 7 @whysatisfy | @conversocial Share this Financial Institutions Responsiveness Report | Conversocial African Financial Services Benchmark Report AVERAGE SPEED OF RESPONSE Leveraging social’s public nature to maximize brand equity The first step of social customer care is message acknowledgement AKA responsiveness, letting the customer know that you are aware of the message and will get back to them as soon as possible. Thus showing that the speed of response is a key component to maintaining customer satisfaction. Even when a query is not able to be resolved immediately it is imperative that a customer care agent acknowledges the message and lets them know that they are working on a solution. The industry average response time for all banks is 1hr 28 min, clearly the Kenyan banks place priority on responding to customers as soon as possible, as on average they are more than an hour faster to respond to customers than a South African or Nigerian bank. OVERALL 1hr 28 min SOUTH AFRICA 1hr 54 min KENYA 1hr 55min NIGERIA 56 min NEDBANK @Nedbank 12 min 16 s FNB @rbjacobs 1hr 29 min ABSA @ABSA 2hr 20 min CAPITEC @CapitecBankSA 2hr 25 min STANDARD BANK @standardbankZA 3hr 6 min KCB GROUP @KCBGroup 6 min 35 s CHASE BANK @chasebankkenya 43 min I&M BANK @imbankke 44 min 37 s STANBIC BANK @StanbicKe 1hr 31 min EQUITY BANK KENYA @KeEquityBank 1hr 38 min ACCESS BANK @accessbank_help 24 min 20 s DIAMOND BANK @diamondbank_help 59 min 45 s ZENITH BANK @zenithbank 58 min 25 s FIRST BANK @firstbankgr 1hr 15 min GUARANTY TRUST @gtbank_help 4hr 19 min OVERALL AVERAGE RESPONSE TIME AVERAGE RESPONSE TIME SOUTH AFRICA AVERAGE RESPONSE TIME KENYA AVERAGE RESPONSE TIME NIGERIA
  8. 8. 8 @whysatisfy | @conversocial Share this Financial Institutions Responsiveness Report | Conversocial African Financial Services Benchmark Report INDUSTRY LEADERS Going above and beyond customer expectations We all work hard for our money and then we give it to the banks to take care of. we do not often see it again until we need it or if we have a problem or a question. Finances are a sensitive subject and customers with queries want quick responses else they get antsy and often feel insecure. It is important that financial services companies instil a sense of trust and confidence in their customers. One way of doing this is to have speedy response times to customer queries. One way to achieve this is to have a dedicated Social Customer Care team. Looking at the overall data, Kenyan banks on average are the most responsive by responding to 73% of their messages in under 1hr, closely followed by South Africa at 69%. Nigerian banks on average only reply to 63% of their messages in under an hour. Nedbank is the most responsive bank in South Africa, leading the way with a 92% response rate. Standard Bank and ABSA both reply to 72% of their messages in under an hour while FNB is the slowest and only replies to 49% of their messages in less than 60 minutes. OVERALL % RESPONSIVENESS UNDER AN HOUR SA BANKS % RESPONSIVENESS UNDER AN HOUR 80% 70% @rbjacobs @ABSA @standardbankZA @Nedbank @CapitecBankSA 100% 90% 60% 50% 40% 30% 20% 10% 0% 80% 70% SOUTH AFRICA KENYA NIGERIA 100% 90% 60% 50% 40% 30% 20% 10% 0%
  9. 9. 9 @whysatisfy | @conversocial Share this Financial Institutions Responsiveness Report | Conversocial African Financial Services Benchmark Report Kenya leads the group of all financial institutions analysed. It is KCB Group who gives the Kenyans the advantage by responding to 99% of all messages within 1 hour. Standard Bank Kenya is the next bank with the highest response time at 79%, this is 20% lower than the leader in the group. They are closely followed by I&M Bank and Chase Bank Kenya at 76% and 73% respectively, indicating how competitive the Kenyan financial industry is and how much the top banks value customer care. Overall, responding in under an hour does not seem to be a priority for the Nigerian banks. Access Bank is the most responsive in under an hour at 87%, Zenith Bank follows at only 64%. 80% 70% @KCBGroup @KeEquityBank @chasebankkenya @imbankke @StanbicKe 100% 90% 60% 50% 40% 30% 20% 10% 0% 80% 70% @gtbank_help @zenithbank @accessbank_help @diamondbankhelp 100% 90% 60% 50% 40% 30% 20% 10% 0% KENYA BANKS% RESPONSIVENESS UNDER AN HOUR NIGERIA BANKS % RESPONSIVENESS UNDER AN HOUR VOLUME MANAGEMENT How to remain human as social customer service scales In order to start mapping the stages of your customer lifecycle is it important to understand social volumes in terms of both quantity and content. Knowing the quantity and content allows you to connect the dots between the context and channel preference. An example of a way to do this would be to calculate the percentage of customer service issues compared to the total number of social inbound messages, tally the messages by the categories they fall into and the platforms they are using to contact you. It is difficult to understand what a change in handling or response time means unless you can match them to the shifts in volume over the various social channels. Measuring metrics and performance against an SLA in real-time is important because if there is a sudden spike you know to shift resources accordingly to the relevant channel to maintain the SLA. This is relevant to banks especially if there is a suspected case of fraud, hacking or service changes.
  10. 10. 10 @whysatisfy | @conversocial Share this Financial Institutions Responsiveness Report | Conversocial African Financial Services Benchmark Report In all countries, the per hour mentions double the amount of responses. South Africa and Nigeria receive the most mentions per hour, South Africa makes the most replies per hour. FNB replies to almost as many messages as they receive per hour. Standard Bank receives the most messages; however, they are not very responsive. On average the South African banks receive 4.46 @ mentions per hour and only reply to 1.78 per hour. OVERALL AVG. @MENTIONS & RESPONSES KENYA SOUTH AFRICA NIGERIA The KCB Group receives almost double the @mentions per hour than any other group, however they reply to less than a quarter of those messages per hour. Equity Bank Kenya replies to almost all the @mentions within the hour. GT Bank receives the most @mentions and replies the most among the Nigerian banks. On average Zenith Bank receives 5.7 messages per hour and only replies to 1.5. Diamond Bank has the closest receive to respond ratio at 2.2 to 1.6, however this is small scale and is still only around a 60% response rate. 8 7 6 5 4 3 2 1 0 8 7 6 5 4 3 2 1 0 8 7 6 5 4 3 2 1 0 8 7 6 5 4 3 2 1 0 AVG @ MENTIONS PER HOUR AVG RESPONSES PER HOUR AVG @ MENTIONS PER HOUR AVG RESPONSES PER HOUR SouthAfrica Kenya Nigeria @rbjacobs @diamondbankNG @gtbank_help @czenithbank @accessbank_help @KCBGroup @KeEquityBank @chasebankkenya @StanbicKe @imbankke @standardbankZA @ABSA @CapitecBankSA @Nedbank
  11. 11. 11 @whysatisfy | @conversocial Share this Financial Institutions Responsiveness Report | Conversocial African Financial Services Benchmark Report 4The importance of Social Customer Care Social media has changed the way that brands interact with their customers and how customers choose to interact with brands. Today’s customers and especially the millennials want to be connected and all interactions with a brand need to be relevant and easy. They expect a prompt response and do not have the patience to wait more than an hour or so for feedback. Their brand loyalty is fickle and they will jump between brands as fast as it can take the competitor brand to notice a problem and solve it with their solution or product. This means that brands need to be on top of their game and implement a Social Customer Care plan that is efficient, relevant and proactive. In a recent McKinsey report, it was noted that customers who start and end a customer service journey within a single channel have a higher satisfaction rate than those who are deflected to another channel along the way to query resolution. 6 Customers nowadays have become accustomed to fast, “in-the-moment” Social Customer Care and expect fast resolution on the channel that they selected to facilitate communication. Overseas many companies have heavily reduced investment in staffed client service phone and call centres in favour of adding additional resources to a dedicated team focusing on social media. These companies understand that their customers are on social media sites and have selected these platforms as a communication tool to voice their opinions about products or services, complain about issues and engage in general conversation about a brand. Companies who do not have a solid Social Customer Care plan are at a high risk of losing customers and entering a realm of negative market share. 7 In South Africa more and more companies are identifying the urgent need to implement a Social Customer Care strategy. More resources are being added to contact centres with the mandate to focus on Social Customer Care, the social engagement role that was previously in marketing departments has shifted departments. The importance of a single customer view has become more apparent and social engagement tools like Conversocial are being used to monitor current social customer interactions, view their history and customer behaviour as well as to keep records of important customer information. Further to this you can mark sentiment and add tags thus resulting in robust analytics and data that the company can use to make rich data based decisions for brand, product and company improvements. Overall Social Customer Care is another way a brand can improve the way their customer perceives them. It allows the brand to have a platform to respond to a question or rectify a problem quickly and efficiently. If it is not able to solve a problem quickly, the platform can still be used to keep the customer notified and informed, thus maintaining open communications and a sense that the customer really is important. After all that really is all that the customer wants, to feel important and that they have a personal direct line of communication with a brand who wants to hear from and help them. 6 Conversocial Social Bind: Solving Channel Deflection through Social Authentication - http://www.conversocial.com/social-authentication 7 The Critical Importance of Social Customer Care - https://www.clickz.com/the-critical-importance-of-social-customer-care/96969/
  12. 12. 12 @whysatisfy | @conversocial Share this Financial Institutions Responsiveness Report | Conversocial African Financial Services Benchmark Report 5 Company Handle Responsiveness Mean Response Time Av Responses per Hour Av @mentions per Hour Responses Under 1hr Fastest Response Slowest Response @rbjacobs 72.20% 1hr 29 mins 3.9 4.7 49.20% 25 secs 3 days 1 hrs @standardbankZA 25.30% 3hr 6 mins 1.3 5.3 71.70% 40 secs 2 days 3 hrs @ABSA 26.50% 2hr 20 mins 1.6 5.3 71.90% 27 secs 2 days 18 hrs @CapitecBankSA 25.20% 2hr 25 mins 1.2 3.5 60.90% 49 secs 3 days 20 hrs @Nedbank 24.80% 12 mins 16s 0.9 3.5 92.00% 60 secs 11 hrs 41 mins @gtbank_help 31.80% 4hr 19 mins 3.6 6.9 45.10% 22 secs 6 days 1 hr @zenithbank 19.10% 58 mins 25s 1.5 5.7 64.20% 39 secs 1 day 15 hrs @accessbank_help 47.10% 24 mins 20s 1.1 2 87.10% 32 secs 8 hrs 53 mins @firstbankngr 4.60% 1hr 15 mins 0.2 2.8 53.80% 3 min 23sec 12 hrs 23 mins @diamondbankhelp 57.90% 59 mins 45s 1.6 2.2 62.00% 58 secs 20 hrs 21 mins @KCBGroup 15.80% 6 mins 35s 1.2 7.5 98.60% 55 secs 5 hrs 14 mins @KeEquityBank 71.60% 1hr 38 mins 3 3.7 37.00% 1 min 2 secs 1 day 17 hrs @chasebankkenya 8.90% 43 mins 0.1 1 72.70% 44 secs 17 hrs 26 mins @StanbicKe 14.00% 1hr 31 mins 0.1 0.5 78.90% 1 min 2 secs 7 days 1 hr @imbankke 32.60% 44 mins 37s 0.2 0.4 75.60% 1 min 9 secs 2 days 21 hrs Appendix KENYANIGERIASOUTHAFRICA To help you exceed industry highs in customer engagement, reach out to one of our social experts here at WhySatisfy.

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