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Social Insights Into African Commercial Banks

In this report we looked at the top 5 commercial banking brands on Facebook in South Africa, Kenya and Nigeria over the second quarter of 2017.
Read on to find out how brands like KCB, UBA and Capitec performed

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Social Insights Into African Commercial Banks

  1. 1. Social Insights/ African Commercial Banks © | 1 © Social Insights / African Commercial Banks Written by Jenna Bloch
  2. 2. Social Insights / African Commercial Banks © | 2 Contents 1.0 Aim and Methodology������������������������������������������������������������������������������������������������������������������3 2.0 African Banks Social Index ��������������������������������������������������������������������������������������������������������4 3.0 The Social Landscape�������������������������������������������������������������������������������������������������������������������6 3.1 Online Conversation Analyses and Share of Voice���������������������������������������������������������������������� 6 3.2 Social Media Share of Voice����������������������������������������������������������������������������������������������������������� 8 4.0 Banking Conversation Breakdown���������������������������������������������������������������������������������������10 4.1 General Web Conversation�����������������������������������������������������������������������������������������������������������10 4.2 Facebook Mentions�����������������������������������������������������������������������������������������������������������������������11 4.3 Twitter Mentions���������������������������������������������������������������������������������������������������������������������������12 4.4 Categories Over Time��������������������������������������������������������������������������������������������������������������������13 5.0 Sentiment ��������������������������������������������������������������������������������������������������������������������������������������14 5.1 Commercial Banks in Kenya���������������������������������������������������������������������������������������������������������14 5.2 Commercial Banks in Nigeria�������������������������������������������������������������������������������������������������������15 5.3 Commercial Banks in South Africa����������������������������������������������������������������������������������������������16 6.0 Insights and Audience Analysis���������������������������������������������������������������������������������������������18 6.1 Gender Profiles������������������������������������������������������������������������������������������������������������������������������19 6.2 Interest Professional Profiles��������������������������������������������������������������������������������������������������20 6.3 Professional Profiles���������������������������������������������������������������������������������������������������������������������21 7.0 Findings�������������������������������������������������������������������������������������������������������������������������������������������23
  3. 3. Social Insights / African Commercial Banks © | 3 1.0 Aim Methodology This report looks at the top 5 commercial banks in Kenya, Nigeria and South Africa based on the size of their Facebook fanbase during 1 April 2017 until 30 June 2017 (Q2).The banks were reviewed as a collective, determining how frequently customers speak about banking online, who makes up the audience, the share of voice and conversation sentiment. Further to this we delve into various banking categories analysing which topics are the most popular compared to others for consumers. Using Brandwatch we reviewed how each individual company performs on social media and where they are placed among their peers in terms of sentiment and share of voice. The analysis of online conversations is divided into 5 parts: • African Commercial Banks Social Index: Provides a comprehensive ranking for the top 5 commercial banks in Kenya, Nigeria and South Africa and how they compare across social activity, followership and content performance. • The Social Landscape: Looks at the conversations taking place, the brands speaking and how the audience was reacting. • Bank Conversation Breakdown: Here we delve into the different topics of conversations that were being discussed around banking. • Sentiment: Highlights the brands who had the most share of voice in terms of sentiment. • Overall Insights and Audience Analysis: Details the overall conversations that took place within the industry and breaks down the audience demographics.
  4. 4. Social Insights / African Commercial Banks © | 4 2.0. African Banks Social Index The African Banks Social Index presents important metrics in a brand’s online presence and displays each brand’s social media performance across five different factors. The index has evaluated the 15 banks across these five factors: • Audience Social Activity: This metric examines the total audience engagement a brand earns on social media. Specifically, it measures, @mentions, replies, retweets, likes, comments and shares. • Brand Social Activity: Brand social activity looks at how active a brand is on social media, measuring how often they tweet, reply, retweet, post, or comment. • Followership: This score measures how big a brand’s social media following is in terms of Facebook page likes and Twitter followers. • Content Performance: Content performance examines how much engagement a brand draws from their content. More specifically, it looks at how many likes, comments, shares, replies and retweets their social media posts receive. • Total Score: The final score is the sum of the four scores above.There is no special weighting given to any score. The Composite Score reflects a brand’s performance across each category, for each category brands are normalised against a single leader, which receives a score of 100, as such the maximum potential score is 400.
  5. 5. Social Insights / African Commercial Banks © | 5 BRAND AUDIENCE SOCIAL ACTIVITY BRAND SOCIAL ACTIVITY FOLLOWERSHIP CONTENT PERFORMANCE OVERALL SCORE Chase Bank Kenya 32 26 18 53 130 Equity Bank Kenya 42 99 34 47 222 I+M Bank 13 13 19 27 73 KCB Group 56 97 42 42 237 Stanbic Bank Kenya 19 31 17 14 82 Access Bank Nigeria 54 40 56 54 204 First Bank Nigeria 35 32 46 29 143 GT Bank 100 63 100 69 332 UBA 43 40 50 72 204 Zenith Bank 84 94 69 50 297 ABSA 60 78 24 100 263 Capitec 72 89 24 99 285 FNB 42 47 39 41 169 Nedbank 65 67 24 68 224 Standard Bank 96 100 25 30 252 2.0 Social Index of the commercial banks analysed Based on the social index, Nigerian and South African banks were the best overall performers. GT Bank ranked the best for audience social activity and followership.The South African banks Standard Bank and ABSA were respectively top ranked for brand social activity and content. Equity Bank and KCB Group in Kenya were both mere points behind Standard Bank for brand social activity. Capitec was only a single point behind ABSA for content performance.This shows that the competition in the social space for commercial bank is fierce and the movers and shakers defining the landscape can change at any time.
  6. 6. Social Insights / African Commercial Banks © | 6 3.0 The Social Landscape Word of mouth has become one of the biggest contributors to a person’s purchase decision, with social media all those “word of mouth” opinions are now at your fingertips and they are not restricted to your social circle, it spreads far wider to almost anyone who has had an interaction with the brand you are investigating. It is for this reason that brands need to be at the forefront of social media and even more so social customer care. Ensuring that customers are happy and if they are not happy to rectify a problem quickly and efficiently shows potential customers that the brand is there to help and add value. 3.1 Online conversation analyses in each country From the graphs below we notice that there is at least one bank in each country who dominated the online conversations during Q2 2017. In Kenya 50% of the online conversations (web queries) are about KCB Group, the most popular topic had to do with mentions of NBK around the subject of NBK being absorbed by KCB. Looking at the online conversation (web queries) in Nigeria there are 2 banks dominating conversations; Zenith Bank and UBA each with 36% and 34% of the conversation respectively. One of the most popular topics associated with Zenith Bank was around a gun battle and robbery at one of their branches. Some of the most popular UBA discussions centred around the UBA Ikeja branch where an employee found $10 000 belonging to a customer and returned it. Over 53% of the conversations happening online in South Africa were related to Standard Bank. Most of these were related to their #WhatsYourNext campaign that they tied in with a competition for Youth Day when someone could win R10 000 towards their next big life event or a charity donation.
  7. 7. Social Insights / African Commercial Banks © | 7 50 4 11 27 8 % % % % % 36% %34 15% % %4 11 53 19 9 13 6 % % % % % Figure 3.1 Online conversations broken down by country KENYA: 21119 TOTAL SOUTH AFRICA: 139473 TOTAL NIGERIA: 63336 TOTAL • ABSA • ACCESS BANK NIGERIA • CAPITEC • CHASE BANK KENYA • EQUITY BANK KENYA • FIRST BANK NIGERIA • FNB • GT BANK • IM BANK • KCB GROUP • NEDBANK • STANBIC BANK KENYA • STANDARD BANK • UBA • ZENITH BANK
  8. 8. Social Insights / African Commercial Banks © | 8 3.2 Social Media Conversations In the graphs below we look at the conversations taking place about all the commercial banks on Social Media platforms such as Facebook and Twitter. Each platform allows for different types of conversations. Fig. 3.2.1 Twitter conversations during Q2 2017 Fig.3.2.2 Facebook conversations during Q2 2017 AFRICAN BANKS INDEX TW: 478210 TOTAL 2% %7 6% %10 7% 6% %18 %12 6% 13% %8 1 31% % % AFRICAN BANKS INDEX FB: 65061 TOTAL 7% % % % % % %% % % 4 7 5 4 15 64 31 122% 1 2 1 % % % • ABSA • ACCESS BANK NIGERIA • CAPITEC • CHASE BANK KENYA • EQUITY BANK KENYA • FIRST BANK NIGERIA • FNB • GT BANK • IM BANK • KCB GROUP • NEDBANK • STANBIC BANK KENYA • STANDARD BANK • UBA • ZENITH BANK Overall Standard Bank dominated the Twitter conversations among all banks and had a full quarter of all conversations attributed to them, they were followed by GT Bank who had 21% if you combine their help and marketing Twitter handles. Conversations on Facebook were more evenly divided; GT Bank received 17% of all overall mentions followed by Standard Bank with 13%.All banks share their marketing campaigns across platforms and what was promoted on Facebook was often shared on Twitter too, where it received more traction in terms of shares and retweets.
  9. 9. Social Insights / African Commercial Banks © | 9 AN AVERAGE DAY ON TWITTER POSTS 1 COMMENTS 14 LIKES 869 SHARES 18 COMMENTS 31 LIKES 609 COMMERCIAL BANKS COMMERCIAL BANKS AUDIENCE AN AVERAGE DAY ON FACEBOOK Figure 3.2.3 An average day on Facebook and Twitter for African commercial banks. The tables above depict a typical day on Facebook and Twitter for the commercial banks. On average, each bank made at least one post per day which was shared an average of 18 times.The audience doubled the amount of comments the banks made.There were over 600 likes on average per day, this shows that the easiest way for a client to interact with a bank is to simply like one of their posts.The audience for this industry is very active on Twitter and collectively there was an average of almost 100 mentions by the audience to the banks each day, with an average of 36 retweets for each bank daily.The banks replied to less than half of the daily tweets they received, however one needs to account for the banks with separate help channels where there would not have been a direct recorded reply. TWEETS 9.9 REPLIES 42.4 FOLLOWERS 1073764 @MENTIONS 95.7 REPLIES 44.9 RETWEETS 35.9 CONSUMER TECH BRANDS CONSUMER TECH AUDIENCES
  10. 10. Social Insights / African Commercial Banks © | 10 4.0 Banking Conversation Breakdown The conversations that the audience was speaking about were divided into 6 categories: • FRAUD • SERVICE • MOBILE • CREDIT • LOANS • INTERNET BANKING This was further analysed for each social platform and for general website conversations. 4.1 General Web Conversation Mobile banking is a very popular topic at present within the banking industry. In fact, all banks except for one had a sizeable percentage of their web conversation attributed to mobile banking. With 70% of their analysed conversations about mobile banking, UBA seems to be the leader in this category. Service is another hot topic when it comes to commercial banking and 14 out of the 15 banks had service related conversations attributed to them, all with different sentiments. 99% of Chase Banks online conversations were associated with fraud.These however were not directed at the bank itself, but rather at Zaffrullah Khan who is an ex-chairman of the bank and was accused of fraud. MENTIONS ON THE WEB ABSA Access Bank Capitec Chase Bank Equity Bank First Bank FNB SA GT Bank I M Bank KCB Group Nedbank Stanbic Bank Standard Bank UBA Zenith Bank Figure 4.1 Analysing general web conversations about commercial banking during Q2 2017 • FRAUD • SERVICE • MOBILE • CREDIT • LOANS • INTERNET BANKING 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 0 20 40 60 80 100
  11. 11. Social Insights / African Commercial Banks © | 11 4.2 Facebook Mentions GENERAL SENTIMENT Figure 4.2 Analysing Facebook conversations about commercial banking during Q2 2017 Mobile banking and service were both popular topics among Facebook discussions as well as loans which dominated conversations among 2 Kenyan banks; Equity Bank Kenya and KCB Bank. The majority of the Standard Bank’s conversations on Facebook centered around service. Almost 80% of these discussions were neutral while 12% were negative and 8% were positive. FACEBOOK MENTIONS ABSA Access Bank Capitec Chase Bank Equity Bank First Bank FNB SA GT Bank I M Bank KCB Group Nedbank Stanbic Bank Standard Bank UBA Zenith Bank 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 0 20 40 60 80 100 • FRAUD • SERVICE • MOBILE • CREDIT • LOANS • INTERNET BANKING — 8% POSITIVE 79% NEUTRAL 12% NEGITIVE
  12. 12. Social Insights / African Commercial Banks © | 12 4.3 Twitter Mentions Twitter attracts a very mobile savvy user base and it is not surprising to note that the majority of all conversations on Twitter were related to mobile and internet banking. Zenith Bank was the only commercial bank on Twitter that did not receive any conversations about internet banking, however 75% of their conversations were about mobile banking. Although they received no conversations about fraud on Facebook, 53% of Chase Bank’s conversations on Twitter were associated to the fraud scandal as mentioned in web conversations. Figure 4.3 Analysing Twitter conversations about commercial banking during Q2 2017 • FRAUD • SERVICE • MOBILE • CREDIT • LOANS • INTERNET BANKING TWITTER MENTIONS ABSA Access Bank Capitec Chase Bank Equity Bank First Bank FNB SA GT Bank I M Bank KCB Group Nedbank Stanbic Bank Standard Bank UBA Zenith Bank 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 0 20 40 60 80 100
  13. 13. Social Insights / African Commercial Banks © | 13 4.4 Categories Over Time The graph below shows the conversation topics measured and how they were discussed during the analysed period 1 April 2017– 30 June 2017. CATEGORIES OVER TIME At the beginning of the period conversations for all categories were relatively flat,from May onwards there was steady growth,especially in mobile banking.Looking at mid-June there were sharp increases in discussions about service and mobile banking.The UBA mobile app was released in June and corresponds with the sharp increase in conversations about mobile banking. • FRAUD • SERVICE • MOBILE • CREDIT • LOANS • INTERNET BANKING 0 100 200 300 400 500 600 April 1st April 15th April 30th May 15th May 30th June 14th June 30th
  14. 14. Social Insights / African Commercial Banks © | 14 % % % % % 12 16 21 50 1 % % % % % 6 16 2 26 50 % % % % % 1 7 16 25 50 5.0 Share of Voice / Sentiment Share of voice looks at the weight or percentage each bank had over the others in terms of dominating the online conversation. Sentiment describes the emotional undertone of each individual conversation and is used to gain an understanding of the attitudes, opinions and emotions expressed within an online mention. We looked at the Share of Voice versus Sentiment for the commercial banks broken down by country.This ensures that we are evaluating the banks alongside their direct peers. The graphs below show the overall sentiment for conversations about banking in each country between 1 April and 30 June 2017. 5.1 Kenyan Commercial Banks KENYAN BANK SENTIMENT Fig. 5.1.1 Negative Sentiments Fig. 5.1.3 Positive Sentiments 5.1 Sentiment for Kenyan commercial banks Q2 2017 Fig. 5.1.2 Neutral Sentiments • CHASE BANK • KCB BANK • EQUITY BANK • IM BANK • STANBIC BANK
  15. 15. Social Insights / African Commercial Banks © | 15 5.2 Nigerian Commercial Banks NIGERIAN BANK SENTIMENT In Kenya both KCB Group and Equity Bank dominated the overall conversations and therefore make up most of the sentiment too. Equity Bank had a slightly greater positive sentiment at 44% versus 39% and a lesser negative sentiment at 30% versus 41%. The positive conversations for both banks were centred around customer service.Almost half of all neutral conversations were aligned with the KCB Group. % % % % % 14 11 37 19 19 % % % % % 16 7 37 13 27 % % % % % 16 3 43 13 25 Fig. 5.2.1 Negative Sentiments Fig. 5.2.3 Positive Sentiments Fig. 5.2.2 Neutral Sentiments • ACCESS BANK • FIRST BANK NIGERIA • GT BANK • UBA BANK • ZENITH BANK 5.2 Sentiment for Nigerian commercial banks Q2 2017
  16. 16. Social Insights / African Commercial Banks © | 16 5.3 Sentiment for South African commercial banks Q2 2017 5.3 South African Commercial Banks SOUTH AFRICAN BANK SENTIMENT Overall, we see that GT Bank received the most mentions during the period. Of all the mentions they received 43% were positive and related to customer service as were the majority of their negative conversations. GT Banks also had the highest percentage of negative sentiment (37%), which was almost double the amount of negative sentiment experienced by UBA and Zenith Bank. % % % % % 20 7 23 14 36 % % % % % 13 9 14 9 55 % % % % % 9 37 11 8 35 Fig. 5.3.1 Negative Sentiments Fig. 5.3.3 Positive Sentiments Fig. 5.3.2 Neutral Sentiments • ABSA • CAPITEC • FNB • NEDBANK • STANDARD BANK
  17. 17. Social Insights / African Commercial Banks © | 17 Both Capitec and Standard Bank had the lion’s share of positive conversations at 37% and 35% respectively. Standard Bank customers were discussing the various R10 000 prizes they gave away to better various people’s lives, make dreams come true or to help particular charities.The discussions for Capitec we from customers who are proud to be their clients and wanted to be added to the #BankBetterLiveBetter mosaic. More than 50% of all neutral conversations were allocated to Standard Bank, however they also received the largest portion of negative conversations (36%), this was followed by FNB at 23%. Capitec had the least amount of negative conversations with a small allotment of only 7%.
  18. 18. Social Insights / African Commercial Banks © | 18 6.0 Insights and Audience Analysis During the period analysed there were 770 000 online mentions about the commercial banks analysed. These mentions were contributed by over 305 000 unique authors. Close to 100 000 of all comments were positive (13%) while 27 500 were negative (4%). Most comments came from Twitter and Facebook and a much smaller percentage from blogs, forums and news sites. SENTIMENT 6.0 Overall sentiment for commercial banks in Africa Q2 2017 — 4% NEGATIVE 83% NEUTRAL 13% POSITIVE OVERALL CONVERSATIONS BY PAGE TYPE • TWITTER • FACEBOOK • NEWS • FORUM • GENERAL • BLOG • INSTAGRAM • VIDEO • IMAGE • REVIEW 6.0.1 Overall commercial banking conversations during Q2 2017 0 100000 200000 300000 400000 500000 600000 700000 800000 70K 65K 60K 55K 50K 45K 40K 35K 30K 25K 20K 15K 10K 5K 0
  19. 19. Social Insights / African Commercial Banks © | 19 GENDER SPLIT This can be broken down further for each bank that was analysed. GT Bank in Kenya is the only bank with a majority female audience at 61% all the other banks have a predominantly male audience. Chase Bank (also in Kenya) has the smallest female audience at only 20%, which makes them the most male dominant bank at 80%, this is followed by Equity Bank with a male audience of 78.1%. 6.1 The commercial banks’audience gender split for Q2 2017 6.1 Gender Profiles 45% FEMALE 55% MALE AFRICAN COMMERCIAL BANKS GENDER BREAKDOWN 0 20% 40% 60% 80% 100% ABSA Access Bank Nigeria Capitec Chase Bank Kenya Equity Bank Kenya First Bank Nigeria FNB SA GT Bank I M Bank KCB Group Nedbank Stanbic Bank Kenya Standard Bank UBA Zenith Bank 6.1.1 Audience gender split by bank for Q2 2017 0 20 40 60 80 100 • FEMALE • MALE
  20. 20. Social Insights / African Commercial Banks © | 20 6.2 Interests COMMERCIAL BANKING AUDIENCE – BUSINESS INTERESTS 6.2.Audience interest’s breakdown for Q2 2017 As financial wellbeing is a core necessity for both business and families, it is not surprising that these are the core interests among the audience. Both business people and parents need to keep track of their money and investments. Many banks sponsor sporting events and this is how sports becomes a key interest group for the commercial banking audience. Shopping Automotive Games Environmental Animals Pets Travel TV Movies Fashion Photo Video Science Fine Arts Beauty Health Food Drink Polotics Technology Books Music Family Parenting Sports Business 0 3 6 9 12 150 5 10 15 20 Business and sports, followed by family and parenting make up the core interest groups for the audience of the banks analysed.
  21. 21. Social Insights / African Commercial Banks © | 21 ABSA Access Bank Nigeria Capitec Chase Bank Kenya Equity Bank Kenya First Bank Nigeria FNB SA GT Bank I M Bank KCB Group Nedbank Stanbic Bank Kenya Standard Bank UBA Zenith Bank PROFESSIONS BREAKDOWN BY BANK 6.3 Audience professional breakdown by banks for Q2 2017 0,0 0,2 0,4 0,6 0,8 1,0 6.3 Professional Profiles There are many professions that make up the total audience within the commercial banking sector, however the key professions are executives, artists and students. For all banks, the executive versus artist breakdown was fairly consistent as it was for students, however Standard and Capitec has the largest percentage of students in their audiences at 23% and 17% respectively. • ARTIST • EXECUTIVE • HEALTH PRACTITIONER • JOURNALIST • LEGAL • POLITICIAN • SALES / MARKETING / PR • SCIENTIST / RESEARCHER • SOFTWARE DEVELOPER / IT • SPORTSPERSON / TRAINERS • STUDENT • TEACHER LECTURER Almost a quarter of the overall audiences consists of professional executives (24%) followed closely by artists (21%).This indicates that all members of society are reliant on banks and the services that they offer. Commercial banks can not only aim their marketing activities at a single profession or service type, but need to cater for all professional types among all interest groups 0 20 40 60 80 100
  22. 22. Social Insights / African Commercial Banks © | 22 PROFESSIONS BREAKDOWN FOR INDUSTRY 6.3.1 Commercial Banks audience broken down by profession for Q2 2017 0 5 10 15 20 25 Executive Artist Student Sales / Marketing Journalist Scientist / Researcher Software / It Legal Teacher / Lecturer Health Practitioner Sportsperson Trainer Polotician 0 5% 10% 15% 20% 25%
  23. 23. Social Insights / African Commercial Banks © | 23 7.0 Findings Gone are the days where people have inherent trust in their bank and deem it to be the safest place for their money. In the last decade, after the global financial crisis and with the introduction of cryptocurrencies such as Bitcoin, the banking industry has come under a lot of scrutiny and pressure. Nowadays banks need to earn their customer’s trust and assure them that they have their customer’s best interests at heart and endeavour to maintain loyalty. It is important for a banking customer to feel at ease with the service they are receiving from a bank, with the knowledge that they are looking after their funds and facilitating their transactions optimally. Service and mobile banking are the most popular topics when people discuss banking.This shows that good service is important for customer retention and people are quick to moan about poor service but will also speak out and acknowledge a great customer interaction. Ease of access to their money and being able to make transactions is another high priority area for customers. As seen in the social index the competition among banks at the top is fierce and it takes just one key element or action to change how a brand is perceived by the customer or how they will choose to engage with their bank. Key Takeaways: • The report shows that in each country analysed; Kenya, Nigeria and South Africa, there is always a bank that stands out among the competition. Nigeria is the most competitive market for gaining share of voice and there are 2 banks, Zenith Bank and UBA, that stand out. • The commercial banking audience has a gender split that is slightly skewed towards males (55%).Their interests include business, sports as well as family and parenting.This can be because business and families both need financial support and speaks to the investment that many banks make in terms of sponsorship for major sporting events. Sporting sponsorship is a key way to align with their customers' interests. • All the banks analysed use social media on a daily basis to interact with their customers in order to solve customer support queries and to promote various marketing activities.The audience is very open to this channel of communication and respond well on Facebook and very actively on Twitter. • Mobile banking, followed by internet banking, are popular topics of conversation among those discussing commercial banks.This indicates that customers want to be able access and transact with their money at their convenience. From the middle of June there was a noted increase in conversations about mobile banking. • Overall the sentiment within the banking industry was neutral, with a greater positive (13%) than negative (4%) tone.
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