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Newsletter — March 2015
SOCIAL MEDIA ANALYSIS ON
SPENDING AND SAVING BEHAVIOR
2
Dear Valued Clients,
Financial matter is one of the most crucial aspect of
people’s everyday lives that affect all sort of decision
making processes —something that will also affect
decision making and strategy formulation for many
business and organizations.
Many matrices and indexes had been invented and
heavily used to measure financial state of Indonesian
—mostly in quantitative terms. In this edition, we
would like to present to you another way to gather
information about people’s financial matter: through
their daily reflections and reports recorded in social
media.
Although this approach might have seemed to be less
noise-free than the other measurements, we believe
that social media data will provide insightful quality
for better understanding of Indonesians financial
matters, trend in the wishlist of many people, as well
as hidden motivations behind two simplest financial
activity: spending and saving.
We would also look into the general landscape of
banking industry; and also, into the advancement of
banking industry in the digital world.
We hope this edition will serve as an insightful
reading for you.
Best Regards,
Iwan Setyawan, CEO
WORDS FROM THE CEO
EDITORIAL TEAM
Board of Advisors
Iwan Setyawan, Roby Muhamad, PhD,
Shafiq Pontoh, Budhi Sumarso
Managing Editor
Smita Sjahputri
Smita.Sjahputri@provetic.com
Jl. Kerinci 1 no. 2, Kebayoran Baru
Jakarta Selatan 12120
T: +6221 72799613
F: +6221 72799613
www.provetic.com
3
Money matter is incredibly crucial for many
people. Hence, it is only natural to expect that
people would also take it into social media to
talk about financial issues —from merely
expressing their feelings about their financial
state, conversing about their needs (and wants),
up to seeking information about banking and
investment products and services.
For us, this means access to yet another pool of
data that would provide insightful peek into
financial matter of Indonesian. In this edition of
Provetic Newsletter, we would look into several
aspects about people’s everyday financial matter
and break them down into several key points.
Saving and spending are two of the most basic
financial activities related to people’s daily
financial matters. These two behaviors also play
a very important role in understanding people
basic motives: what are the things people are
spending on as well as what are the things
people are saving money for. Understanding this
information would help business and
organization to capture the trend in people’s
consumption pattern to be able to anticipate
what people want and need.
Other than personal financial matters, we also
looked into the landscape of banking industry in
Indonesia; as social media conversation might be
utilized as benchmark to map out brand
awareness and people’s top association of
certain services.
Moreover, in the recent years, there has been a
trend towards establishing the market for Digital
Banking, starting with the more emphasis on
mobile and online banking transactions.
Although this shift is relatively early, but we
investigate the data to see how much it has
impacted the urban Indonesian financial habits.
Although this data on Digital Banking might be
rather limited, but this limitation alone might
help to highlight that there is indeed a very large
room to grow the market. Furthermore, we can
also identified how the market is understanding
this shift to online and mobile banking practices.
Lastly, we believe that these qualitative data can
be utilized as complementary data to give
deeper understanding about Indonesian
financial behavior landscape, anticipating trends
in people consumption, and identifying people’s
basic motivation in saving and investment.
INDONESIAN MONEY MATTERS:
SOCIAL MEDIA CAPTURES EVERYDAY FINANCIAL MATTERS
4
Conversation about financial
matters could reflect the general
landscaped about consumer
behavior. In the objective to
attain this understanding,
Provetic analyzed the social
media conversation on people’s
financial matters and divided the
analyses into discussion of basic
financial activities, such as
saving, investing, and personal
financial crisis management.
People are more expressive
about financial crisis than
about savings or investment
strongly associated with the term
“Gajian" or payday; indicating the
most reported period of financial
crisis is on days before the payday.
Other than that, "Ngutang" or
lending money from other people
is also the most common term
used to indicate activity during
financial crisis.
Although the conversation about
financial crisis condition might
indicate hardship, but looking
deeper into the content of the
social media conversation, it
appears to be more of a light-
hearted conversation. Major topic
in the conversation is the
expression of optimism to survive
the cashless state of "tanggal tua"
or critical days before the pay day.
How people handle financial
constraints is also seen as measure
of characters, as several
conversation topics expressed that
people would rather have easy-
going and fun friends who won't
fuss so much when the money is
tight, over "cool" friends who
spend too much for style.
When comparing between the
conversation in which people
expressed financial crisis versus
conversation about saving and
investment, it appears that people
are more expressive about having
financial crisis than the latter
topics.
Although this finding might not be
unexpected because saving habits
might not be a conversation topic
that people are normally and
actively expressing on social
media, however this might also be
seen as an indicator that people
might be more sensitive towards
financial crisis and would be more
likely to comment publicly about
their financial crisis instead of
reporting their means of fixing the
situation.
In the conversation regarding
financial crisis, "Bokek" is the most
used terms to refer to condition of
being broke, or having no money.
This term appears to be very
Chart I — Total Buzz and Average Daily Distribution for
conversation on financial crisis, saving, and investment
Total Buzz Average Daily Distribution
N = 176,353 tweets
5
People main motivation for
savings seems to be to buy
premium goods, own a house,
or going for Hajj trip
amount of tweets.
Three of the most mentioned items
of what people try to pursue by
saving money are mobile phone,
Hajj trip, and housing. Other
motivations for saving money are
getting married, buying books, and
financially supporting their kids.
When we compared this list of
items to the public general wish
list (things people reported that
they want at the moment), we
found several items that
overlapped in both lists, such as
owning a house, gadgets (SLR
camera, mobile phone), clothes,
starting a business, as well as going
on a vacation. This similarity
indicated that people are generally
more in line in what they want and
what they strive to have.
However, it also appears that what
people save up more is for things
that are of responsibility-driven,
such as owning a house, caring for
children, getting married, as well
as investment plan; while general
wish list indicates more of a
hedonistic-driven items such as
gadgets, clothes, and vacation.
In the conversation which people
talks about saving, mostly
consisted of the kind reminder to
"Rajin Menabung" or to diligently
save money whenever possible.
This indicated that the habit of
being frugal and saving money is
still one of the most important
values being taught in the society.
However, the conversation data
suggest that the intention to save
money is almost always being
accompanied with the expression
of having difficulty to continue
doing it; the latter, indicated by the
phrase “Susah Nabung” is also one
of the most mentioned topics,
following very closely behind the
"Rajin Menabung" reminder which
is the most mentioned topic.
Looking at the motivation behind
why people save, there's a very
strong indication that people save
money as a means to be able to
purchase something instead of an
act of investment —as the latter is
being recorded in a very small
Top Words for
Financial Conditions
Top Motivations
for Saving
Top Things on
People’s Wishlist
6
being involved in online shopping
transactions.
In the landscape of Digital Banking,
BCA and Bank Mandiri are also two
of the most associated banks with
the practice of internet and mobile
banking in general.
However, general conversation
trend indicated that there is very
limited awareness that public have
regarding the practice of digital
banking.
Although some people, especially
in the urban areas, are already
more familiar with internet
banking and mobile banking,
However, it appears that most of
the conversation are driven by
customer servicing practices by
several bank official accounts to
answer people’s inquiries about
their online and mobile
transactions, instead of more in
organic and in-depth discussion of
the practice.
Based on the social media
conversation, data suggests that
BCA is the most prominent bank,
followed by BNI and Bank Mandiri
in the second and third place.
In terms of product association,
BCA is very highly associated with
product services that support
people’s daily transaction such as
“[money] Transfer”, “Payment” and
“ATM [transaction]”. BNI is more
associated with their “Credit”
services, and Bank Mandiri have
similar association with BCA, such
as “ATM (transaction)” and
“Payment”.
Other than that, BCA and Bank
Mandiri are also very much
associated with “online shop”
which indicates that these two
banks are the one most commonly
Chart II — Total Buzz for Banking industry
landscape in Indonesia.
Insights from general
conversation on banking
industry indicated that people
are still more comfortable with
conventional banking practices.
The newer shift into cashless
society is still very limited in its
influence on people’s financial
behavior; regardless the fact that
the urban Indonesian might
already be familiar with internet
and mobile banking practices.
BCA is the most popular bank
in social media, and is
especially associated with
everyday transaction.
N = 107,689 tweets
7
In general, financial matters are
very important for most
Indonesian, as reflected in the
high number of conversation
level in social media.
Looking at the theme of what
people is most concerned about
in the conversation about their
financial condition, it appears
that people are more expressive
when it comes to voicing out
personal financial crisis rather
than reporting saving and
investment habits.
The most reported personal
financial crisis in social media is
about “bokek”, or not having
money, and having to lend some
from other people, or informally
known as “ngutang”. Meanwhile
the most reported event is
“tanggal tua” and “gajian”
indicating the importance of the
week before payday where
money usually is very tight.
Although this theme of
conversation might indicate
hardship, but it appears that
people are taking it rather light-
heartedly.
Although savings are relatively
under-reported in people daily
conversation, however, further
analysis is able to identify the
motivations that drive people
to save.
Data indicated that most people
save money to be able to
purchase something; however
most of the items mentioned
could be considered as long-
term investment such as
owning a house, providing for
their children, or getting
married. However, there are
also big amount of mentions
about premium goods as well as
tertiary needs.
These premium and tertiary
items are proven to be the most
sought-after things that people
converse about in social media.
In another conversational data,
which look into people’s
general wish list, most of the
items that appear in the
previous list also surfaced in
the general wish list.
The data helped to identify
people’s basic needs and
wishes, which would be
beneficial to be addressed by
businesses and organizations
aiming to help increasing
people’s wellbeing.
Focusing on banking industry,
BCA and Bank Mandiri are two
of the most popular bank,
especially in relation to basic
daily financial transaction such
as “transferring (money)” and
“(making) payment”.
The two banks are also the top
of mind brands when it comes
to online and mobile banking
transaction.
However, in general people’s
awareness of digital banking is
extremely limited —which
indicate that there’s a need of
greater push to establish the
move into digital banking and
cashless society.
KEY TAKEAWAYS AND
FURTHER IMPLICATIONS
© March 2015 — Provetic
Photo Credits:
Cover Photo by Tiltti
1. “Dirty Sexy Indonesian Money” by Ryan Tir
2. “Market” by Roberto TRM
All rights under Creative Commons Liscense

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Provetic Newsletter March 2015

  • 1. Newsletter — March 2015 SOCIAL MEDIA ANALYSIS ON SPENDING AND SAVING BEHAVIOR
  • 2. 2 Dear Valued Clients, Financial matter is one of the most crucial aspect of people’s everyday lives that affect all sort of decision making processes —something that will also affect decision making and strategy formulation for many business and organizations. Many matrices and indexes had been invented and heavily used to measure financial state of Indonesian —mostly in quantitative terms. In this edition, we would like to present to you another way to gather information about people’s financial matter: through their daily reflections and reports recorded in social media. Although this approach might have seemed to be less noise-free than the other measurements, we believe that social media data will provide insightful quality for better understanding of Indonesians financial matters, trend in the wishlist of many people, as well as hidden motivations behind two simplest financial activity: spending and saving. We would also look into the general landscape of banking industry; and also, into the advancement of banking industry in the digital world. We hope this edition will serve as an insightful reading for you. Best Regards, Iwan Setyawan, CEO WORDS FROM THE CEO EDITORIAL TEAM Board of Advisors Iwan Setyawan, Roby Muhamad, PhD, Shafiq Pontoh, Budhi Sumarso Managing Editor Smita Sjahputri Smita.Sjahputri@provetic.com Jl. Kerinci 1 no. 2, Kebayoran Baru Jakarta Selatan 12120 T: +6221 72799613 F: +6221 72799613 www.provetic.com
  • 3. 3 Money matter is incredibly crucial for many people. Hence, it is only natural to expect that people would also take it into social media to talk about financial issues —from merely expressing their feelings about their financial state, conversing about their needs (and wants), up to seeking information about banking and investment products and services. For us, this means access to yet another pool of data that would provide insightful peek into financial matter of Indonesian. In this edition of Provetic Newsletter, we would look into several aspects about people’s everyday financial matter and break them down into several key points. Saving and spending are two of the most basic financial activities related to people’s daily financial matters. These two behaviors also play a very important role in understanding people basic motives: what are the things people are spending on as well as what are the things people are saving money for. Understanding this information would help business and organization to capture the trend in people’s consumption pattern to be able to anticipate what people want and need. Other than personal financial matters, we also looked into the landscape of banking industry in Indonesia; as social media conversation might be utilized as benchmark to map out brand awareness and people’s top association of certain services. Moreover, in the recent years, there has been a trend towards establishing the market for Digital Banking, starting with the more emphasis on mobile and online banking transactions. Although this shift is relatively early, but we investigate the data to see how much it has impacted the urban Indonesian financial habits. Although this data on Digital Banking might be rather limited, but this limitation alone might help to highlight that there is indeed a very large room to grow the market. Furthermore, we can also identified how the market is understanding this shift to online and mobile banking practices. Lastly, we believe that these qualitative data can be utilized as complementary data to give deeper understanding about Indonesian financial behavior landscape, anticipating trends in people consumption, and identifying people’s basic motivation in saving and investment. INDONESIAN MONEY MATTERS: SOCIAL MEDIA CAPTURES EVERYDAY FINANCIAL MATTERS
  • 4. 4 Conversation about financial matters could reflect the general landscaped about consumer behavior. In the objective to attain this understanding, Provetic analyzed the social media conversation on people’s financial matters and divided the analyses into discussion of basic financial activities, such as saving, investing, and personal financial crisis management. People are more expressive about financial crisis than about savings or investment strongly associated with the term “Gajian" or payday; indicating the most reported period of financial crisis is on days before the payday. Other than that, "Ngutang" or lending money from other people is also the most common term used to indicate activity during financial crisis. Although the conversation about financial crisis condition might indicate hardship, but looking deeper into the content of the social media conversation, it appears to be more of a light- hearted conversation. Major topic in the conversation is the expression of optimism to survive the cashless state of "tanggal tua" or critical days before the pay day. How people handle financial constraints is also seen as measure of characters, as several conversation topics expressed that people would rather have easy- going and fun friends who won't fuss so much when the money is tight, over "cool" friends who spend too much for style. When comparing between the conversation in which people expressed financial crisis versus conversation about saving and investment, it appears that people are more expressive about having financial crisis than the latter topics. Although this finding might not be unexpected because saving habits might not be a conversation topic that people are normally and actively expressing on social media, however this might also be seen as an indicator that people might be more sensitive towards financial crisis and would be more likely to comment publicly about their financial crisis instead of reporting their means of fixing the situation. In the conversation regarding financial crisis, "Bokek" is the most used terms to refer to condition of being broke, or having no money. This term appears to be very Chart I — Total Buzz and Average Daily Distribution for conversation on financial crisis, saving, and investment Total Buzz Average Daily Distribution N = 176,353 tweets
  • 5. 5 People main motivation for savings seems to be to buy premium goods, own a house, or going for Hajj trip amount of tweets. Three of the most mentioned items of what people try to pursue by saving money are mobile phone, Hajj trip, and housing. Other motivations for saving money are getting married, buying books, and financially supporting their kids. When we compared this list of items to the public general wish list (things people reported that they want at the moment), we found several items that overlapped in both lists, such as owning a house, gadgets (SLR camera, mobile phone), clothes, starting a business, as well as going on a vacation. This similarity indicated that people are generally more in line in what they want and what they strive to have. However, it also appears that what people save up more is for things that are of responsibility-driven, such as owning a house, caring for children, getting married, as well as investment plan; while general wish list indicates more of a hedonistic-driven items such as gadgets, clothes, and vacation. In the conversation which people talks about saving, mostly consisted of the kind reminder to "Rajin Menabung" or to diligently save money whenever possible. This indicated that the habit of being frugal and saving money is still one of the most important values being taught in the society. However, the conversation data suggest that the intention to save money is almost always being accompanied with the expression of having difficulty to continue doing it; the latter, indicated by the phrase “Susah Nabung” is also one of the most mentioned topics, following very closely behind the "Rajin Menabung" reminder which is the most mentioned topic. Looking at the motivation behind why people save, there's a very strong indication that people save money as a means to be able to purchase something instead of an act of investment —as the latter is being recorded in a very small Top Words for Financial Conditions Top Motivations for Saving Top Things on People’s Wishlist
  • 6. 6 being involved in online shopping transactions. In the landscape of Digital Banking, BCA and Bank Mandiri are also two of the most associated banks with the practice of internet and mobile banking in general. However, general conversation trend indicated that there is very limited awareness that public have regarding the practice of digital banking. Although some people, especially in the urban areas, are already more familiar with internet banking and mobile banking, However, it appears that most of the conversation are driven by customer servicing practices by several bank official accounts to answer people’s inquiries about their online and mobile transactions, instead of more in organic and in-depth discussion of the practice. Based on the social media conversation, data suggests that BCA is the most prominent bank, followed by BNI and Bank Mandiri in the second and third place. In terms of product association, BCA is very highly associated with product services that support people’s daily transaction such as “[money] Transfer”, “Payment” and “ATM [transaction]”. BNI is more associated with their “Credit” services, and Bank Mandiri have similar association with BCA, such as “ATM (transaction)” and “Payment”. Other than that, BCA and Bank Mandiri are also very much associated with “online shop” which indicates that these two banks are the one most commonly Chart II — Total Buzz for Banking industry landscape in Indonesia. Insights from general conversation on banking industry indicated that people are still more comfortable with conventional banking practices. The newer shift into cashless society is still very limited in its influence on people’s financial behavior; regardless the fact that the urban Indonesian might already be familiar with internet and mobile banking practices. BCA is the most popular bank in social media, and is especially associated with everyday transaction. N = 107,689 tweets
  • 7. 7 In general, financial matters are very important for most Indonesian, as reflected in the high number of conversation level in social media. Looking at the theme of what people is most concerned about in the conversation about their financial condition, it appears that people are more expressive when it comes to voicing out personal financial crisis rather than reporting saving and investment habits. The most reported personal financial crisis in social media is about “bokek”, or not having money, and having to lend some from other people, or informally known as “ngutang”. Meanwhile the most reported event is “tanggal tua” and “gajian” indicating the importance of the week before payday where money usually is very tight. Although this theme of conversation might indicate hardship, but it appears that people are taking it rather light- heartedly. Although savings are relatively under-reported in people daily conversation, however, further analysis is able to identify the motivations that drive people to save. Data indicated that most people save money to be able to purchase something; however most of the items mentioned could be considered as long- term investment such as owning a house, providing for their children, or getting married. However, there are also big amount of mentions about premium goods as well as tertiary needs. These premium and tertiary items are proven to be the most sought-after things that people converse about in social media. In another conversational data, which look into people’s general wish list, most of the items that appear in the previous list also surfaced in the general wish list. The data helped to identify people’s basic needs and wishes, which would be beneficial to be addressed by businesses and organizations aiming to help increasing people’s wellbeing. Focusing on banking industry, BCA and Bank Mandiri are two of the most popular bank, especially in relation to basic daily financial transaction such as “transferring (money)” and “(making) payment”. The two banks are also the top of mind brands when it comes to online and mobile banking transaction. However, in general people’s awareness of digital banking is extremely limited —which indicate that there’s a need of greater push to establish the move into digital banking and cashless society. KEY TAKEAWAYS AND FURTHER IMPLICATIONS © March 2015 — Provetic Photo Credits: Cover Photo by Tiltti 1. “Dirty Sexy Indonesian Money” by Ryan Tir 2. “Market” by Roberto TRM All rights under Creative Commons Liscense