The document provides a summary of social media discussions related to the banking, finance and insurance (BFSI) sector in the Philippines from January 1-31, 2014. Key findings include:
- Most discussions centered around banking (28%), with stocks and insurance also popular topics.
- Younger people tended to discuss banking more, while those aged 30-40 discussed stocks more.
- Males posted more than females, with stocks and investments the top categories for both.
- Sentiment was most positive for banking and discussions focused on saving goals.
- Insurance discussions provided tips and warned of scams, with most mentions related to car insurance.
2. Research Methodology
Our
approach
We
listened
to
conversa3ons
and
collected
the
data
automa3cally
from
a
corpus
of
several
million
sites,
Collec3on
was
done
on
the
basis
of
requirement
defined
by
combina3ons
of
keywords.
The
data
was
then
ran
through
a
layer
of
text-‐mining
tool
to
remove
noise,
refine
sen3ment
and
refining
themes.
Time
Frame:
Jan
1,
2014
to
Jan
31,
2014
Multilayered Refinement
The
purpose
of
this
report
is
to
examine
BFSI
chaNers
on
the
web,
the
key
drivers
of
conversa3on
around
the
market
and
Industry,
causes
of
nega3ve
and
posi3ve
brand
men3ons,
and
iden3fy
key
trends
and
mindset
of
people
hos3ng
these
conversa3ons.
Objec3ves
Collection
Report
Analysis
Ar3cles
and
comments
were
then
evaluated
by
researchers
aQer
removing
noise,
there
from
assessing
sen3ment
(nega3ve,
posi3ve,
neutral
and
ambivalent
of
the
sample
selected)
and
structuring
the
informa3on
into
themes.
Which
indulged
manual
as
well
as
automated
processes
to
derive
qualita3ve
and
quan3ta3ve
analyses
of
the
results
to
iden3fy
the
trends
in
discussions
threads.
Present
all
the
results
from
the
analysis
in
this
report
From the total relevant
universe sample was selected
for analysis through Stratified
Random Sampling – Data
captured across all dates and
social media channels,
Analysis done through semi
manual process which also
involves extrapolation of multi
tagged tonality & themes
• Million of web sources
Multi-level iterations to build
comprehensive and relevant
queries
• Derived through removal of
irrelevant content such as ad
links, irrelevant postings etc.
through a combination of
human analysis and text mining
Relevant Universe
131104
Sample
Analyzed
2520
INDUSTRY - BFSI
GEO - PHILIPPINES
DURATION - 1st-31st Jan,2014
SOURCES – Twitter, Blogs, Forums, News & other Social Media Channels
SAMPLING – 3% random sampling
3. Philippines – BFSI
Here’s an attempt to quantify what Filipinos are saying about
Banking and Finance as an industry.
“ ”
Others
474
Stocks
194
Banking
1777
Insurance
75
BFSI
Relevant Universe
131104
(JAN 2014)
N= 67,566
(Sampling done further at 3%, n = 2520)
4. Our Methodology
STEP 1: SELECT
GEOGRAPHY &
SPECIFIC INDUSTRY
STEP 2: INDUSTRY
SEGMENTATION &
CATEGORIZATION,
DEMOGRAPHIC
BIFURCATION - AGE,
GENDER etc
STEP 3:
CATEGORY & SUB
CATEGORY WISE
SENTIMENT
ü Insurance
ü Banking
ü Stocks
ü Others
1.CATEGORY
a. SUBCATEGORY
+ve
-ve
Neutral
KEY INSIGHTS
THOUGHTBUZZ LISTENING
INDUSTRY - BFSI
GEO - PHILIPPINES
DURATION - 1st-31st Jan,2014
SOURCES – Twitter, Blogs,
Forums, News & other Social
Media Channels
5. Key Discussions – BFSI
ü Of the observed 70% of discussion were related to banking
28%
Insurance Banking Others
Includes discussions around remittance as
well as investments in properties, gold,
land, bonds, capital investments etc.
Inclusive of discussions related to credit
cards promotions & rebates, fixed
deposits investments & returns, currency
exchange rates, banking news & updates,
customers queries & issues
n= 2520
Buzz captured around various types of
insurance like life, health, travel,
general etc. Insurance coverage
related, premium related, expert advice
& tips, promotion & quarries
31%
28%
22%
12%
Stocks Mutual
Funds Insurance Banking OtherInsurance
28%
22%
12%
7%
Stocks Mutual
Funds InsuranceBanking
28%
Stocks Mutual
Funds Insurance Banking Others
Buzz related to various stock quotes,
bit-coin investment, expert tips & research study
forecast for small investors
Stocks
n= 2520, 3% sample taken out of available data 67,566 random JAN’14
6. Key Age Groups – Bifurcation taken for the study
Less than 30 Years
30-40 Years
Greater than 40 Years
ü Majority of them were
interested in discussions
related to banking.
ü Majority of them were keen
on banking and stocks.
ü Majority of discussions centered
around banking and
investments.
45% of the observed
20% of the observed
34% of the observed
N= 350, age group data available out of the universe of 67,566 random data
7. Topic wise key interest
ü People below the age group of 30 years were more interested banking
ü People falling between the 30 – 40 age group took more interest in banking and stocks
ü People above 40 years were interested in banking and investments
15%
12%
14% 15%15%
13%
<
30 >
30
&
<
40 >
40
Insurance Banking Startup Stocks Others
15%
12%
14% 15%15%
13%
<
30 >
30
&
<
40 >
40
Insurance Banking Startup Stocks Others
N= 350, age group data available out of the universe of 67,566 random data
8. Gender Analysis – Bifurcation taken for the study
Males were more active than females in posting
BFSI related queries & suggestions
58% 42%
N= 7918, gender data available out of the universe of 67,566 random data
9. Top Category – Gender Bifurcation
ü Majority of posts, both for males and females, were related to stocks and investments18%
12%
23%
17%
Insurance
Banking
Female Male
58%42%
N= 7918, gender data available out of the universe of 67,566 random data
10. Now, let’s take a closer look into
the individual categories
n= 2520 for all further analysis beyond this point (3% sample of 67566 available universe JAN’14 data)
Others
474
Stocks
194
Banking
1777
Insurance
75
12. Sentiment Analysis per Category
ü The most significant number of positive mentions fall under banking and highlight an optimism
towards achieving their saving goals this year
ü Positive mentions about insurance are from people encouraging others to get invest in
insurance. Negative are people scared of insurance scams.
ü Positive mentions under “others” are mostly about the contribution of OFW remittances to the
growth of the economy.
N= 2520 3% sample of 67,566 available universe JAN’14 data
13. INSURANCE – Bifurcation taken as per the Buzz
ü Car
ü Life
ü Disaster Risk
ü Accident
TOP CATEGORIES
Others
474
Stocks
194
Banking
1777
Insurance
75
14. INSURANCE – Netizens perspective towards Insurance
ü Insurance mentions include mostly tips on availing insurance and selecting a partner,
companies/people offering services, people appreciating the need for insurance and
people crowd sourcing for agents via social media. There are also warnings of scams.
ü Almost 80% of the chatter were discussions about car insurance
ü Negative mentions around car insurance are with regards to the logistical hassle of
applications and claims
N= 75, out of 2520 (3% sample of 67,566 available universe JAN’14 data)
15. Discussions pertaining to various types of insurance, claims settlement related,
coverage & benefits, experts suggestions & advice
ü Car : A number of mentions about saving on car insurance by walking, along
with several tips about getting a comprehensive car insurance. There were
complaints about the hassles of dealing with car insurance providers and
warnings of car insurance fraud
ü Life : Articles about options for life insurance, some people advising others to get
life insurance. A few tweets illustrated how seriously people consider the process
of selecting a plan / provider
ü Disaster Risk : Driven by concern around the recent mega typhoon Haiyan,
majority of buzz was around financial losses due to natural disasters and how
disaster-risk insurance is needed in the Philippines.
ü Accident : The lone mention is a news report about relatives of the Don Mariano
bus accident victims opposing the bus company’s resumption of operations.
They were promised an insurance benefit by the company.
INSURANCE – Key Findings
17. BANKING – Bifurcation taken for the study
TOP CATEGORIES
ü Saving Money
ü News
ü Tips
ü Debt
18. BANKING – Netizens perspective towards the Philippine Banking System
ü The bulk of the mentions pertain to saving money (61%)
ü Most of the positive mentions are from people who are optimistic about money
this year.
ü Negative mentions were mostly around burdensome debts
ü Other posts highlighted the difficulty of saving money.
N= 1777, out of 2520 (3% sample of 67,566 available universe JAN’14 data)
19. Buzz around banking systems, news, bank policies, products, offerings/
promotions, and issues on saving money faced by netizens
BANKING – Key Findings
ü Saving Money: Majority of the discussions were people who promised that their
new year’s resolution is to save money. Some bemoaned the difficulty to save
money. 5% of all mentions identified concerts as the motivation behind the desire
to save.
ü News: Most of the buzz was led by news around Bangko Sentral ng Pilipinas
(Central Bank of the Philippines), specifically on the growth of the Philippine peso
ü Tips: A tweet advising people not to touch anything when they go out shopping
so they will be able to effectively save money garnered several retweets
ü Debt: A lot of posts are retweets of a humorous quote saying that nowadays
debts last longer than relationships.
21. STOCKS – Bifurcation taken for the study
ü News
ü Tips
ü Buying
ü Studying
ü Selling
TOP CATEGORIES
22. STOCKS – Philippine stock investors views
ü Majority of the discussions were news about stock investment
ü Next most discussed were tips of buying, selling and evaluating stocks.
ü Positive sentiment is driven by successfully buying at a good rate
N= 194, out of 2520 (3% sample of 67,566 available universe JAN’14 data)
23. STOCKS – Bifurcation taken for the study
Stock brokerage, trading, and stock market news led majority of buzz
around stocks
ü News: Majority of discussions around Philippine stock exchange trading news (i.e.
gains and losses)
ü Tips: People giving tips about buying and selling and the timing thereof. There were
also posts about the different types of stock brokers and how to select one based
on your needs.
ü Buying: Discussions around buying stocks are usually either informative in nature
(mentoring) or an expression of excitement and anticipation of the process of
buying stocks. There are some mentions of what one would invest behind
#IfIWereRich
ü Studying: Students discussing concepts related to shares and stocks as part of their
courses
ü Selling: People expressing hopes that they will be able to successfully unload their
stocks
25. OTHERS – Bifurcation taken for the study
ü Remittance
ü Pawn
ü Money Transfer
ü Angel Investors
ü Venture Capital
ü Investment
TOP CATEGORIES
26. OTHERS – Other Popular Investment tools
ü Half of all the mentions under “others” were about remittances
ü The biggest percentage of positive mentions were about angel investors, specifically news about Manila
Angels (Manila-based private network of angel investors) attracting more angel investors to the Philippines.
ü The biggest percentage of negative mentions were about investment, specifically people expressing
wariness to invest and news about Philippines slipping 3 notches in Forbes' best countries for business list
N= 474, out of 2520 (3% sample of 67,566 available universe JAN’14 data)
27. Category includes buzz about remittances, pawning, money transfer and
investments
OTHERS – Bifurcation taken for the study
ü Remittance: Majority of discussions were related to OFW remittances. There were discussions
about providers and rates, and there were providers offering tips and assistance. The most
obvious expectation by which a provider is evaluated is speed of the transaction.
ü Pawn: The large number of mentions (almost 30%) prove that pawning is indeed a very
common source of funds (and low-cost valuables) for the cash-strapped Filipino. Gadgets are
the most commonly mentioned items to be pawned. Given the nature of the business
pawnshops are a common target for burglary and other crime as shown by several news
articles.
ü Money Transfer: Mostly people requesting funds from relatives/friends or talking about waiting
for such funds to arrive. Such discussions highlight the dependency of some people on
remittances from other countries or provinces. A few mentions were around remittance
providers, the cost and convenience or procedure of remitting money.
ü Angel Investors: Primarily news about Manila Angels (Manila-based private network of angel
investors) attracting more angel investors to the Philippines, also start-up investment. There are
articles about starting up a business and a tweet looking for connections to Angel Investors
ü Venture Capital: Tips and news about venture capital (especially on how it benefits start-ups)
ü Investment: News about foreign investment in the country; tweets sharing investment
opportunities
29. WHAT DO THE CORPORATES SAY?
• Main topics for banking institutions include credit
card and loan applications, branch and online
services, and news about partnerships and CSR.
CONSUMER BANKING BRANDS ON SOCIAL MEDIA
Key Findings:
ü Customers take to social media top crowd
source on information about bank products via
forums and microblogs
ü Discussions around the specifics of credit
card (processing time, card delivery,
credit limit, checking application status,
etc.) and loan applications (housing,
personal, interest rates).
ü And to air grievances
ü Complaints about long waiting time in
certain branches/shortage of personnel,
system outages, mobile app issue,
delayed credit card delivery, lack of
appropriate reply to concern, etc.
ü Consumers consider freebies, charges and
customer service when selecting a partner
ü BPI is the only bank active in social CRM
ü BDOs tagline has achieved resonance among
teenagers and is being used in regular
conversation
N= 7,469 Consumer Banking brands mentions in JAN’14
30. WHAT DO THE CORPORATES SAY?
• Major points of discussion include assessments of
various insurance companies, mentions of services
and promotional activities, and news about
partnerships.
“INSURANCE BRANDS” ON SOCIAL MEDIA
Key Findings:
ü Some mentions were discussions about
choosing the right insurance company based
on their performance, services, and reputation.
ü Insurance companies’ stability has been
highlighted as a major deciding factor (with
AXA and Sun Life associated with the quality).
Administrative charges and investment riders
have also been cited as considerations.
ü Aside from Twitter, PinoyExchange is another
major venue for learning more about insurance,
how to select one’s provider and how to
evaluate policies
ü A number of buzz were about the launch of
brand’s new health insurance schemes (AXA’s
Health Max – lifetime health coverage, Philam’s
health policy with investment component) and
other promotional and CSR activities (Insular Life
featuring Lea Salonga, Sun Life’s benefit
concert, Pru Life’s wealth management tool,
#AXAgiveaway).
ü There were also some news articles partnerships
and economic forecasts.
N= 557 Insurance brand mentions in JAN’14
31. FINAL TAKEAWAYS
2.
Car Insurance as the entry point for Insurance purchases: Around
77% of discussions about insurance was with regards to car insurance. Some people have fears
about insurance scams.
Recipients of Remittances are heavily dependent on them: Online
chatter suggests that remittance forms the bulk of the income for many netizens, if it isn’t the sole
source of income. Naturally, the speed and cost of remittance are the most important areas for
customer satisfaction
3.
1.
Discussions around BFSI go hand in hand with discussions on
saving money. It is their biggest goal and biggest challenge: Give
people access to the information they need to empower them to reach their savings goals
4.
Take advantage of the season :
also consider launching campaigns for getting new accounts in time for new year since a lot of
people have “save money” as one of their new year resolutions.
5.
Be where the consumer is and engage him when it matters the
most : Be present on social media, be always on. Listen to what the consumers want and don’t
want and prove that you are listening by engaging and providing solutions in real time
32. FINAL TAKEAWAYS
1
.2
.
6
.
4
Banking Partner: Some factors netizens considered in getting credit cards include freebies,
charges (BPI has lowest balance transfer rate, over limit fee, annual fees, etc.), and customer support
(ease of increasing credit limit, length of time for credit card approval, if concerns are readily addressed,
etc.).
7
.
Investment Partner: Some considerations netizens cited in choosing an insurance
company include: stability (associated Sun Life and AXA with this quality), offered packages (e.g.
insurance-mutual fund investment package), and administrative charges.
8
.
Opportunity for the BFSI Industry: Explore using social media for customer
support (since BPI is the only one active on Twitter), also consider launching campaigns for
getting new accounts in time for new year since a lot of people have “save money” as one of
their new year resolutions. Since people are mentioning about difficulties especially in saving
money, institutions can consider highlighting the ease of saving to encourage people to put their
money on banks/investments.
33. Thank
You
This
report
and
the
information
contained
there
in
are
based
on
information
from
online
social
media
and
other
publicly
available
data.
ThoughtBuzz
does
not
warrant
the
accuracy
of
such
information
nor
is
ThoughtBuzz
responsible
for
the
content
and
accuracy
of
such
information.
Advisory
information
may
be
contained
in
the
report.
Any
subsequent
decisions
made
based
on
the
data
must
be
made
after
proper
review
and
assessment
of
the
impact
of
such
information.
In
no
event
shall
ThoughtBuzz
be
liable
to
you
or
your
company
for
any
lost
pro>its,
lost
revenue,
interest,
goodwill,
lost
data,
cost
of
procuring
substitute
services
or
for
any
indirect,
incidental,
special,
or
consequential
damages
of
any
kind,
however
arising,
that
are
related
to
these
terms,
whether
in
contract,
tort
or
negligence,
or
any
legal
theory.
Editor's Notes
Most of the positive and negative discussions were about banking. Positive mentions about banking were mostly from people optimistic that they will be able to save money this year. On the other hand, negative comments are from people who are discouraged from saving money and also those with problems about debt.Mentions under insurance, stocks and other topics (VCs, Angel Investors, remittance, investment, etc.) were neutral in nature.Positive mentions about insurance are from people encouraging others to get insured. Negative are people scared of insurance scams.The only positive mention about stocks is a tip about buying stocks.Positive mentions under “others” are mostly about the contribution of OFW remittances to the growth of the economy.Very few negative mentions were noticed for insurance and other topics. Stocks had zero negative posts.
*Note:Samples tabbed manually 5% of 1500, rest automated for themes
Discussions around the specifics of credit card (processing time, card delivery, credit limit, checking application status, etc.) and loan applications (housing, personal, interest rates). Some mentions were related to credit card promos/discounts.Some complaints about long waiting time in certain branches/shortage of personnel, system outages, mobile app issue, delayed credit card delivery, lack of appropriate reply to concern, etc.All banks are active on Twitter except BDO. But, only BPI has been active in terms of addressing customer concerns and queries via the microblogging site. Thus, a number of mentions were consumers’ tweets to BPI (queries about opening bank account, banking hours, prepaid card, updating account details, banking fees, online servicesNews articles about banks’ investments, partnerships, new services, corporate social responsibilityPromotion-related buzz about tagline and endorserA number of buzz were check-ins at banks Some factors netizens considered in getting credit cards include freebies, charges (BPI has lowest balance transfer rate, over limit fee, annual fees, etc.), and customer support (ease of increasing credit limit, length of time for credit card approval, if concerns are readily addressed, etc.).
SunlifeSunlife Financial is not associated with sunlife loansrise and shine concert and Yolanda CSR effortsTeam building and other internal events – employee morale is high, people are proud to be a part of the sunlife familyAgents using social media to provide tips for investment and insuranceCOL Financial partners with sunlifePH remains one of the better growth stories in Asia (MD for asia) – economic forecasts etcPRUlifeOffers alternative wealth mgt toolInsularLeah SalongaAXA Health tips and promotions of the health planSamsung Galaxy giveawaySome mentions were discussions about choosing the right insurance company based on their performance, services, and reputation. A few netizens shared that they plan to invest through companies’ asset management programs. A number of buzz were about the launch of brand’s new health insurance schemes (AXA’s Health Max – lifetime health coverage, Philam’s health policy with investment component) and other promotional activities (Insular Life’s TVC featuring Lea Salonga and billboard, Sun Life’s benefit concert, Pru Life’s wealth management tool, #AXAgiveaway).Insurance companies’ stability has been highlighted as a major deciding factor (with AXA and Sun Life associated with the quality). Administrative charges and offered packages (e.g. insurance bundled with mutual fund investment) have also been cited as considerations. Meanwhile, a netizen suggested that a sales agent (from Sun Life) was giving out “misleading information” about insurance payments. There were also some news articles about companies’ business partnerships and annual economic forecasts.