With the increasing digitization, banking sector has seen a lot many changes in their approach to attract clients. Competition among the banks have led to the marketing of various activities and products of the banks through different channels. From past few years, Banks have been using social media to connect with the consumers, make them aware of their offers and other activities.
To highlight how banks are using social media, Unmetric, a Social Media Benchmarking company released its “India’s Banks on Social Media” report to examine very aspects of various banks Q1 social media strategy. For analysis purpose, 11 banks were taken into consideration and their Unmetric Scores from Facebook, Twitter and YouTube were added together to determine the overall winner.
Below are the few key points from the report:
There are a total of 6 million facebook fans, 50,000 twitter followers and 9000 youtube subscribers for Indian banks altogether. Also, for every 1,000 Facebook fans, there are just 8 Followers on Twitter and 1.5 Subscribers on YouTube.
HDFC (1.5 Mn), ICICI(2 Mn) and Axis bank(1 Mn) are the only banks to cross the 1 million Facebook fan threshold.
Only IDBI bank, out of the 26 public sector banks have its presence on twitter and YouTube apart from Facebook.
HDFC Bank is the leading bank on social media with a score of 110 followed by ICICI bank with a score of 108 and Axis Bank with a score of 93.
Growth of Facebook fans
During January and march 2013, Standard Chartered Bank leads with 2,780% fan growth, as the account was created only recently in Dec 2012 followed by HDFC Bank with a growth of 120%. IndusInd Bank with 90.6% growth also nearly doubled their fans.
An algorithm based on the number of Likes, Comments, Shares and Estimated Impressions was used to produce a benchmarkable score to rate fan engagement. IndusInd lead with a score of 390 as high percentage of fans interacted with the posts followed by DCB bank (358) and ICICI bank (104)
On analysis, it was found that brand news, engagement oriented posts (for e.g. “Like this post if…”) and posts about Corporate social responsibility have the highest levels of engagement.
Ad Campaigns also saw high engagement, despite being one of the least posted items.
Presence on Twitter
Only six out of the eleven banks under study have shown their presence on Twitter. Kotak Mahindra Bank comes out on top with 17,409 followers followed by IDBI (12,484) and ICICI Bank (7,483).
On an average 10 tweets are sent per day. HDFC bank acts as the most active one with around 18 tweets per day.
Time taken to reply to tweets
Banks are mainly using this network to reply to questions. IDBI replied to 25 tweets in an average of 9 hours per tweet, whereas HDFC Bank replied to 916 tweets in an average of 19 hours per tweet. It takes ICICI nearly two days, on average, to reply to a tweet.
However, banks prefer to get customers send the questions directly to a specific email address or to call the helpline.
Presence on Youtube
Again, only 6 banks are found to have YouTube account, however, only three banks showed any activity in the last three months. With 260% growth in video views in the last 3 months, Axis bank is found to be the most popular and most watched banking channel in India. Axis bank is also having the highest subscriber growth rate of 290%. While other banks average 3 or more minutes per video – the average HDFC Bank video is over 7 minutes long – Axis keeps it short with an average length of 57 seconds per video.
According to Lakshmanan Narayan, CEO and Co-founder of Unmetric Inc., there is a clear division between the social media efforts of private sector banks and that of the public sector banks. Private banks are looking to reach the younger generation and tap in to the socially savvy middle class that already does most of its banking online and uses social media to keep in touch with friends & family around the world. The private sector banks have made huge progress in the last few months, but there’s plenty of scope for improvement when compared to other sectors in India like Telecom.