Social Insights into African Commercial Banks: Nigeria is the Most Competitive Market for Gaining Share of Voice

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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.

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 on:

  • The Social Index
  • Audience Analysis
  • Social Landscape
  • Share of Voice

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.

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.

 

Click here to download the entire document…

Whysatisfy & Brandwatch

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