battle of the banks in singapore - by tesla insights

Battle of the banksHow DBS, POSB, OCBC, UOB, Maybank,

HSBC and Citibank fare online & on social

media in Singapore

Tesla Insights April 2015


BATTLE OF THE BANKS KEY CHALLENGES IN RETAIL BANKING

Loyalty

Retain market shares

Capture millenials

Regulatory compliance

Cyber security

CUSTOMER-CENTRIC BUSINESS MODEL

« Banks that know their customers well and that can tailor offerings accordingly

will stand out from competitors, winning market share and wallet share. That provides

a huge immediate advantage and is essential to long-term success in today’s low-

growth, low-margin environment. »(PWC, 2015 Retail Banking Trends)

(PWC, Retail Banking 2020)

BATTLE OF THE BANKS


LISTEN TO YOUR CUSTOMERS

What do your customers think about

your banking products and service?

What do they expect from a retail

bank?

How do they compare you to the

competition?

Do they like your latest campaign or

your newest product?

How much do they talk about you vs

your competitors?

Where do they talk about you?

Who are your top influencers?

You can answer all these questions

using social media intelligence.

BATTLE OF THE BANKS


METHODOLOGY

For this case study, we have listened to

all english conversations about the

main 7 retail banking brands in

Singapore for 3 days (April 7th to 10th),

on all platforms : Websites, Facebook,

Twitter, Youtube, Instagram, Blogs,

Media, Forums.

We are using the latest social media

listening technology, and our human

analysts scan all conversations listed by

the automated tool to verify relevancy

and analyse the sentiment.

BATTLE OF THE BANKS


• 1.555 mentions of at least one of the 7 main banks in Singapore in 3 days

• Facebook, as the mostly used social network, is with no surprise the one where banks are involved the most,

but a good half of them are only mentioning the bank account to sell or rent their goods online.

• Twitter is used both by influencers to disseminate information about banks, and by many customers as a

customer service tool.

• Like in so many other industries, the good old forums are where most interesting discussions about the banks

happen, as we will see.

WHERE DO PEOPLE SPEAK ABOUT BANKS?BATTLE OF THE BANKS


HOW MUCH DO THEY TALK ABOUT YOU

VS COMPETITION?

How are these 1555 mentions split between

brands?

• 41% for DBS (631)

• 35% for OCBC (540)

• 22% for POSB (347)

• 12% for UOB (186)

• 7% for Citibank (102)

• 6% for Maybank (92)

• 4% for HSBC (56)

Mentions are not exclusive one from another, as

we’re going to see in a minute: internet and social

media users love to compare everything!

BATTLE OF THE BANKS


During these 3 days, main discussed topics were:

• Discount/deals, especially on Online Shopping Platforms

• Personal finance

• Credit card benefits i.e Air miles and rebates (lots of comparison for this topic)

• OCBC stands out because of its 360 Account conditions change announcement.

• DBS stands out because of its strong ties to local events (SG50, Marina Bay Regatta Competition etc),

truly “living, breathing Asia” locally (their motto) ! They are also commenting on local news in the media

(Property cooling measures likely to be eased end-2015).

• PR News: OCBC selling over 30 shophouses and shop units, DBS/Manulife deal…

WHAT PEOPLE SAY ABOUT BANKS?BATTLE OF THE BANKS


WHAT PEOPLE THINK ABOUT YOUR

BRAND VS COMPETITION?

Your customers compare your offer with the competition

constantly, especially on forums.

When looking for a new bank, lots of people would not rely on

your website but they will browse the net to compare the offers

and get more unbiased information. Monitor what is said

about your brand to correct wrong information when

needed.

Being aware of how people see your products compared to the

competition will allow you to repurpose your communication

to change the perception if needed.

More than 39 pages

about DBS vs OCBC

and UOB!

BATTLE OF THE BANKS


WHAT PEOPLE DIDN’T LIKE?

OCBC gets 52% of the negative mentions, mainly on the forum

HardwareZone about how people are disappointed by the 360

account new conditions and who should quit the 360 account.

HSBC get more negative mentions than average (26%) because

of the tax evasion case, mainly on Twitter.

BATTLE OF THE BANKS


OCBC FOCUS WHERE ARE THE NEGATIVE MENTIONS

ABOUT OCBC HAPPENING?

No need to panic. Negative mentions are

8.5% of the mentions about OCBC.

Most of them are the result of a huge

general confusion about the new

conditions on the 360 account,

announced 1st of April and with effect from

1st of May. But the account has also its

defenders.

To monitor conversations and correct

wrong information, you must know where

these are happening : 82.6% of them are

on the good old forums.

OCBC FOCUS


BUT WHAT ARE THE MENTIONS THAT YOU

MUST FOCUS IN PRIORITY?

Here are the 3 most influential

Twitter accounts who mentioned

OCBC during the period.

Let’s take the mention of Lorenzo

Zanirato.

“Is it really time to ditch the OCBC

360 account ? No. Not yet.”

This is the kind of content you want

your confused customers to see,

right? Well, why not sharing it

with those who expressed their

confusion?

OCBC FOCUS


WHAT DOES OCBC DO?

OCBC seems to be doing the best job on social media, with more than 10% of the Singaporean

population as Facebook fans, and 10.000 followers on Twitter.

But what was OCBC doing when everybody was discussing the lowest rates of its 360 account online? We

have not seen any mention of this hot topic by OCBC during the period.

BATTLE OF THE BANKS


AND WHAT SHOULD THEY DO

INSTEAD?

1 FOR OCBC: WATCH FOR SWITCHERS !- Most people were confused. They didn’t understand what would be the

real impacts of the new conditions of the 360 account. OCBC could have

given more information and correct the information where it was wrong.

- In a conversational world, people care more about how you talk than about

how you deliver.

- Do answer ALL negatives, you’d be surprised how fast it can turn into

POSITIVES.

2 FOR COMPETITION: LET THEM KNOW

ABOUT YOUR OWN ACCOUNTS- Lots of people are commenting about switching to another bank. Let’s take

this opportunity to talk about your own products. Listen to why they want to

switch and how your offers can help them take their next move…

- This is an exemple of how listening can help you come up with better

content to deal with your prospective customers real time concerns !

BATTLE OF THE BANKS


89% of negative comments about POSB

happened on Twitter, the other ones are

on Facebook.

That’s why POSB is using Twitter to

improve their customers experience,

answering all questions and negative

comments. That’s how they positively

surprise even the customers who

didn’t expected an answer...

WHAT POSB DOES WITH NEGATIVE

MENTIONS?

POSB FOCUS


BANKWHAT UOB DOES WITH NEGATIVE MENTIONS?

No Twitter presence for one of the main Singaporean banks ?

This let all negative mentions and questions on Twitter unanswered.

More could also be done to drive engagement on Facebook. There is good image content, but the bank

should move away from simply announcing promotions.

UOB FOCUS


HOW TO USE NEGATIVE MENTIONS TO

IMPROVE YOUR CUSTOMER EXPERIENCE?

1 TO DRIVE YOUR NEXT MOVE- Know what are the main concerns and problems faced by your customers

to drive your next campaign, content or strategy.

For this case study, on 3 days only, we don’t have enough data to give you

reliable quantitative insights about the main discussed topics, but one

month data gathering would give you a quite accurate idea already.

2 TO TRANSFER CRM FROM VOICE TO

TWITTER - Phone calls to the customer service are lengthy, even if they solve the

issue, it’s too long.

- Like POSB, switch the customer service on Twitter, where it’s faster and

more convenient for users.

BATTLE OF THE BANKS


Thank you !

Let your customers decide your next move.

Go where they express emotions.

Let us help you refine the raw data into gold insights.

18

About Tesla InsightsWe are offering actionable social media insights to help you connect with your customers main concerns,

passions and aspirations, in Asian markets.

Please do get in touch for more custom social media insights for your own needs:

www.agencetesla.asia

[email protected]


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