The B2C banking industry is a fast-paced one that is often faced with digital disruption and updates in technology.
So is social media.
In 2014, Asian Banking & Finance noted the rise in demand for a seamless transition between channels to access products and services. However, in terms of setting up efficient digital banking and social media capabilities, experts noted a challenge in making data available, as well as gaps in offering tailored customer experiences both online and offline.
As of 2017, a joint study by We Are Social and Hootsuite reported:
● Social media penetration in Singapore at 77% (against 47% across Southeast Asia),
● A 22% growth in social media users,
● And an average of 2 hours 47 minutes spent a day on social media
Yet, with the high penetration of social media use in Singapore, the short amount of time spent on average on social media means that B2C banks must not only be active on social, but must use it well.
Defining social performance
A good presence on social media is defined by:
- Community size: number of fans, followers, subscribers etc.
- Interactions: number of Likes, re-tweets, comments, etc.
- Publications: number of posts, tweets, videos, etc. on a brand’s owned social media pages
Which B2C banks are cashing in on social?
From 13 October to 13 December 2016, we benchmarked 19 global, regional and local banks that operated in Singapore, to see which brands are the industry’s leaders on social media:
- American Express topped the list in community size, with 6 million fans on their Facebook page
- MayBank was the topped the list in publications, with 339 posts made across their Facebook, Twitter, Instagram and YouTube channels
- RHB Bank Berhad earned the most interactions – a whopping 2.16 million on the same social media channels.
Congrats to the top 3 B2C banks on social media in Singapore!
We’ll be back with more stats on Singapore’s B2C banking industry on social media. In the meantime, check out what these brands did to #winwithsocial in our full social report!