Hong Kong - Financial Services Industry Info-graphic Stats - 2004 - 2010

Interactive Info-graphic of the Financial Service Industry for Hong Kong. Please see the details for the categories as follows: -

• Banking - Licensed Bank, Restricted Banks, Deposit Taking companies, Local Representative Offices
• Insurance - General Insurers, Life Insurers, Insurance Agents/Brokers
• Other Financial Services Industry - Investment and holding companies, Stock and share companies, Asset Management Companies, Financial Leasing Credit Granting companies etc.

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Global Online Google Search Trends - Visa, Mastercard and American Express

Below is an infographic depicting the search trends for Visa, MasterCard and American Express from 2007-2011 for 33 countries. I have used Google Trends to collect the for data last 5 years. You can sort the data by Country or by Year. The key words used in the analysis are 'visa' 'mastercard' and 'amercian express' in the Financial Services Category.

According to Google - The data reflects how many searches have been done for a particular term, relative to the total number of searches done on Google over time. They don't represent absolute search volume numbers, because the data is normalized and presented on a scale from 0-100.

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Following is the list of countries covered in the above analysis - Australia Austria Brazil Canada China France Germany India Italy Japan Netherlands Poland Russian Federation Spain Sweden Switzerland United Kingdom United States Argentina Belgium Indonesia Denmark Egypt Hong Kong United Arab Emirates South Africa Ireland Israel Singapore Saudi Arabia Turkey New Zealand Portugal

I am a Bank and I am Boring

The below article was published in Qatar Today magazine- Jan 2012 issue. The article is about how can banks manage customer relationships online without just talking about banking and being innovative. Click on the below pics to continue reading.

"Text Version" 

 I am a Bank; Iam Boring

Financial Institutions are perceived to be not innovative and creative when it comes to Online Media and technology. Due to certain regulations and reputation issues, they have been a step behind other industries to make their presence felt online.

Let us explore few ideas that can help you gain foothold in the Online Conversations and interact with your customers.

I recently attended a panel discussion, where a question was raised on how to deal with customer issues raised on your social media channels. Panelists were convinced on the methodology of trying to contact the customer to get details of the problem and acknowledge the issue. Post understanding the issue, commit on resolving the same.

What if your bank’s customer service still gets criticized online even though you have taken efforts to engage with your customers online? Well, then you have to investigate the case and invest in enhancing your customer service. Online media is just another channel to communicate with your customer.

A few more ideas: -

Don’t just talk about banking

If you expect to build a relationship with your customer, you need to talk about various other topics that can build a conversation on social networking sites. If a customer needs to know about your products and offers, they can always go to your public website.

You can use Social Media tools to change the mean and greedy perception of Financial Institutions.

Check out Lloyds Bank Facebook Page. They are talking about the upcoming London Olympics with a countdown ticker. This has got nothing to do with banking. These initiatives create friendly online conversation and interaction that may not be facilitated by a bank otherwise.

Be a Startup Mentor

Have you ever thought about nourishing the potential young talent to form large enterprises? How about offering some advice on launching a start up? A bank has the financial capability and the expertise to mentor start ups. Use your online channels to give tips to people interested in learning more about the enterprise world. Your investment banking arm may probably fund the next Google or Apple.

Show you CSR initiatives.

Have you done something for the community, how about informing people via your Social Media Channels? Do you want volunteers for a CSR initiative, ask for it on your Social Media Channels and watch the response. Check out the Bank of America Page, asking for people who would like to volunteer for their “Building Opportunity” initiative.

Many financial institutions are involved in charity initiatives that go unnoticed. Their projects are not covered in the media and an average customer is not aware about these initiatives. Social Networks are great online tools to tell your customers about these projects and strengthen your brand.

Giveaways for your Online Fans

Customers love participating in competitions. This initiative encourages them to follow your brand online. Host a few competitions for your Social Media Channel Fans. Check out the Citi Bank Facebook page. They are giving an opportunity for their fans to win cash or jam with their favorite band.

How about offering your online fans a $ discount or a coupon to dine at their favorite restaurant.

I wanted to get a feel on what do people expect from their banks in Doha on Social Media Channels. Following is a summarized version of various comments I got from people on Twitter in Doha.

People expect their bank to be more interactive and provide online support for issues. They want instant answers to their queries and special offers for following/liking the brand. Many twitteratis complained that the banks never responded to their queries. Surprisingly, few of them replied that they were not interested in having a conversation with their bank on social networks, as banks are only meant to manage their money, not their relationship. There lies an opportunity for the banks to show that they can manage human relationships and just not financial ones.

Online surveillance of social-networking sites is a new trend for traders dealing in hedge funds and big banks managing customer assets. Stocktwits is a social, stock micro-blogging service monitoring emotions of stock market traders. You will find a community of traders and investors sharing market insight, ideas, charts and news streaming in real-time. This is true engagement of Financial Marketing with Online Media. An investment company, Derwent Capital Markets, has launched a £25 million hedge fund that will use the sentiment of Twitter messages to help guide its trading strategy

As we look forward to 2012, Financial Institution will continue to heavily invest in the Social Media and Interactive Marketing, and work on the revenues.

There is a strong possibility of structural changes in many organizations, where by Digital Channels, e-Marketing and e-Business will fall under one umbrella.

Google Search Trends for Banks in Singapore - 2011

A known fact - people in need of Financial Services flock to the Internet to conduct their preliminary research. A largely ignored fact - Online Sentiments determine the demand and supply in the 'offline' world and online research helps the customers make their purchase decisions. An excellent example of Sentiment Analysis is how Google's Search Index trends along with the UAE's housing pricing index to show fall in online searches when the property bubble burst. Search engines are one of the most popular ways for people to conduct their research for financial products. Google being one of the most popular search engines is able to give data on customer's online behavior and their search habits. 

I have used few queries to determine the Google search habits of people in Singapore. The below analysis is on Google using 'Rising Searches' and 'Top Searches' for Financial Services Industry in Singapore. According to Google "Rising searches highlight searches that have experienced significant growth in a given time period, with respect to the preceding time period" and "Top searches refers to search terms with the most significant level of interest."

The below data could be used in planning your online acquisitions, positioning your products/channels online, competitor analysis, understanding customer behavior etc.

Banking

The 2011 searches for the "Banking" category shows that, people are actively searching for POSB iBanking. POSB was acquired by DBS bank in 1998, however they continue to serve the customers. POSB branches fall at the 3^rd place in the Top searches for banking. HDFC quick remit, a free online remittance service, seems to be very popular in Singapore, as it appears on 2^nd, 3^rd and 5^th rank. OCBC, CITI and DBS internet banking channel also appear in the top 10 list of searched keywords. OCBC branch keyword appears at number 10.

Insight – POSB bank customers are very loyal, as they continue to use the brand services/channels, thanks to its wide spread network and low cost offerings. It is interesting to see people searching for bank branches on Google, showing potential to understand why they are interested to know branch locations. Alternatively, they could be migrated to other cost effective channels.

Cards

In the Cards search category I have queried the 'Top Searches' for Credit Cards category to derive the results in the chart. Standard Chartered card is a clear leader in keyword search.
Standard Chartered’s Manhattan Card is a popular search on Google. CITI bank is another MNC bank that appears in the top 10 list. UOB and OCBC are the only regional banks that make it in the top 10.

I also did an analysis on what are 'Rising Searches' for cards on Google in the Credit Cards Category during 2011. Regional bank, OCBC and Standard Chartered are on the top of the list. May Bank and UOB are the other banks that make it in the list.

Insight – MNC Bank card searches are quite popular. Regional banks may need to step up efforts for their online presence

 

Auto Finance

Cars in Singapore are a luxury. However there are many financing option available in the market. Probably this data can be useful to banks to position their online campaigns. I have queried the Auto Finance category to arrive at the results. The most common terms used on Google search are 'lease' and 'leasing'. People are also looking to Car Loan Calculator in the online search.

Insight – Bank’s should offer calculators on their Public Websites to give customers an idea on financing details.

Home Finance

Loan Calculators also searched on Google, which shows that banks need to invest in having easy to use calculators on their public websites. This could help in acquiring new customers.'

Property prices in Singapore are high; however government has always intervened to provide affordable housing. Keywords like ‘loan’, ‘home loan’, ‘mortgages’ are popular amongst users. ‘HDB Loan’- is part of a government scheme to provide affordable housing. The Housing & Development Board (HDB) is Singapore's public housing authority and a statutory board under the Ministry of National Development.

Insurance 

Insurance is one of the hottest Businesses at present; thanks to all the uncertainness in the world. I have used the 'Top Searches' category for the below analysis. NTUC Insurance seems to be the most searched on Google followed by Aviva and AIA insurance. Car and Life insurance fall at 8^th and 8^th rank respectively. I am not able to see any specific search for health insurance, my hunch on this would be probably, insurance brands are more popular searches than the type of insurance.

Insight – Travel insurance is the most popular search on Google in Singapore.

Online Banking

Online Banking has been growing in popularity in Financial Services Sector and the channel remains popular among customers to conduct their banking transactions. I have queried 'online banking' and 'internet banking' keywords in the 'Banking' category to determine these results. In the 'internet banking' keyword category UOB clearly takes the lead in the most searched keyword for online banking followed by OCBC. POSB and DBS also make it in the top 10 list.

In the 'online banking' keyword category the results are strikingly different. DBS takes the lead for the most searched keyword followed by its own brand POSB. CITI Bank is the only MNC to make it in the top 10 search category. OCBC and UOB also manage to appear in the top 10 keyword search list.

It is important to understand how a bank has positioned itself on internet for various keywords. Some banks are able to leverage on the keyword 'internet banking' while other top the list of 'online banking'.

An analysis on the interest level in both terms shows that ' Internet banking' is a clear leader in terms of online search.

Google Search Trends for Banks in UAE - 2011

A known fact - people in need of Financial Services flock to the Internet to conduct their preliminary research. A largely ignored fact - Online Sentiments determine the demand and supply in the 'offline' world and online research helps the customers make their purchase decisions. An excellent example of Sentiment Analysis is; how Google Index trends along with the UAE's housing pricing index to show fall in online searches when the property bubble burst. Search engines are one of the most popular ways for people to conduct their research for financial products. Google being one of the most popular search engines is able to give data on customer's online behavior and their search habits.

I have used few queries to determine the Google search habits of people in UAE. The below analysis is on Google using 'Rising Searches' and 'Top Searches' for Financial Services Industry in UAE. According to Google "Rising searches highlight searches that have experienced significant growth in a given time period, with respect to the preceding time period" and "Top searches refers to search terms with the most significant level of interest." The below data could be used in planning your online acquisitions, positioning your products/channels online, competitor analysis, understanding customer behavior etc.  

Banking

The 2011 searches for the "Banking" category shows that, people are keen to know about the recently introduced "iban" payment system. "Rakbank Online" seems to be a very popular followed by 'emiratesnbd'. HSBC and Emirate NBD's online banking also fall in the top 10 searched keywords. Overall Emirate NBD the largest bank by assets in Middle East, seems to attract lot of searches on Google. IFSC code is another payment system used by the banks in India.

Cards

The search criteria were to use the keyword 'Card' in the Credit Cards category to derive the results in the chart. 'Prepaidcard' is the most searched term in this category. Interestingly, First Gulf Bank card seems to be popular search term among the online users. Emirate NBD is also listed in the top 10 category. NBAD is listed in the top 3 as a preferred search term in the credit card category.

I also did an analysis on what were the Top most searches for cards on Google in the Credit Cards Category during 2011. 

Visa Card makes an entry in this category. "Prepaidcard" keyword is no. 1 in the rising searches category. To connect the dots, probably Visa Prepaid Card was something people may be searching for. HSBC, Mashreq and ADCB also have made it into the top 10 keyword search list.

Auto Finance

There has been a sudden spike in Auto Finance online ads in UAE. Probably this data can be useful to banks to position their online campaigns. The most common terms used on google search are 'lease' and 'leasing'. Availability of second hand cars and steady fall in the price pf popular cards in the region would make the auto-financing a hot proposition.

Home Finance

Post crash of the property market in UAE, there has been several inaccurate predictions with the real estate pundits on how the market will perform in the near future. For the banking industry there lies an opportunity to encourage borrowing. I have used 'home loan' and 'mortgage' as keywords in the Home Financing category to arrive at these results. 

(زايد للإسكان) Zayed Housing Scheme is the top keyword searched on google in UAE.  It is a housing scheme run by the government of UAE to help nationals buy/build a home by granting them loans. 'ADCBloan' is a popular keyword searched online. Calculators also are very popular search, which shows that banks need to invest in having easy to use calculators on their public websites.

Insurance

Insurance is one of the hottest Businesses at present; thanks to all the uncertainness in the world. I have used the 'Top Searches' category for the below analysis. 'LifeInsurance', rank's 2nd in the search list followed by 'healthinsurance' and 'carinsurance'. Medical and Travel insurance fall at 7th and 8th most searched keywords respectively. AXA  and RSA are the only two companies that fall in the top 10 keywords list.

Online Banking

Online Banking usage in UAE has significantly grown and the channel remains popular among customers for conducting their banking transactions. I have queried 'online banking' and 'internet banking' keywords in the 'Banking' category to determine these results. In the 'internet banking' keyword category HSBC clearly takes the lead in the most searched keyword for online banking followed by Emirate NBD. Interestingly two bank, Axis (Indian Bank) and BDO (Philippines Bank) also turn up in the top 10 list.

In the 'online banking' keyword category the results are strikingly different. NBD takes the lead for the most searched keyword followed by Standard Chartered. Mashreq and ADCB are the other two banks who appear in this search.
It is important to understand how a bank has positioned itself on internet for various keywords. Some banks are able to leverage on the keyword 'internet banking' while other top the list of 'online banking'.

Financial Institutions and Online Media - finding the right hook

The below article was published in Qatar Today magazine - July 2011 issue. The article summarizes various initiatives taken by banks to adopt Online Media to communicate with their customers. Click on the below image to contiue reading.

 

***TextVersion ***

Today most of the financial services companies are on a recovery mode and looking for optimistic signs in their books. While the financial pundits predict the possibility of economic recovery, I believe listening to your customers is what’s missing in most of the companies. Many financial and non financial companies are busy implementing what they want to but not what the customer needs.

In the era of Internet, Financial Institutions need to cautiously but firmly make place in the Online Media world to interact with the customer. Twitter, Facebook, MySpace, LinkedIn are some of the many sites which can act as agents for these companies to spread their message.

Many banks have presence on Facebook, but lack of transactional capability may not attract customers to become a fan or member of that particular page. Having an information page about the products and services would be a good way to start with, but may not be immensely popular with the customers. Tapping Facebook will require banks to come up with a tricky formula of entertainment, sales and information in addition to providing a secure environment. Yet Facebook’s urge to go public with its user data may be discouraging for many financial intuitions to associate themselves with this website. To meet the legal and compliance requirements would be another horrendous task.

During my research, I came across an application on Facebook that allows users to perform financial transactions - Fiserv's My Money, which is now only available to credit unions, and may be offered to banks in the near future. Facebook users download the application, which helps them find and join a credit union, view account histories and balances, and make transfers.

Bank of America, Wells Fargo, ING DIRECT and First American Bank are among the many financial institutions using Twitter for marketing. Twitter is a tool which can be used to directly interact with your customers and inform them about the services. The online reply facility on Twitter can help a company obtain feedback or resolve customer issues.

The National Bank of Australia has managed to effectively use Twitter as a tool to deal with customer complaints and enquires. The bank gets 30 million calls a year on its Call Centre channel and Twitter may be an alternative to it.

Twitter can help banks build long term relationships and give more personal feel to it.

1. Reaching customers.

Public websites hold the transaction capability and remain the primary form of communication for the banks with customers. Increased communication and transparency, would help banks gain customer confidence and trust.  Having online presence would allow your customers to evaluate and discuss the bank’s brand and offerings. Direct feedback from customers would help banks improve those offerings and brand image. HSBC Direct, a U.K based bank uses its interactive website to get and publish customer feedback and discuss community issues. It uses blogs, Facebook and Twitter to interact with "Generation C," or the “Connected, Communicating, Content-centric, Generation."

2. Reducing costs.

Online communication would help the bank reduce costs significantly. Selling products, cross selling products to existing customers would help justify the online presence. Twitter as a communication medium is being seen as an alternative to Call Centers. It may not replace call centers but definitely help in optimizing call center resources. Usage of new technologies can help cut branch operations cost; for example, Deutsche Bank in Germany uses video chat for interacting with customers, thus reducing customer dependence on expensive channels like branches.

As I said before, financial institutions need to be Cautious with their presence in Social Media. One of the possible threats could be a fraudster posing as a bank employee and asking customer for credentials by setting up a similar profile. Online squatter could register themselves on behalf of financial institutions on social media sites and then negotiate with the companies to buy them back. Alternatively, phishing attacks are anyways looming on the Internet and you may be redirected to a site where there is possibility of compromising your personal details.

Banks are experimenting with this space but are yet to come out with a successful working model. Expecting a ROI on spend is not the way forward, as Social Media is still in its adolescence trying to develop such a model. This is just another form of communication tool available to reach to your customers which will ultimately in long term bring the dollars.

Financial Institutions adopt Social Media

Today most of the financial services companies are busy taking a stock of their losses and looking for optimistic signs in their books. While the financial pundits predict the possibility of reviving the economy, I believe listening to your customers is what’s missing in most of the companies. Many financial and non financial companies are busy implementing what then want to but not what the customer needs.

In the era of Internet, Financial Institutions need to cautiously but firmly make place in the Social Media world to receive feedback from the customer. Twitter, Facebook, MySpace, Linked In are some of the many sites which can as agents for these companies to spread their message.

Many banks have presence on the Facebook, but lack of transactional capability may not attract customers to become a fan or member of that particular page. Having an information page about the products and services would be a good start with, but may not be immensely popular with the customers. Tapping Facebook will require banks to come up with a tricky formula of entertainment, sales and information in addition to providing a secure environment. Yet Facebook’s urge to go public with its user data may be discouraging for many financial intuitions to associate themselves with this website. To meet the legal and compliance requirements would be another horrendous task.

During my research, I came across an application on Facebook that allows users to perform financial transactions - Fiserv's MyMoney, which is now only available to credit unions, and may be offered to banks in the near future. Facebook users download the application, which helps them find and join a credit union,  view account histories and balances, and make transfers.

Bank of America, Wells Fargo, ING DIRECT and First American Bank are among the many financial institutions using Twitter for marketing. Twitter is a tool which can be used to directly interact with your customers and inform them about the services. The live time reply facility on Twitter can help a company obtain feedback or resolve customer issues. Twitter can help bank’s build long term relationships and give a more personal feel to it. Click here to follow your bank on Twitter

As I said before, financial institutions need to be Cautious with their presence in Social Media. One of the possible threats could be a fraudster posing as a bank employee and asking customer for credentials by setting up a similar profile. Online squatter could register themselves on financial institutions name on social media sites and then negotiate with the companies to buy them back. Alternatively, phising attacks are anyways looming on the Internet and you may be redirected to a site where there is possibility of compromising your personal details

Banks are yet to experiment with this space to come out with a solid working model. Expecting a ROI on spend is not the way forward, as Social Media is still in its infancy stage trying to develop such a model. This is just another form of communication tool available to reach to your customers which will ultimately in long term bring the dollars.