Social Media Marketing Strategies Adopted by the Financial Services Industry in Emerging Economies

Published: September 2012
No. of Pages: 81
   

Synopsis
The report provides detailed market analysis, information and insights, including:
• In-depth analysis of the social media marketing strategies adopted by the financial services industry in emerging economies
• A comprehensive understanding of country-specific market trends, opportunities and challenges in the BFSI sector across key emerging economies
• A detailed insight into the future of social media marketing in the BFSI sector in key emerging economies


Summary
Social media represents a valuable opportunity for banks and financial service companies in Brazil. As internet access increases, a growing number of Brazilians are becoming social networking users and banks are developing their processes accordingly to be able to respond to web-oriented consumers. With more than 300 million users active on social networks, blogs, microblogs, and other online communities, China''s social media user base is driving banks and financial institutions to maintain an active presence on social networks. Social media marketing is becoming an integral part of the marketing and advertising value chain in India. Banks and financial services companies are improving their presence on social media sites in order to promote new schemes and process feedback. With 55 million internet users − more than a 20% annual increase − Indonesia is becoming a key market for all major social networking sites, with Twitter and Facebook reporting significant market penetration rates in the country. Social media marketing is posting strong levels of growth in South Africa due to rising internet penetration rates and increased sales of mobile devices. The country has 29 million active mobile devices, making mobile phones the preferred medium for accessing the internet and social networks. The South African banking industry is integrating social media into its daily operations and becoming more approachable to users. The high usage of social networks in South Korea is driving banks and financial institutions to adopt social media marketing to better communicate with consumers. Social media marketing initiatives have also been supported by the high smartphone penetration rate in the country.


Scope
• This report provides in-depth analysis of social media marketing strategies adopted by companies in the BFSI sector in emerging economies
• The report provides a detailed understanding of how social media platforms are being used by financial services companies to identify new markets, launch products, gather customer feedback and monitor brand performance
• The report provides insights into market trends, drivers, opportunities and challenges
• It also provides insights into future social media marketing strategies adopted by banks and other financial services companies to strengthen market position


Reasons To Buy
• Gain in-depth insight into the social media marketing strategies adopted by companies in the BFSI sector in key emerging economies
• Understand the various market dynamics within the key emerging economies, and use the knowledge to capitalize on the potential of these high-growth markets
• Take informed decisions and formulate effective technical and marketing strategies based on the report’s detailed market insights on social media marketing strategies adopted by companies in the BFSI sector in key emerging economies
• Identify the key specific social media marketing trends in each of the key emerging countries profiled


Key Highlights
• Almost 20% of an average Brazilian’s total online activity is spent on social networking sites, making it one of the leading online activities in the country.
• With almost one-third of the population connected to the Internet, social media has become a popular marketing tool in China.
• With 55 million internet users − of which 57% are mobile internet consumers − Indonesia is becoming a key market for all social networking sites, with Twitter and Facebook reporting a significant growth in market penetration rates.
• In Russia, social media marketing is recording strong levels of growth as internet penetration rates increase, and mobile subscriber rates rise.

Social Media Marketing Strategies Adopted by the Financial Services Industry in Emerging Economies

Table of Contents
1 Executive Summary
2 Social Media Marketing Opportunities in Brazil
2.1 Introduction to Social Media Marketing in the BFSI Sector in Brazil
2.1.1 Key social networking sites in Brazil
2.1.2 Social media marketing in the BFSI Sector
2.2 Key Social Media Marketing Trends in the BFSI Sector in Brazil
2.3 Case Example
2.3.1 Banco Central do Brasil (BCB)
2.3.2 Brazilians banks and their presence on social networks
2.4 Challenges
2.5 Future of Social Media Marketing in the BFSI Sector in Brazil
3 Social Media Marketing Opportunities in China
3.1 Introduction to Social Media Marketing in the BFSI Sector in China
3.1.1 Key social networking sites in China
3.1.2 Social media marketing in the BFSI sector
3.2 Key Social Media Marketing Trends in the Chinese BFSI Sector
3.3 Case Examples
3.3.1 China Merchants Bank (CMB)
3.4 Challenges
3.5 Future of Social Media Marketing in China
4 Social Media Marketing Opportunities in India
4.1 Introduction to Social Media Marketing in India’s BFSI Sector
4.1.1 Key Social Networking Sites in India
4.1.2 Social media marketing in India’s BFSI sector
4.2 Key Social Media Marketing Trends in the BFSI Sector in India
4.3 Case Examples
4.3.1 ICICI Prudential Life Insurance
4.3.2 HDFC Bank
4.4 Challenges
4.5 Future of Social Media Marketing in the BFSI Sector in India
5 Social Media Marketing Opportunities in Indonesia
5.1 Introduction to Social Media Marketing in the Indonesian BFSI sector
5.1.1 Key social networking sites in Indonesia
5.1.2 Social media marketing in the BFSI sector
5.2 Key Social Media Marketing Trends in Indonesia’s BFSI Sector
5.3 Case Examples
5.3.1 Bank Mandiri
5.4 Challenges
5.5 Future of Social Media Marketing in Indonesia’s BFSI Sector
6 Social Media Marketing Opportunities in Russia
6.1 Introduction to Social Media Marketing in Russia’s BFSI sector
6.1.1 Key social networking sites in Russia
6.1.2 Social media marketing in Russia’s BFSI sector
6.2 Key Social Media Marketing Trends in the Russian BFSI Sector
6.3 Case examples
6.3.1 Promsvyazbank
6.3.2 Sberbank
6.4 Challenges
6.5 Future of Social Media Marketing in the Russian BFSI Sector
7 Social Media Marketing Opportunities in South Africa
7.1 Introduction to Social Media marketing in the South African BFSI sector
7.1.1 Key social networking sites in South Africa
7.1.2 Social media marketing in South Africa’s BFSI sector
7.2 Key social media marketing trends in South Africa’s BFSI Sector
7.3 Case Examples
7.3.1 First National Bank
7.3.2 Standard Bank
7.4 Challenges
7.5 Future of social media marketing in South Africa
8 Social Media Marketing Opportunities in South Korea
8.1 Introduction to Social Media Marketing in South Korea’s BFSI Sector
8.1.1 Key Social Networking Sites in South Korea
8.1.2 Social media marketing in the BFSI sector
8.2 Key Social Media Marketing Trends in South Korea’s BFSI Sector
8.3 Case Examples
8.3.1 Kookmin Bank
8.3.2 Citibank Korea
8.4 Challenges
8.5 Future of Social Media Marketing in South Korea
9 Social Media Marketing Opportunities in the UAE
9.1 Introduction to Social Media Marketing in the UAE’s BFSI Sector
9.1.1 Key social networking sites in the UAE
9.1.2 Social media marketing in the BFSI Sector
9.2 Key Social Media Marketing Trends in the UAE
9.3 Case Examples
9.3.1 Standard Chartered
9.3.2 Mashreq Bank
9.4 Challenges
9.5 Future of Social Media Marketing in the UAE
10 Appendix
10.1 What is this Report About?
10.2 Definitions
10.3 Methodology
10.4 Disclaimer



List of Tables
Table 1: Market Environment for Social Media Marketing in Brazil
Table 2: Response rate of Brazilian Banks on Consumer Complaints Posted on Social Networks
Table 3: Market Environment for Social Media Marketing in China
Table 4: Market Environment for Social Media Marketing in India
Table 5: Presence of Private and Nationalized Banks on Social Networks
Table 6: Market Environment for Social Media Marketing in Indonesia
Table 7: Market Environment for Social Media Marketing in Russia
Table 8: Presence of Banks and Insurance Companies on Social Networks in Russia
Table 9: Top-10 Russian Online Video Sites by Total Unique Viewers (000) May 2011
Table 10: Market Environment for Social Media Marketing in South Africa
Table 11: Market Environment for Social Media Marketing in South Korea, 2011
Table 12: Top Global Market, Blogs Usage, June 2011
Table 13: Personal Information Leaked from Social Networks in South Korea
Table 14: Market Environment for Mobile Marketing in UAE, 2011
Table 15: BRICdata Social Media Marketing Definitions


List of Figures
Figure 1: Social Networking Sites in Brazil by Total Unique Visitors, Dec 2010 vs Dec 2011
Figure 2: Facebook vs Orkut, User Growth Comparison, Brazil
Figure 3: Banco do Brasil with an active presence on video sharing site, YouTube
Figure 4: Banks Using Slideshare in Brazil
Figure 5: Uploaded video views of Banco Central do Brasil
Figure 6: Snapshot of Banco Central do Brasil’s Twitter Presence
Figure 7: Bank of Brazil, the Most Cited Bank on Social Networks in Brazil
Figure 8: Twitter Remains the Most Popular Social Networking Site Among Financial Services Companies
Figure 9: Barriers in Adopting Social Media, March 2010
Figure 10: Frequency of Social Network Visits by Chinese Users
Figure 11: Snapshot of Social Media in China, 2011
Figure 12: High Percentage of Chinese Internet Users Refer to Digital Media before Making Purchases
Figure 13: Chinese Users Share More Negative than Positive Reviews on Social Networking Sites
Figure 14: Leading Social Networking Sites in India, July 2010
Figure 15: Fan Growth of Indian Banks on Social Networking Sites
Figure 16: Internet Activity of Urban and Rural Population in India
Figure 17: Snapshot of ‘Living Your Passion’, a Social Initiative Launched by ICICI Bank
Figure 18: Adoption of ‘Living Your Passion’, a Social Initiative Launched by ICICI Bank
Figure 19: HDFC Bank Advertising Products on Social Networks by Posting Similar News Articles
Figure 20: Social Networking Users in India, 2012-2016
Figure 21: Social Networking Users in Indonesia, 2011 (in millions)
Figure 22: Social Network Users in Selected Countries (as a Percentage of Internet Users), May 2011
Figure 23: Snapshot of Wishkoo.com, Combining Social Networking with E-Commerce
Figure 24: Usage of E-Commerce Sites by Indonesians
Figure 25: Snapshot of Mandiri Fiesta Adverts on Facebook
Figure 26: Mobile Consumers in Indonesia, December 2011
Figure 27: Snapshot of Social Media in Russia, 2011
Figure 28: Average Hours Spend on Social Networking Sites per Visitor in Russia, October 2011
Figure 29: Snapshot of Promsvyazbank’s social media initiative launched on Facebook
Figure 30: Online Savings App. Launched by Sberbank, Combining Social Media with Mobile Applications
Figure 31: Social Networking Users in South Africa, 2011
Figure 32: Snapshot of RainFin, Providing P2P Social Lending in South Africa
Figure 33: Majority of South African Social Networking Users Track their Banks on Facebook
Figure 34: Snapshot of RbJacobs Twitter Wall, FNB’s Social Networking Face
Figure 35: Snapshot of Online Spat Between FNB and Standard Bank
Figure 36: Handset Type Amongst Mobile Users Aged 16-64 Years (Primary Phone)
Figure 37: Incidence of Application Usage and Median Number of Applications Used
Figure 38: Snapshot of KB Dream Talk Installment Savings Account Launched by Kookmin Bank
Figure 39: Areas of Social Media Requiring Improved Approaches
Figure 40: The UAE Leads Facebook Penetration Rates in the Arab Region, (%), December 2010
Figure 41: Number of Active Twitter Users in Arab Nations
Figure 42: Survey Results Depicting the Value of Social Media in UAE, 2011
Figure 43: Snapshot of Mashreq Bank’s Presence on Facebook

Published By: BRICdata
Product Code: BRICdata137628


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