Beyond SMS Using Social Networks to Expand Access to Banking Services
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With the rise of social media in the Philippines especially among younger more tech savvy clients, rural banks need to look at better ways to interact and connect with new and existing clients. Social networks are one such way that rural banks can now both marketer and interact with potential and existing clients to both better promote financial services and to update them on new branches and promotions of the bank.
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Beyond SMS Using Social Networks to Expand Access to Banking Services
- 1. B eyond S MS : Us ing S ocial Networks to Reach a B roader Market J ohn V. Owens C hief of Party RB A P-MA B S 201 2 R BAP -M ABS N ational R ou nd tab le C onfe re nce Ju ne 7-8, 201 2 H yatt H ote l M anila
- 2. Internet usage has remained largely stable, though we see some pockets of growth 2009 2010 2011 42 43 36 37 37 36 34 33 33 30 31 30 29 30 26 30 30 27 29 26 24 26 23 17 Total Metro Manila Luzon Visayas Cebu Mindanao Davao Mega Manila Base: Past Month Internet Users aged 10+ across all socio-economic classes in National Urban Philippines Source: Nielsen media Index 2009 Q1, 2010 Q1, 2011 Q1
- 3. The Social Networking Capital of the World Social network penetration is incredibly high in the Philippines, reaching 95% Social Network Penetration Rate Facebook 93.9% Twitter 16.1% LinkedIn 1.9% Internet Use 29.7%
- 6. Are you using Social Networking & Crowdsourcing to expand your market outreach?
- 7. Not just an activity but a starting point for the online experience for many Internet Usage Pathway (%) 39 30 13 11 5 1 Social Networking Search Email Online News Instant Messenger Games Question: Please think about the following online services and tell me the order in which you first ever used each. Base: Past month Internet users aged 10+ across National Urban Philippines Source: Yahoo!-Nielsen Net Index-2011
- 10. Thank You! EMAIL: jowens@rbapmabs.org TWITTER: @jvowens Websites: www.rbapmabs.org www.mobilephonebanking.rbap.org microinsurance.rbap.org www.youtube.com/rbapmabs Facebook: MABS Phil
Notas do Editor
- 1. What is the profile of social network users in the Philippines (including differences we are seeing between urban areas such as Manila and other parts of the country)? Over 27 million Facebook users ranking the Philippines as the country with the 8th highest number of subscribers especially as Filipinos increasingly access the internet via a mobile phone for the first time.
- 2. How do Filipinos use social networks (and why should this be relevant to rural banks)? Philippines has the title of Social Networking Capital of the World. It purportedly leads Facebook usage (ranked first in usage, eighth in terms of number of users) and to some degree, Twitter (ranked sixth) and YouTube (ranked first in uploads)
- 3. How will social network media change financial services in the country (especially around access and better information)? Image of women texting – “ I think what we’re seeing in Facebook, Twitter and other forms of social networks is the power of an individual . … because of social networking, you can take what you’re interested in and really build your own outreach system . … this now gives you the power of not just communicating your own ideas but finding others to be in solidarity with you to try to bring about social change .” Tell the story of Hillary Clinton’s visit Acknowledging the Philippines having one of the highest Facebook usage rates in the world, Clinton noted how it can be used to “bring about social change,” like “exposing corruption, demanding transparency and creating accountability, break(ing) down barriers, so businesses could easily be started.” In the US, she cited a young woman’s heroic online efforts to stop a bank from charging $5 a month for debit card usage—and won.
- 4. How can banks use social networking sites to increase customer loyalty? Shot of Cantilan Bank and BanKO’s Facebook sites
- 5. Social media marketing can cheaper than traditional print marketing and much more effective at reaching larger numbers of potential customers. 6. Social media marketing can be done with much lower overhead rates since there significant cost savings as opposed to printing, radio, TV, flyers and other forms of media.
- 7. Social media is starting to have a broader reach in the Philippines with more people now using their mobile phone to find out the latest news, where to shop or eat, and even where to bank.
- 8. Reaching a tipping point. Connecting with the right type of customers in the community who are active salespeople, mavens, and connectors can help to spread your vision and services among a wider audience than ever before. People tend to follow crowds most of the time thereby creating a community of followers who can not only interact with the bank but also each other in positive ways can help to better promote the bank. Clients who are selling a new product or service and need others to sell or distribute products and services may be able to interact and meet other interested bank clients on bank's social networking site. We have already seen examples of how this can be a great way to promote and engage the bank's own customers which ultimately brings more people to want to interact with the bank.
- 9. Social media provides real-time feedback as the community can better interact with the bank and it may even make it easier to ask and answer questions that others may be interested in thereby providing a real time FAQs site that is even better than a website or blog. 10. Social media marketing can be done by anyone no matter how big or small your bank is. While you do need to manage your reputational risk, banks can delegate social media marketing aspects to a few people to get started.