Philippines – BFSI 1 st -31 st Jan,2014
Nov 01, 2014
Philippines – BFSI 1st-31st Jan,2014
Research Methodology
Our approach We listened to conversa3ons and collected the data automa3cally from a corpus of several million sites, Collec3on was done on the basis of requirement defined by combina3ons of keywords. The data was then ran through a layer of text-‐mining tool to remove noise, refine sen3ment and refining themes.
Time Frame: Jan 1, 2014 to Jan 31, 2014
Multilayered Refinement
The purpose of this report is to examine BFSI chaNers on the web, the key drivers of conversa3on around the market and Industry, causes of nega3ve and posi3ve brand men3ons, and iden3fy key trends and mindset of people hos3ng these conversa3ons.
Objec3ves
Collection
Report
Analysis
Ar3cles and comments were then evaluated by researchers aQer removing noise, there from assessing sen3ment (nega3ve, posi3ve, neutral and ambivalent of the sample selected) and structuring the informa3on into themes. Which indulged manual as well as automated processes to derive qualita3ve and quan3ta3ve analyses of the results to iden3fy the trends in discussions threads.
Present all the results from the analysis in this report
From the total relevant universe sample was selected for analysis through Stratified Random Sampling – Data captured across all dates and social media channels, Analysis done through semi manual process which also involves extrapolation of multi tagged tonality & themes
• Million of web sources Multi-level iterations to build comprehensive and relevant queries • Derived through removal of irrelevant content such as ad links, irrelevant postings etc. through a combination of human analysis and text mining
Relevant Universe 131104
Sample Analyzed
2520
INDUSTRY - BFSI GEO - PHILIPPINES DURATION - 1st-31st Jan,2014 SOURCES – Twitter, Blogs, Forums, News & other Social Media Channels SAMPLING – 3% random sampling
Philippines – BFSI
Here’s an attempt to quantify what Filipinos are saying about Banking and Finance as an industry. “ ”
Others 474
Stocks 194
Banking 1777
Insurance 75
BFSI Relevant Universe
131104 (JAN 2014)
N= 67,566 (Sampling done further at 3%, n = 2520)
Our Methodology
STEP 1: SELECT GEOGRAPHY & SPECIFIC INDUSTRY
STEP 2: INDUSTRY SEGMENTATION & CATEGORIZATION, DEMOGRAPHIC BIFURCATION - AGE, GENDER etc
STEP 3: CATEGORY & SUB CATEGORY WISE SENTIMENT
ü Insurance ü Banking ü Stocks ü Others
1.CATEGORY a. SUBCATEGORY
+ve -ve Neutral
KEY INSIGHTS
THOUGHTBUZZ LISTENING
INDUSTRY - BFSI GEO - PHILIPPINES DURATION - 1st-31st Jan,2014
SOURCES – Twitter, Blogs, Forums, News & other Social Media Channels
Key Discussions – BFSI ü Of the observed 70% of discussion were related to banking
31%
28%
22%
12%
7%
Stocks Mutual Funds Insurance Banking OthersIncludes discussions around remittance as well as investments in properties, gold, land, bonds, capital investments etc.
Inclusive of discussions related to credit cards promotions & rebates, fixed deposits investments & returns, currency exchange rates, banking news & updates, customers queries & issues
n= 2520
Buzz captured around various types of insurance like life, health, travel, general etc. Insurance coverage related, premium related, expert advice & tips, promotion & quarries
31%
28%
22%
12%
7%
Stocks Mutual Funds Insurance Banking OthersInsurance
31%
28%
22%
12%
7%
Stocks Mutual Funds Insurance Banking OthersBanking
31%
28%
22%
12%
7%
Stocks Mutual Funds Insurance Banking OthersBuzz related to various stock quotes, bit-coin investment, expert tips & research study forecast for small investors
Stocks
n= 2520, 3% sample taken out of available data 67,566 random JAN’14
Key Age Groups – Bifurcation taken for the study
Less than 30 Years
30-40 Years Greater than 40 Years
ü Majority of them were interested in discussions related to banking.
ü Majority of them were keen on banking and stocks.
ü Majority of discussions centered around banking and investments.
45% of the observed
20% of the observed 34% of the observed
N= 350, age group data available out of the universe of 67,566 random data
Topic wise key interest
ü People below the age group of 30 years were more interested banking ü People falling between the 30 – 40 age group took more interest in banking and stocks ü People above 40 years were interested in banking and investments
19%
15%
24%26%
19%
12%
19%
14% 15%
21%
27%
20%
15%13%
29%
< 30 > 30 & < 40 > 40
Insurance Banking Startup Stocks Others
19%
15%
24%26%
19%
12%
19%
14% 15%
21%
27%
20%
15%13%
29%
< 30 > 30 & < 40 > 40
Insurance Banking Startup Stocks Others
N= 350, age group data available out of the universe of 67,566 random data
Gender Analysis – Bifurcation taken for the study Males were more active than females in posting
BFSI related queries & suggestions
58% 42%
N= 7918, gender data available out of the universe of 67,566 random data
Top Category – Gender Bifurcation
ü Majority of posts, both for males and females, were related to stocks and investments 18%
12%
25%
40%
5%
23%
17%
23%
33%
4%
Insurance
Banking
MF
Stocks
Others
Female Male 58% 42%
N= 7918, gender data available out of the universe of 67,566 random data
Now, let’s take a closer look into the individual categories
n= 2520 for all further analysis beyond this point (3% sample of 67566 available universe JAN’14 data)
Others 474
Stocks 194
Banking 1777
Insurance 75
Top Discussions – Bifurcation taken for the study as per the Overall BFSI buzz
ü Insurance ü Banking ü Stocks ü Others (VCs, Angel
Investors, remittance, etc.)
TOP CATEGORIES
Others 474
Stocks 194
Banking 1777
Insurance 75
19%
15%
24%26%
19%
12%
19%
14% 15%
21%
27%
20%
15%13%
29%
< 30 > 30 & < 40 > 40
Insurance Banking Startup Stocks Others
19%
15%
24%26%
19%
12%
19%
14% 15%
21%
27%
20%
15%13%
29%
< 30 > 30 & < 40 > 40
Insurance Banking Startup Stocks Others
Sentiment Analysis per Category
ü The most significant number of positive mentions fall under banking and highlight an optimism towards achieving their saving goals this year
ü Positive mentions about insurance are from people encouraging others to get invest in insurance. Negative are people scared of insurance scams.
ü Positive mentions under “others” are mostly about the contribution of OFW remittances to the growth of the economy.
N= 2520 3% sample of 67,566 available universe JAN’14 data
INSURANCE – Bifurcation taken as per the Buzz
ü Car ü Life ü Disaster Risk ü Accident
TOP CATEGORIES
Others 474
Stocks 194
Banking 1777
Insurance 75
INSURANCE – Netizens perspective towards Insurance
ü Insurance mentions include mostly tips on availing insurance and selecting a partner, companies/people offering services, people appreciating the need for insurance and people crowd sourcing for agents via social media. There are also warnings of scams.
ü Almost 80% of the chatter were discussions about car insurance ü Negative mentions around car insurance are with regards to the logistical hassle of
applications and claims N= 75, out of 2520 (3% sample of 67,566 available universe JAN’14 data)
Discussions pertaining to various types of insurance, claims settlement related, coverage & benefits, experts suggestions & advice
ü Car : A number of mentions about saving on car insurance by walking, along
with several tips about getting a comprehensive car insurance. There were complaints about the hassles of dealing with car insurance providers and warnings of car insurance fraud
ü Life : Articles about options for life insurance, some people advising others to get life insurance. A few tweets illustrated how seriously people consider the process of selecting a plan / provider
ü Disaster Risk : Driven by concern around the recent mega typhoon Haiyan, majority of buzz was around financial losses due to natural disasters and how disaster-risk insurance is needed in the Philippines.
ü Accident : The lone mention is a news report about relatives of the Don Mariano bus accident victims opposing the bus company’s resumption of operations. They were promised an insurance benefit by the company.
INSURANCE – Key Findings
INSURANCE – Sample Mentions
BANKING – Bifurcation taken for the study
TOP CATEGORIES ü Saving Money ü News ü Tips ü Debt
BANKING – Netizens perspective towards the Philippine Banking System
ü The bulk of the mentions pertain to saving money (61%) ü Most of the positive mentions are from people who are optimistic about money
this year. ü Negative mentions were mostly around burdensome debts ü Other posts highlighted the difficulty of saving money.
N= 1777, out of 2520 (3% sample of 67,566 available universe JAN’14 data)
Buzz around banking systems, news, bank policies, products, offerings/promotions, and issues on saving money faced by netizens
BANKING – Key Findings
ü Saving Money: Majority of the discussions were people who promised that their
new year’s resolution is to save money. Some bemoaned the difficulty to save money. 5% of all mentions identified concerts as the motivation behind the desire to save.
ü News: Most of the buzz was led by news around Bangko Sentral ng Pilipinas
(Central Bank of the Philippines), specifically on the growth of the Philippine peso ü Tips: A tweet advising people not to touch anything when they go out shopping
so they will be able to effectively save money garnered several retweets ü Debt: A lot of posts are retweets of a humorous quote saying that nowadays
debts last longer than relationships.
BANKING – Sample Mentions
STOCKS – Bifurcation taken for the study
ü News ü Tips ü Buying ü Studying ü Selling
TOP CATEGORIES
STOCKS – Philippine stock investors views
ü Majority of the discussions were news about stock investment ü Next most discussed were tips of buying, selling and evaluating stocks. ü Positive sentiment is driven by successfully buying at a good rate
N= 194, out of 2520 (3% sample of 67,566 available universe JAN’14 data)
STOCKS – Bifurcation taken for the study
Stock brokerage, trading, and stock market news led majority of buzz around stocks
ü News: Majority of discussions around Philippine stock exchange trading news (i.e.
gains and losses) ü Tips: People giving tips about buying and selling and the timing thereof. There were
also posts about the different types of stock brokers and how to select one based on your needs.
ü Buying: Discussions around buying stocks are usually either informative in nature (mentoring) or an expression of excitement and anticipation of the process of buying stocks. There are some mentions of what one would invest behind #IfIWereRich
ü Studying: Students discussing concepts related to shares and stocks as part of their courses
ü Selling: People expressing hopes that they will be able to successfully unload their stocks
STOCKS – Sample Mentions
OTHERS – Bifurcation taken for the study
ü Remittance ü Pawn ü Money Transfer ü Angel Investors ü Venture Capital ü Investment
TOP CATEGORIES
OTHERS – Other Popular Investment tools
ü Half of all the mentions under “others” were about remittances ü The biggest percentage of positive mentions were about angel investors, specifically news about Manila
Angels (Manila-based private network of angel investors) attracting more angel investors to the Philippines. ü The biggest percentage of negative mentions were about investment, specifically people expressing
wariness to invest and news about Philippines slipping 3 notches in Forbes' best countries for business list
N= 474, out of 2520 (3% sample of 67,566 available universe JAN’14 data)
Category includes buzz about remittances, pawning, money transfer and investments
OTHERS – Bifurcation taken for the study
ü Remittance: Majority of discussions were related to OFW remittances. There were discussions
about providers and rates, and there were providers offering tips and assistance. The most obvious expectation by which a provider is evaluated is speed of the transaction.
ü Pawn: The large number of mentions (almost 30%) prove that pawning is indeed a very common source of funds (and low-cost valuables) for the cash-strapped Filipino. Gadgets are the most commonly mentioned items to be pawned. Given the nature of the business pawnshops are a common target for burglary and other crime as shown by several news articles.
ü Money Transfer: Mostly people requesting funds from relatives/friends or talking about waiting
for such funds to arrive. Such discussions highlight the dependency of some people on remittances from other countries or provinces. A few mentions were around remittance providers, the cost and convenience or procedure of remitting money.
ü Angel Investors: Primarily news about Manila Angels (Manila-based private network of angel
investors) attracting more angel investors to the Philippines, also start-up investment. There are articles about starting up a business and a tweet looking for connections to Angel Investors
ü Venture Capital: Tips and news about venture capital (especially on how it benefits start-ups)
ü Investment: News about foreign investment in the country; tweets sharing investment opportunities
OTHERS – Sample Mentions
WHAT DO THE CORPORATES SAY?
• Main topics for banking institutions include credit card and loan applications, branch and online services, and news about partnerships and CSR.
CONSUMER BANKING BRANDS ON SOCIAL MEDIA
Key Findings: ü Customers take to social media top crowd
source on information about bank products via forums and microblogs ü Discussions around the specifics of credit
card (processing time, card delivery, credit limit, checking application status, etc.) and loan applications (housing, personal, interest rates).
ü And to air grievances ü Complaints about long waiting time in
certain branches/shortage of personnel, system outages, mobile app issue, delayed credit card delivery, lack of appropriate reply to concern, etc.
ü Consumers consider freebies, charges and customer service when selecting a partner
ü BPI is the only bank active in social CRM ü BDOs tagline has achieved resonance among
teenagers and is being used in regular conversation
N= 7,469 Consumer Banking brands mentions in JAN’14
WHAT DO THE CORPORATES SAY?
• Major points of discussion include assessments of various insurance companies, mentions of services and promotional activities, and news about partnerships.
“INSURANCE BRANDS” ON SOCIAL MEDIA
Key Findings:
ü Some mentions were discussions about choosing the right insurance company based on their performance, services, and reputation.
ü Insurance companies’ stability has been highlighted as a major deciding factor (with AXA and Sun Life associated with the quality). Administrative charges and investment riders have also been cited as considerations.
ü Aside from Twitter, PinoyExchange is another major venue for learning more about insurance, how to select one’s provider and how to evaluate policies
ü A number of buzz were about the launch of brand’s new health insurance schemes (AXA’s Health Max – lifetime health coverage, Philam’s health policy with investment component) and other promotional and CSR activities (Insular Life featuring Lea Salonga, Sun Life’s benefit concert, Pru Life’s wealth management tool, #AXAgiveaway).
ü There were also some news articles partnerships and economic forecasts.
N= 557 Insurance brand mentions in JAN’14
FINAL TAKEAWAYS
2. Car Insurance as the entry point for Insurance purchases: Around 77% of discussions about insurance was with regards to car insurance. Some people have fears about insurance scams.
Recipients of Remittances are heavily dependent on them: Online chatter suggests that remittance forms the bulk of the income for many netizens, if it isn’t the sole source of income. Naturally, the speed and cost of remittance are the most important areas for customer satisfaction 3.
1. Discussions around BFSI go hand in hand with discussions on saving money. It is their biggest goal and biggest challenge: Give people access to the information they need to empower them to reach their savings goals
4. Take advantage of the season : also consider launching campaigns for getting new accounts in time for new year since a lot of people have “save money” as one of their new year resolutions.
5. Be where the consumer is and engage him when it matters the most : Be present on social media, be always on. Listen to what the consumers want and don’t want and prove that you are listening by engaging and providing solutions in real time
FINAL TAKEAWAYS
1. 2.
6. 4.
Banking Partner: Some factors netizens considered in getting credit cards include freebies, charges (BPI has lowest balance transfer rate, over limit fee, annual fees, etc.), and customer support (ease of increasing credit limit, length of time for credit card approval, if concerns are readily addressed, etc.).
7.
Investment Partner: Some considerations netizens cited in choosing an insurance company include: stability (associated Sun Life and AXA with this quality), offered packages (e.g. insurance-mutual fund investment package), and administrative charges.
8.
Opportunity for the BFSI Industry: Explore using social media for customer support (since BPI is the only one active on Twitter), also consider launching campaigns for getting new accounts in time for new year since a lot of people have “save money” as one of their new year resolutions. Since people are mentioning about difficulties especially in saving money, institutions can consider highlighting the ease of saving to encourage people to put their money on banks/investments.
Thank You
This report and the information contained there in are based on information from online social media and other publicly available data. ThoughtBuzz does not warrant the accuracy of such information nor is ThoughtBuzz responsible for the content and accuracy of such information. Advisory information may be contained in the report. Any subsequent decisions made based on the data must be made after proper review and assessment of the impact of such information. In no event shall ThoughtBuzz be liable to you or your company for any lost pro>its, lost revenue, interest, goodwill, lost data, cost of procuring substitute services or for any indirect, incidental, special, or consequential damages of any kind, however arising, that are related to these terms, whether in contract, tort or negligence, or any legal theory.