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1、GCC finance industry:The rise of the challenger bank3GCC finance industry The rise of the challenger bankBecause of COVID-19,consumer expectations of financial institutions have evolved and today theres an imminent need to digitalize all services.Consumers expect speed,efficiency,and reliability fro
2、m banks;they want it all and they want it now.The digital revolution creates an opportunity to increase financial inclusion in the Gulf region.However,in recent years,traditional banks have focused their efforts on meeting regulatory requirements and compliance,without a solid digitalization strateg
3、y.The main challenge facing financial service providers revolves around onboarding and customer service both of which remain inadequate and largely inefficient.Digitalization could resolve many of these challenges like Know Your Customer(KYC),anti-money laundering(AML),opening a bank account remotel
4、y,and many others.The regulatory environment in the GCC has become digital-friendly,allowing services to become more streamlined and transparent.However,long-held ideas of how finance and banking should look have delayed established banks from taking a risk and seizing the opportunity.As a result,tr
5、aditional banks in the GCC established internal challenger banks as a way to innovate and experiment with new products and services.By giving an internal team the autonomy and ability to move fast,traditional banks continued to operate as established businesses while also benefiting from the insight
6、s coming from the startup from within.Internal challenger banks have risen in popularity among GCC Gen Z and Millennial consumers who use digital banking as their primary source of financial services.Instead of demolishing the house to build an entirely new one,traditional banks decided to build a s
7、tudio within the house.4Challenger banks have the advantage of being innovation sandboxes where new products and approaches are tested.However,the true game changer is their ability to leverage a vastly larger data set to make better decisions faster.The rate at which challenger banks innovate is dr
8、iven by one secret power:the consumer.Challenger banks utilize real-time insights of their consumers to understand their behavior,needs,and expectations.By closing this consumer closeness gap,challenger banks have developed a more granular picture of the consumer and added a layer on top of existing
9、 data sources like reviews,surveys,research,focus groups,and word of mouth.Our latest report GCC finance industry:The rise of the challenger bank examines how internal challenger banks are affecting their parent banks brand reach and sentiment with consumers.For the purposes of this report,the data
10、will look into Emirates NBD and its challenger Liv Bank,Mashreq Bank and its challenger Mashreq Neo,and Gulf International Bank and its challenger Meem Bank.The data looks at online conversations emanating from the GCC region during the past year.5Quantitative metrics offer some insights for brand m
11、anagers and marketers.However,they dont show the whole picture.Just because theres a spike in brand mentions does not mean it has positive sentiment or is relevant.We compare the share of voice and engagement between traditional banks and their challengers as a starting point.Share of voice and enga
12、gementWith 19.1K results,traditional banks have a larger share of voice than the challengers with 1.5K results.A key observation is that conventional banks have spikes only when significant announcements are made through press releases.On the other hand,challenger banks have a stream of conversation
13、s happening throughout the year.Conversation Clusters around traditional banks revolved around the role banks play in combating climate change,social responsibility,and education courses offered by banks.Interestingly,challenger banks conversations were about cryptocurrencies,contactless payments,an
14、d customer experience stories.The contrast between the two teams showcases just how each bank reaches a different audience segment and therefore fosters a different dynamic with consumers.6While Liv,Mashreq Neo,and Meem Bank dont have a large portion of the market yet,theyre chipping away at their p
15、arent banks share of voice.But if you compare the growth rates YoY of each bank with its challenger,you can see that the challengers are skyrocketing with 133%for Liv Bank,766%for Mashreq Neo,and 92%for Meem Bank.The rise of challenger banks represents one of the most successful wins from innovation
16、,diversification,and differentiation.Sentiment analysis provides marketing experts with an added layer of data that helps them understand consumers emotional and psychological drivers.Emirates NBD has the highest share of the market in terms of online conversations,though its net sentiment(23.67%)ap
17、pears to be lower than Gulf International Banks(92.41%),despite the latter having a relatively smaller share of the market.More online conversations do not equate to positive conversations.Topic analysis identified fraud,crime,and support as key negative conversation drivers.Digging deeper into the
18、reasons behind the negative sentiment for traditional banks we see these key trends:Emirates NBD:Consumers complaining about its virtual assistant EVA not working,which the bank had recently retired.Mashreq Bank:Someone hacked the official Twitter account and pretended to be Elon Musk.The community
19、was sharing screenshots of the incident which went viral.Gulf International Bank:A consumer complaining about a bad customer experience theyve had with one of their branches.Sentiment analysis7On the other hand,challenger banks were faced with an inflow of negative conversations related to the fact
20、that they tweet only in English even though they operate in an Arab country.Plus,consumers were using social media to flag issues they were having with activating their digital accounts and overall bad customer support.One thing to remember is that unless youre a finance journalist or an employee at
21、 the bank,youre probably not going to tweet about your favorite bank,so its unsurprising that sentiment rates are low.Overall,net sentiment for traditional banks is higher than those of challenger banks,most likely because traditional banks have a long history in the market and have proved their bra
22、nds to be trustworthy and reliable.Challenger banks have yet to gain credibility with consumers.78Data insights experts realize the value of malleable data that offers flexibility without compromising accuracy.Going beyond quantitative analysis,marketers need a way to categorize and clean the data w
23、ith the help of an automated platform such as Talkwalker.Ultimately,this allows for faster decision making and the time to focus on making an impact and creating value for customers.By closing the consumer closeness gap,we can begin to understand why so many people are making the switch.Above we are
24、 looking at 4 key themes and how consumer sentiment revolves around them.For both traditional and challenger banks it appears that bad customer service is the root cause behind the negative sentiment.At the end of the day,the customer is always right,and this creates new challenges and opportunities
25、 for all banks.With real-time data and automated frameworks,marketing and brand experts can anticipate those shifts and address them effectively.With predictive analytics industry leaders can leverage the power of historical data and AI to mitigate risk and plan for success.With Emirates NBDs focus
26、on sustainable Real Estate Investment Trust(Masdar Green REIT),Mashreqs commitment to lead green finance,and Gulf International Banks sustainability loans,it is evident that banks are aware of the opportunity and are listening to consumers concerns.89Demographics and media typesConsumers in the Midd
27、le East are constantly evolving and developing new tastes,priorities,and expectations from brands.Consumers are aware of the role brands play in society and their responsibility not only to provide good service but to do so while thinking about the bigger picture.The financial brands that anticipate
28、 emerging consumer trends are the ones that will win big in the long term.Millennial consumers are more likely to engage with challenger banks given their digital-first channels,compared to traditional banks.It appears that 33.8%of conversations about challenger banks in the GCC have come from Mille
29、nnials whereas that number decreases to 12.56%for traditional banks that generally focus on in-person consumer relations,as well as email and telephone.In terms of the distribution of media types,we see a clear difference between traditional banks and challenger banks.Traditional banks use a mix of
30、PR,print media,radio,digital,and OOH advertising,to communicate with their customers.These channels offer great control over the narrative,though theyre retroactive and generally offer little to no insight into their impact.This is often the case because media coverage and strict brand management co
31、uld have a huge impact on share prices and investor confidence.On the other hand,challenger banks are at the forefront of consumers with Twitter driving the majority of the conversation.This tactic has its pros and cons engaging in direct and honest communication with consumers while having to deal
32、with a non-stop flow of negative,and oftentimes,public feedback.Challenger banks have a long way to go to break through into mainstream media,however the ones that manage to leverage the data,understand the audience and refine the strategy,will surely have an advantage.Each organization uses differe
33、nt tactics and receives different outcomes.One thing thats common is that consumers are calling the shots,and creating the metaphorical bridge with the consumer will be the determining factor of success.Conversations from social profiles of millennials or younger(44)Traditional banks:12.56%Challenge
34、r banks:33.8%10Conversation Clusters let you uncover,understand,and visualize the context around any topic at a glance.Talkwalkers AI-enabled technology maps any topic visually,showing you the trends and connections behind millions of social,media,and consumer data points in real time.Traditional ba
35、nks have a wide variety of topics and discussions emanating from their consumers.Whether its new products,partnerships,or CSR activities,traditional banks have a strong foothold in the market and are capitalizing on their reach to expand market share.On the other hand,the main conversation of challe
36、nger banks revolves around customer complaints and service issues.These discussions about challenger banks are to be expected,especially as consumers expect them to work seamlessly without any hiccups,unlike traditional banks where the personal human factor plays a role in forgiving mistakes.One thi
37、ng to be aware of is that just because the data doesnt show consumer complaints in the conversation cluster for traditional banks,doesnt mean complaints are not actually happening.Its even more difficult to trace those conversations when theyre only taking place through word-of-mouth,which is known
38、to be a key driver of sentiment in a market like the Middle East.Conversation ClustersTraditional Banks Conversation ClustersChallenger Banks Conversation Clusters11Marketing and communications play an important role in generating leads and fueling sales.More importantly,for public companies,marketi
39、ng has the potential to affect the stock price.Data-driven organizations are aware of the power of proactive marketing,which mitigates risk,gets closer to consumers,and seizes opportunities wherever they may be.Below we see the evolution of Emirates NBDs share price over time,compared to the number
40、of conversations.Interestingly,the price of the stock remained relatively stable throughout the year,except when there was a peak in conversations in early April.The fluctuation in the stock price cannot be predicted or attributed to the number of online conversations about the brands.However,it is
41、interesting to see how it correlates with consumer sentiment.Ramadan started on April 1,2022,which is when the 1 Billion Meals food drive campaign started and received financial donations to an Emirates NBD account.The spike was also driven by another campaign called Anbal Raqem,an initiative by tel
42、co Etisalat that was also contributing to the 1 Billion Meals campaign by auctioning off unique telephone numbers.The dip in Emirate NBDs share price during April could be attributed to a declining global economic environment.Impact of marketing on stock prices12CEO favorability leaderboardConsumers
43、 are more demanding,more urgent,and more unpredictable than ever.Creating billions of new signals every second.Reputations can be destroyed in an instant,with the importance of understanding the activities that drive brand and individual love as important as they ever were.In todays world,the power
44、of communication is epitomized by the driving force of our CEOs.In many respects,they are the brand.Building love for our CEO,and shaping their future,in turn,changes the face of our talkwalker Speak to an expertReda BaybarsSenior Sales DirectorE:M:+352 621 824 026Want to see how your CEO compares?G
45、et the leaderboard here.CEO Favourability Leaderboard 13The#1 Consumer Intelligence companyThe world is changing.Consumers are more demanding,more urgent,and more unpredictable than ever,and brands are struggling to keep up.Talkwalkers leading Consumer Intelligence Acceleration Platform helps you st
46、ay ahead by turning internal and external data into consumer insights that grow your brand.We bring together everything you need to help you get closer to your consumers than ever before.Accelerated data coverage and scale integrations Market-leading AI capabilities Platform services that elevate data to intelligence Deep dive human and cultural insight from our team of strategists Over 2,500 global brands trust Talkwalker,and our international team of experts,to guide them in making the most of every opportunity in this fast-paced world and accelerate their brand growth.