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.