Digital Engagement - Australian Banks

Importance of social media and digital world can't be underestimated. Facebook and other social media channels could be used for visitor engagement to customer servicing. A detailed view on how social media channels could be used for branding and profitability. A brief analysis on- What drives Facebook Likes?.

In this blog we will focus on generating actionable insights from Facebook data. Financial institutions and Banks are on Facebook with the expectations to interact and engage with current customers and prospective customers. One of the important ways to engage with the customers and visitors are by posting point of views, videos, photos etc.

We aim to understand the how post message or contents impact the engagement and interactions - so compare low engage posts vs highly engaged posts. Also , we will compare Facebook posts journey for the 4 Big Australian banks. This may indicate digital priority of the banks.

Data Extraction

One of the first steps in business analytics (after setting the objectives) is to prepare the data. In this example, we need to extract from Facebook for the financial institution pages.

Steps to extract data from Facebook - Extracting data from Facebook using R 

We will be using Rfacebook package. And some of the other required R Packages are listed below.

Westpac :

Summary Insights

We extracted summary count of posts for each of these banks and compared their post counts each month.  It is interesting to note that most of the big Australian banks has lowered the number of posts over the years.

summary post counts

If compared  median monthly post counts for each of these banks and understand Year on Year changes in digital engagement (if post count is considered as one of the measures of digital engagement).

Monthly Median Posts

3 of top 4 banks have reduced number of posts each month over the period (2014 vs 2013).  Though, there is a great level of focus and agreement that digital engagement is a way forward, but Facebook posts does not seem to be in that direction.

  • Are the banks not considering Facebook as an important social media platform for engaging customers/visitors?
  • Are the banks trying to identifying levers to improve visitor engagement over the posts?
  • Are the posts not resulting into a great level or return on investment? Or not measurement resulting into focus shift?

In the next blog we will focus on whether, the banks have improved level of engagement (e.g. Likes, Comments etc) even if number of posts have gone down. And also we will try to understand factors driving the visitor/customer engagement over Facebook posts along with post message and texts.




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