[Report] Top Banks on Social Media for June 2014

Social media performance of banks was analyzed through SSI (Simplify360 Social Index), a unique proprietary methodology aimed in gauging performance of brands on social media. Based on the research done by Simplify360, here are the key highlights.

HDFC Bank has overtaken Yes Bank as the most social bank in India, according to Simplify360, a social media analytics firm which analyzed the performance of banks on social media. The conclusion of IPL could be one of the reason why Yes Bank saw a steep decline in the buzz around the bank on social media. Yes Bank was unable to maintain the level of momentum that they had during the latest edition of IPL. HDFC Bank on the other hand saw an increase in 16% of the buzz compared to previous month.

According to the study, HDFC fared well in most paramaters of the analysis. HDFC Bank scored 80 out of 100 in the Simplify360 Social Index (SSI). SSI is an industry aware score developed by Simplify360 for ranking of various industries. For the analysis and ranking of brands in various industries with SSI, Simplify360 considered three major parameters. The overall buzz of the brands online, their performance on Facebook and on Twitter.

Interestingly, ICICI Bank had high share of earned media compared to other banks. This means that the brand recall for ICICI is much higher compared to others.

The study found that banks do not have integrated focus for the leading social media platforms like Facebook and Twitter. AXIS Bank & ICICI Bank fared the best on Facebook. They have the highest Facebook score of 92 & 90 out of 100 respectively, but they did not do exceptionally well on Twitter. On the other hand, Yes Bank and Kotak Mahindra stood out among other banks on Twitter. But they did not do very well on Facebook. HDFC Bank may be one exception with equal focus on both the platforms.

Lately, there is an increased interest in social media from banks especially from PSU’s like SBI. SBI has doubled their presence on Twitter and Facebook in the last three months.