Two-thirds of bank branches in the UK have closed in the past 30 years. Customers are choosing mobile apps and businesses are investing heavily in digital. Banks need an online presence to survive and stand a chance of competing with the up-and-coming Challenger Banks that are proving extremely popular with younger crowds.
So, bearing that in mind we thought it was time to release a financial services report looking specifically at trending topics from 2018 that are likely to continue trending throughout 2019, and the banking influencers dominating the conversation. We’ve identified eight key topic areas within the financial sector (Digital Banking, Cyber Security, Innovation, FinTech, Bitcoin, Customer Experience, Blockhain, AI), compared them against 14 retail and Challenger Banks and analyzed brand attention, share of voice, and influencer interactions.
What Does the Report Cover?
Key Insights & Engagement Statistics:
Having analyzed popular topics affecting the industry, we’ve noticed that brands seizing the opportunity to get involved in online conversations are easily able to increase their visibility. The scale of online debate surrounding the key brands becomes apparent when you realize the impact that was made by six of the banks in our analysis. Within FinTech they were involved in just 1% of the debate, posting a total of 5,268 times, when the overall topic drove 484K+ social media posts.
Brand Share of Voice
“Evolve or die” seems to be thrown around quite a lot in modern society in relation to businesses and technology, and you can see why. Domination of a debate topic such as “Innovation” or “Blockchain” can lead to brands owning the conversation and online presence. Ultimately what it really boils down to is brands having better online visibility than their competitors and being at the forefront of topical discussions.
This report would not be complete without the inclusion of at least one influencer list. Lucky for you, we’ve included three. These lists include the top influencers driving conversation around FinTech, Blockchain, and Innovation. We’ve also included 5 micro-influencers to look out for on each topic. Now is a good time to get involved with micro-influencers as they are easier to engage with organically and their popularity is set to grow throughout 2019 due to the strong relationships they have with their followers.
Whilst digital transformation is a current buzzword for Retail Banks going through modernization, Challenger Banks are designed to be digital-first and are already optimized for online user experience. We’ve taken a wider look at brand mentions in relation to popular topics and it’s quite interesting to see where Challenger Banks are already dominating online conversation (*cough* FinTech *cough* Customer Experience).
Network of Banking Influencer Interactions
Network maps give brands a visual insight into their online network, showing more than just first-degree connections. These maps are also useful to see which employees are already connected with influencers that may be of interest. See here our guide on how to connect your employees with influencers.
Why Does the Industry Need This Market Research?
- Increased competition from start-ups entering the market means online presence is more important than ever.
- Advancing technology is causing greater disparity between brands and leading to an “evolve or die” scenario.
- Consumer requirements are changing, and brands must stay on top of this to understand how they can gain and retain their attention.