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Question:

Discuss about the Social Media in NAB.
 
 

Answer:

Overview

The National Australian Bank (NAB) is world famous bank providing services in 10 countries approx the world. It was established in 1858 in Dockland Australia. The bank has around 40,000 employees and 1714 service centers along with its branches. The bank provides its services to 8.3 million banking customers including 2.3 million wealth management customers around the world. It is the most successful bank in the Australia (National Australia Bank, 2017). The use of social media in NAB is described below.

Social media audience

National Australian bank targets the customers on social media based on market segmentation i.e. geographic, demographic and behavioral market.

Demographic Segmentation- Each generation has different outlook, values and needs. Based on the age, the population is divided in to various segments based on similar characteristics. NAB deals in the financial terms so it focuses on the income, occupation and the educational level of the customers. By identifying their needs, NAB displays ads related to banking products on the social media platforms. In present time, the total numbers of fans of NAB on Facebook are 46,887. Along with this, NAB has an average of 29,569 fans having an engagement rate.

Geographic Segmentation– Geographic segmentation is targeting the customers based on the area and location. It is well known that social media has no limited area. Social media uses every public and digital avenue from the various social media platforms i.e. TV and YouTube series. NAB has strong customer base on social media as compared to its other banks. NAB has also followers on Twitter. There are 29,079 followers on the Twitter page of NAB.

Behavioral segmentation-

National Australian bank is the leading bank in the Australia. The bank is also leading in the competition with others in terms of social media having number of followers on its social media platforms. The NAB target the customers based on behavior segmentation including the loyalty response and usage rates. By the Facebook, Twitter, Google Plus and YouTube, NAB is able to promote every product which is suitable to meet the needs of the products. the popularity of NAB can be seen in the figure (Lee, 2011).

 

Figure 1: Comparison of followers

(Source: Lee, 2011)

Social Media Technology

Social media technology is important in current marketing trends to engage the customers with the brand. There are many popular technologies in the social media which are very effective to attract the customers. In case of National Australian Bank, there are many social media technologies used by the bank. Bank is active on facebook, Twitter, Google plus and GitHub (Chiodi, 2016).

Google Plus

NAB uses Google Plus to stay connected with around 5,600 followers. The page of NAB on Google Plus displays various information from budgeting tools to debt consolidation and special offers from the third parties. The Google page of NAB shows and posts the photos of various events and many other innovations such as ‘Bank in the box’ concept which has received 1,75,000 views. Basically, by Google plus, NAB has maintained a social presence among the customers in the banking industry. It is very important to understand the value of business by which bank can provide a brand presence across the social media networks.

Facebook

In the facebook page of National Australian Bank, there are many subscribers who logon on the site and access unlimited information related to the banking services of the bank. The subscribers can easily connect with the bank by tapping on the site and can view the informational updates. The bank updates its facebook page timely with the useful information. Social media has eliminated the face-to-faced banking and inquiry (Yap et al, 2010). By the facebook platform, NAB is able to generate and distribute the valuable and useful information to the customers with no cost. So, Facebook is better marketing tool than other forms of promotional media.

Youtube

NAB is also using Youtube to post the various and digitalized motions and pictures messages to the general public. Along with this, NAB also includes promotional advertisements and management speeches in YouTube to market and promote the banking products. Further, bank provides the facility to the subscribers to follow and like. Youtube pages include facial information and speeches which are informative for the subscribers (Lovelock, Patterson & Wirtz, 2014).

 

Ethics, Privacy and security

In National Australian bank, the bank encouraged the people to make appropriate use social media. According to NAB, customers must act lawfully and be responsible while interacting with others. While using the social media, people must read and comply with the social media guidelines and policies of NAB.

Ethics

The code of conduct of NAB provides the standards of responsibility and ethical conduct that are expected to follow by directors, contractors, employees and consultants. NAB is committed to get sustainable performance and providing value to the shareholders, customers without compromising with the trusted reputation (NAB, 2017).

Privacy

Bank takes proper measures to ensure that it is engaged securely with the customers. There is the privacy policy in the bank including its subsidiaries which include fund management, banking, financing insurance and e-commerce. There is NAB group credit rating policy which covers the additional information. The policy focuses on that information which is gathered by at the time of credit related operations. The policy ensures the safety and security of the customers during use of social media.

Security

The bank works with integrity, fairness and honesty. Along with this, NAB meets the regulatory and legal obligations internal standards and voluntary commitments. There is anti-fraud policy for the internal controls to prevent the fraud activities. Along with this, all the employees are alert to the unusual customers’ activity and follow the correct procedure to prevent the banking operations form the fraud and subsequent risk in the social media. There is security team in bank that measures customers to protect them (NAB. (2017).

 

References

Chiodi, M. (2016). Creating an Effective Social Media Strategy in Financial Services. Retrieved on 8th May 2017 from https://blogs.akamai.com/2016/03/creating-an-effective-social-media-strategy-in-financial-services.html

Lee, J. (2011). CBA, Westpac, ANZ, NAB compete for Facebook fans, Twitter followers. Retrieved on 8th May 2017 from https://www.news.com.au/finance/cba-westpac-anz-nab-compete-for-facebook-fans-twitter-followers/news-story/1446eefa78e7c3642273f5698b6a87d9

Lovelock, C., Patterson, P. G., & Wirtz, J. (2014). Services marketing. Pearson Australia

NAB. (2017). NATIONAL AUSTRALIA BANK LTD CODE OF CONDUCT. Retrieved on 8th May 2017 from https://www.nab.com.au/about-us/corporate-governance/national-australia-bank-limited-code-of-conduct

NAB. (2017). CUSTOMER SECURITY. Retrieved on 8th May 2017 from https://digdeeper.nab.com.au/our-approach/customer-security.html

National Australia bank, (2017). Our values. Retrieved on 8th May 2017 from https://www.nab.com.au/about-us/corporate-responsibility/responsibility-management-of-our-business/high-performing-diverse-and-inclusive-workforce/our-values

Yap, K. B., Wong, D. H., Loh, C., & Bak, R. (2010). Offline and online banking-where to draw the line when building trust in e-banking: International Journal of Bank Marketing. 28(1). 27-46

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