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Global Banking & Finance Review
Being Human on Social Media to drive real ROI

By Rob Coyne, General Manager EMEA, Hootsuite 

‘Being different’ and ‘taking risks’ are not phrases you would normally associate with established financial services companies. Social media networks like Facebook, Instagram and Twitter were traditionally held at arm’s length by companies in banking and insurance, due in part to the bureaucracy across the sector. However, in an online world and as social channels have exploded in popularity, this has meant that many financial services organisations have been slow to embrace the benefits that come with being socially mature. And the associated impact this has had on customer experience and lead generation cannot be ignored.

For financial services companies wishing to harness the advantages that successful social media management can bring, it means going back to basics and recreating a strategy that works with other existing channels that currently drive revenue for the business. Investing in technology can help with this, as well as assist how the organisation digitally adapts the way it reaches customers at every touchpoint to advance its digital evolution.

Content with a purpose

In our latest Social Media Trends for Financial Services and Insurance report, we found that 53 percent of financial services marketers found posts promoting brand awareness performed the best as a content type on social. However, when asked their top measurement challenge, 58 percent struggle to prove that content “drives revenue.” An organisation’s approach to measurement and tracking results needs to be far more strategic. It’s not about seeing what has worked well, and then proving the return-on-investment (ROI) with ad-hoc data gathering of vanity metrics such as likes and shares. It’s…

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The state of insurance in Nigeria and the route to growth

At the end of last week the 2019 Nigerian Insurance Industry report ‘From the Lagoon to the Ocean’ was released by Coronation Research, a leading research house in Nigeria. The report takes a critical look at Insurance industry, outlining the current state of the industry and the opportunities that exist for growth. To find out more we spoke with Guy Czartoryski,Head of Research at Coronation Merchant Bank.

In your recent report on the Nigerian Insurance sector you talk about the extreme lack of penetration and the three key opportunities you see present for growth.  Cooperation of government and all regulators, Micro-Insurance and education of the market, and finally technology.If we look at the first area of cooperation of government and all regulators (insurance, telecom, banking). Why is this key? Why not just leave it all up to the insurance regulators?

To begin with, consider that the National Insurance Commission (NAICOM) has a difficult job. Imagine a situation where you are regulating 59 insurance and reinsurance companies. Some of these companies do not have much capital, some are making losses, others might not comply with regulations.

Most of the time NAICOM is, in all probability, looking after the difficult cases and resolving them. It is therefore spending disproportionate effort on the weakest companies. In such a situation you need to ask how to fix the problem in a strategic way. And the answer…

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