63 Percent Social Customer Service Engagement was led by Complaint Escalation for the Indian Banking Industry

BANGALORE, October 24, 2017 /PRNewswire/ --

According to a research by Simplify360, the social customer service engagement for both private and public banks in India was led by complaint escalations with 63% share of engagement. These escalations were generally call centre and branch related issues. Though public and private banks are slowly making a shift to increase their presence on social media, many customers are still using it as a complaint escalation medium. However, banks have started using social media to communicate with their customers extensively, only in 2017. Currently, only 49% of the banks are actively using Facebook to engage with their customers, while only 24% are using Twitter for the same.

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A thorough research report by Simplify360 was carried out to analyse the sentiment and engagement across 37 public and private sector banks in India. Metrics such as share of voice, engagement rate, activity rate and response time were used to benchmark these banks and make a qualitative analysis of engagement on Twitter and Facebook.

Quantitative benchmarking of these 37 public and private banks show that Private Banks led the share of voice by 59% on social media sites like Facebook and Twitter. In addition to this, unlike among Private Banks, the distribution of SOV is dominated by a single public bank. However, in case of private, it is distributed among many brands. This shows how the adoption of social media is skewed among public banks.

The other very important analysis was the first response time calculation, which considered all the brand engagements on Twitter and Facebook. Response time is an important criterion for measuring the pro-reactiveness of brands towards delivering customer experience on social media. The faster the response time the better the customer experience. However, the research showed that banks in India are still maintaining a response time between 2.5 to 3 hours, which is quite high. The report looks into distribution of the first response time among top banks according to their share of voice.

Download the report to get an idea of how banks are performing on social media. Download here .

About Simplify360  

Simplify360 is one of the leading social customer service platforms. We provide integrated social enterprise solutions for large enterprises across industry verticals like Telecom, Retail, Media, FMCG and Internet companies. The platform is also widely used by digital media agencies for social listening, reporting and engagement.

Media Contact:
Rimjhim Saikia
Social Media Manager

SOURCE Simplify360 India Private Limited

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