GCC banks need to embrace social media | Corporate Finance

A new report has urged the GCC banking industry to become more interactive with customers through social media.

The Social Media and its impact on the GCC Banking Sector report was launched by Orient Planet Research (OPR) and recommends that the region’s banking and financial institutions should not ignore the widespread consumer adoption and the potential power of today’s social media. It suggests that GCC banks should look beyond social media as a simple marketing tool but rather see it as an essential factor in the move to develop relevant actionable insights and gain real value from consumer interaction. 

The report covers the major trends and challenges facing the online market and financial institutions’ adoption of digital tools to engage customers across the region. OPR has identified 15 of the GCC region’s leading banks and their respective standings across various social media channels. Banks named in the study include Qatar National Bank, National Commercial Bank, National Bank of Abu Dhabi, Emirates NBD, Al Rajhi Banking Corporation, National Bank of Kuwait, Kuwait Finance House, Samba Financial Group, First Gulf Bank, Riyad Bank, Abu Dhabi Commercial Bank, Banque Saudi Fransi, Saudi British Bank, Arab National Bank and Dubai Islamic Bank.

As of 31 March 2016, the following figures have been determined;

On Facebook, Qatar National Bank leads the list with over 2,080, 833 likes and is followed by Saudi British Bank and Emirates NBD.
On Twitter, National Commercial Bank leads the list with over 618,372 followers and is followed by Al Rahji Banking Corporation and Saudi British Bank.
On LinkedIn, National Bank of Abu Dhabi (NBAD) leads the list with over 134,117 followers and is followed by Dubai Islamic Bank and Emirates NBD.
On Instagram, National Bank of Kuwait leads the list with over 168,308 followers and is followed by Kuwait Finance House and Qatar National Bank.

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Read the April 2016 issue of Business Review Middle East magazine