Banks struggle in Facebook participation
The banking industry's Facebook engagement rate fell substantially when compared to the July quarter, dropping from the most engaging industry in the previous report to one of the least engaging, the Australian Facebook Performance Report stated.
The Commonwealth Bank held on to the top position in the Facebook fan base rankings (226,948 fans), adding an average of 695 fans. Despite this, the figure is in the stark contrast to the 33,000 fans it added in the three months to the end of July.
"Having run a promotion during the last reporting period, this reduction indicates that they are one of the most efficient and effective ways to build communities and engagement," the report stated.
Similarly, National Australia Bank (NAB) came in second in the rankings with a total of 77,728 fans, experiencing growth of 12.6 per cent compared to the 175.2 per cent growth it achieved in the last report.
Despite this, NAB was able to engage 5,745 in 'talking about' the company, the greatest number of individuals across the 20 financial institutions in the report.
"The most engaging post for the entire period was the announcement of a standard variable rate cut on home loans which NAB announced at the start of the month in line with the Reserve Bank guidance," the report found.
The Bank of Melbourne returned to third position in this month's report, posting an engagement rate of only 0.8 per cent.
Recommended for you
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
