South African Banks Employ Diverse Social Media Strategies on Facebook

Johannesburg – An analysis by TaranisCo Advisory for October 2024 highlights the varied approaches of South African banks to social media engagement on Facebook. The report reveals significant differences in engagement rates, audience retention, and the effectiveness of content strategies among the top-performing financial institutions.

Key Findings from the Analysis

• Absa: Achieved a Page Performance Index (PPI) of 9.0%, the second-highest among the banks, with 25,503 total interactions. However, its post-interaction rate of 0.05% indicates the need to refine content quality to resonate better with its audience.

• African Bank: Delivered a strong engagement rate of 0.21%, generating 21,815 interactions. Despite its lower PPI of 4%, African Bank demonstrated the effectiveness of targeted communication strategies over high posting volumes.

• Capitec: Struggled with a PPI of 1.0% and the lowest engagement rate of 0.02%. A decline in followers emphasises the need for a refreshed content strategy to regain audience trust and interest.

• FNB: Led in total engagement, with 74,574 interactions and a solid engagement rate of 0.21%. Despite a PPI of 3%, its consistent and relevant content underscores the value of meaningful audience relationships.

• Standard Bank: Topped the PPI rankings with an impressive 11.0%, achieving 17,226 total interactions. Its strong follower growth and deliberate posting strategy reflect the bank's success in leveraging social media. 

• Nedbank: Maintained steady performance with 10,855 interactions and a PPI of 8.0%. While its engagement rate of 0.07% lags behind the top performers, its consistency in audience outreach remains commendable.

Expert Insights

“This analysis highlights the importance of blending activity with impactful content to drive meaningful engagement,” said Gerrit Davids, Lead Advisor at TaranisCo Advisory. “By prioritising quality communication and audience interaction, South African banks can strengthen their presence on digital platforms.”

Methodology

The Page Performance Index (PPI) is a score between 0-100% and measures key metrics, including follower growth and overall engagement, to evaluate the total social media performance. 

Next Report Release

The full yearly report for 2024 will be published in early 2025. Current metrics and detailed analyses are available upon request from TaranisCo Advisory or via their website: www.taranis.co.za.

Press Release Submitted By

Company Name: TaranisCo Advisory CCContact Person: Gerrit DavidsContact Email: This email address is being protected from spambots. You need JavaScript enabled to view it.Contact Number: +27 (0) 82 496 1657

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South African Banks’ Facebook Strategies AnalysedDiscover how South African banks are engaging audiences on Facebook with diverse content strategies.

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