HD BankingLatinAmerica Generic

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INDUSTRY

OVERVIEW:BANKINGIN LATINAMERICAan Online PersPective

Havas Digital Insight, May 2011
http://www.havasdigital.com/


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BANKING IN LATIN AMERICA

2011 Havas Digital

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AndreA IsAAcStrategic Planning Regional EectiveHavas Media [email protected]

rIcArdO reIs

Regional Manager

Havas Digital [email protected]

PIerO POlIVP New Bsiness and StrategyHavas [email protected]

MArK eGAnSVP, Global Director New BsinessHavas [email protected]

FernAndO MOnederO OrejAnAManaging DirectorHavas Digital [email protected]

leAd cOntrIbutOrs
mailto:[email protected]:[email protected]


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1. ei mma ..... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .. 4

2. Mak aap ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 7

3. compii aap .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 8

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

LATAM banking brands .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Major regional players: LATAM .. ... ... ... .. ... ... ... .. ... ... ... .. ... ... ... .. ... ... 10

4. com a igia aap .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .12

The LATAM digital consmer overview ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .12

Selected LATAM online contry snapshot .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .13

The LATAM online consmer: retail banking .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 14

Retail banking segmentation LATAM .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .15

5. com : ai akig . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 17Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17

Trst. . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . .18

Transparency and openess, ethics and sstainability ..........................19

Trst via ethics and sstainability: LATAM eamples ..........................20

Trst via ethics and sstainability: global eamples . .. .. .. .. .. .. .. .. .. .. .. .. .. 21

Trst via simplicity .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

Trst via eeling small again ... .. ... ... ... .. ... ... ... .. ... ... ... .. ... ... ... .. ... ... .23

Financial management via social spaces online .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 246. Mia oiw ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .27

Driving digital media sccess in retail banking .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .28

Strategic se o digital media in retail banking .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .29

7. coio ......................................................................30

8. ro a gg aig .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .31

9. coa ai ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ..32

cOntents


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The banking sector in LATAM has eperienced mch othe global pheaval seen in the rest o the world over thelast cople o years. With sch change, comes opportnityor brands which are brave in nderstanding the consmerchanges this pheaval brings and capitalising on themthrogh 2011 and beyond.

The media landscape or retail banking in LATAM is seeing a larger role that digital chan-nels are playing or consmers. While overall levels o online activity in retail bankingis not as high, when compared to Erope and North America, there is a sizeable andgrowing poplation o consmers who are increasingly sing digital channels to drivepreerence and maintain loyalty.

Digital channels are here to stay and will play a growing level o importance or brandsin this sector in the coming years. The reality is ew are trly capitalising on the benetso digital, preerring ad hoc and point-in-time campaign activity as opposed to drivingongoing brand engagement via more consistent commnication.

Similarly, integration between channels mst be improved or the tre benets o digitalcommnication to be realised. The days o separate digital commnications are over.Like brands in more developed markets, retail banks in LATAM mst develop and deliverconsistent, integrated and ongoing digital activity to attract new and retain crrentcstomers.

This insight docment will provide a oiw o h ai akig pa aolAtAM. It will eamine both macro and micro trends across the region relevant to retailbanking and eamine in more detail consmer and media realities to eplore whereopportnities or enhanced digital commnication eists. It will sggest a broad wayorward or brands to approach digital media in retail banking strategically.


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executIve suMMAry 1MARKET

GDP growth o 6% in 2010 and orecast 4.2% in 2011 across LATAM will el increasedmarketing spending within the retail banking sector.

While infation has remained acceptable across LATAM in 2009 and 2010 at approi-mately 6%, recent commodity and el increases, i contined, may lead to consmernwillingness to save. Interest rate rises will need to be looked at carelly as while risesare an incentive to save, they place downward pressre on overall economic activity.

COMPETITION

Increasing regional and international competition will orce all players to increase e-ciency in media spending. Pan-Regional bys o media will oer a clear advantage asmaintaining Share o Voice (SOV) will become diclt.

CONSuMER

With only 48% o LATAM cstomer holding bank acconts, the possibilities or cstomeracqisition as the economy grows mst be capitalised on. Media can be sed to reinstatelong lost trst in nancial instittions and ltimately increase a banks cstomer base.

Trst, eroded greatly since the nancial crisis, is being rebilt. Any commnication strategymst deeply nderstand how to rebild trst with consmers or it to be sccessl.

MEDIA

There is severe nderinvestment in digital across the retail banking sector in LATAM,highlighting a key opportnity or brands to take the lead throgh increased and appro-priate investment across digital channels.

As digital channels become more endemic, traditional digital channels like search anddisplay mst be developed strategically to encompass both continity and campaignspecic activity. Social and mobile channels in particlar will be key channels to bildloyalty and consideration in the coming years, while serving as a hook to provide service

to the large nbanked poplation. Beginning and integrating activities via mobile anddigital today is paramont or brands not to be let behind.


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SuMMARY

Mak ai

The last three years have seen monmental pheaval within the banking sector globally.Besides the relative stability o the Astralian banking system, ew regions were sparedsome level o economic and social adjstment which came rom the crisis o 2008. LATAM,while initially cshioned rom direct eects compared to Eropean and uS nancial instit-tions, has over the last year and a hal seen downstream eects de to globally decreasedcapital fows and decreases in aggregate global demand which are now bottoming ot.GDP growth o 6% in 2010 and orecast 4.2% in 2011 will see robst recovery in the regionwhich is likely to el increased media activity by retail nancial services companies.

A year ago, infationary pressres, in a recovering economy may have been epected,however these have become a more noticeable actor to think abot in Q1 2011. Infationincreasing at above IMF orecasts o 5.8% or the region in 2011 may be likely. This maycase a disincentive to save. Conterbalancing infation with interest rates in a recovering

global economy however is not overly desirable. The interplay o both these actors willneed to be looked at carelly in the coming year.

compii ai

LATAM is one o the key competitive regions or nancial services and retail bankingglobally. Increased domestic and international competition over the last decade hascontribted to increased media spend in the sector and this is only likely to increase. Withincreased spend comes the risk o decreasing media eectiveness as SOV is lessened. Tomaintain media eectiveness in an increasingly competitive market, digital is a key areaor investment as, in general, digital channels have seen nderinvestment within retail

banking across the region. There is competitive advantage to be gained throgh strategicinvestment in digital which shold not be overlooked.

INNOVATION

Socially driven nancial spaces online oer a range o commnication benets or retailbanking brands. A leading trend in North America, opportnities or partnerships/devel-opment o these in LATAM are encoraged. Pan-regional media oers wide opportni-ties to establish these partnerships.

Eective Smmary

There is a real opportnity ora competitive lead to be capitalised

by brands in the sector via digital.The qestion is,who will take the lead?


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com a igia ai

With only 48% o LATAM consmers having bank acconts, there is a real opportnityor cstomer acqisition related marketing activities to be ndertaken. With an increas-ingly digitised LATAM consmer (the LATAM online consmer is one o the most qicklyevolving globally with online ser growth between 2000 2009 being 883%) opportnitiesor cstomer acqisition via digital are clear.

The LATAM banking cstomer will reqire its instittions to continally rebild trst romthe allot o the global nancial crisis. While the LATAM banking sector is more accs-tomed to sch variability, cstomers are more empowered and have more choice viaincreasing international competition to switch, thereore trst via transparency, openness,ethics and simplicity is paramont to ensre cstomer loyalty in the years ahead.

Mia ai

There is clear evidence to show that digital is being largely nderinvested across LATAM inthe retail banking sector. Most brands are weighting their media spend to be 95% towardstraditional channels while digital is receiving barely 4% o overall investment. This presentsa real opportnity or a brand to take the digital lead. An important rst step is to developcontinity and tactical campaigns throghot the year or display and search. Integratingsocial, mobile, aliate and email activities will help to consolidate this approach.

Eective Smmary


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Wo Go domi Po (GDP) contracted 2% in 2009, as the eects o the globalnancial crisis worked its way deeply into the ndamentals o the global economy. Whilelately, many o the worlds markets are recovering, and global market capitalization hasgrown to uS$47.9 trillion in 2009 rom uS$32.6 trillion in 2008 (p nearly 47%) the globaleconomic recovery remains nascent. World GDP growth is likely to be positive in 2011

and is epected to be led by the Asia-Pacic eclding Japan.The LATAM and Caribbean region is recovering rom the crisis somewhat aster thanpreviosly anticipated driven by a strong rebond in private consmption. Investmentcollapsed at the peak o the crisis, bt is epected to accelerate in the coming periods.Higher rates o growth are epected rom commodity eporting contries, o which Braziland Chile in particlar are two in LATAM.

The LATAM and Caribbean economies closed the 2010 year achieving growth o 6%ater a contraction o 1.9% in 2009. Contercyclical measres introdced by domesticgovernments and an improving international economy are driving this reslt.

At the national level, Paragay leads regional growth with 9.7 percent, ollowed by

urgay with 9 percent, Per with 8.6 percent, Argentina with 8.4 percent, Brazil with 7.7percent, and Chile and Meico, both with growth o 5.3 percent.

This is a strong reslt, however given the international economic ncertainties stillpresent, growth is orecast to drop across the region to 4.2% in 2011.

Domestic credit to the private sector is trning arond in LATAM as well. Credit growthhas been strongest in Brazil, spported by boyant lending rom pblic instittions. InMeico, pblic banks have also stepped p activities, bt rom a mch lower base.

MArKet lAndscAPe 2

lac: cobuo GDP Gowh 1/ Source: IMF, 2010

(Quarterly percent change, seasonally adjusted at annual rate; GDP-PPP-weight averages)1/ includes: Argentina, Brazil, Chile, Colombia, Dominican Republic, Ecuador, Mexico, Peru and Venezuela.

1616

1212

88

44

00

-4-4

-8-8

-12-12

-16-16Imports

Eports

Investment

Pblic consmption

Private consmption

GDP growth

-20-20

-24-24-28-28

2006 2007 2008 2009


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OVERVIEWEconomist Intelligence and MasterCard research rom Q4 2008 showed the LATAMbanking indstry, especially retail banking, wi i iaig ompiio as theregion becomes a greater engine or global economic growth and levels o wealth in theregion increase.

The major ndings rom the research were:

1. lAtAM i iaig impoa o ogaiaio goaiaio agi.Respondents in the research epect a greater share o banking revene will comerom LATAM in the medim term.

2. compiio o aa om i lAtAM i oa o ii.Meanwhile, nancial services in the region are still relatively nderdeveloped andorganisations are in a position to enhance their portolio o nancial prodcts.

3.bazi i h mo aai mak i h gio. Brazil is clearly identied asthe avorite investment destination by srvey respondents (71%), ollowed byMeico (43%) and Argentina (38%).

4. compiio i ai akig wi ia h mo. According to srveyrespondents, more than one-qarter (27%) epect the greatest increase in competi-tion in retail banking, compared with 17% in investment banking, 15% in corporatebanking and 12% in consmer nance and cards.

Since this report, many o the major ndings have been playing ot. Competition rominternational banks has increased. Mergers have taken place and domestic competition

has also increased. Mch o this has elled by contined LATAM economic growth andthe relatively positive position which key LATAM markets emerged rom ater the nan-cial crisis o 2008.

As competition in the market intensies, media spend needs to be increased and mediaeciencies need to be realised to ensre SOV is maintained. Digital channels can helpdrive these eciencies, and will ndobtedly see increased investment by incmbent andnew players in the market.

Brands will need to closely monitor and improve their communicationeffectiveness and level o online media spend to ensre they are not

let behind and are maintaining competitive levels o SOV and Shareo Investment (SOI).

cOMPetItIve lAndscAPe 3


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LATAM BANKING BRANDSThere are several regional and international banks across LATAM, several o which aresome o the largest banks internationally as well. A strong presence rom internationalbrands is nsrprising, given the market potential in LATAM, we are also seeing anincreasingly strong role being played by local banks.

BankHSBCBank o AmericaSantanderWells FargoCitiBNP ParibasGoldman SachsChaseBradescoBarclaysAmerican EpressICBCChina Constrction BankJP MorganSberbankSociete Generale

BBVADetsche BankBank o ChinaCredit SisseunicredituBSMorgan StanleyStandard ChatteredBanco Ita

200813482796421151618135621

171523103412222454

200912437817101214659112620

191816133115252422

2010123456789

10111213141516

171819202122232425

Di==+++++++++

+=++=

Key LATAM players Key local players

Competitive landscape

Source: The Banker, 2010

In a list rom the Banker(2010) o the top 25 banksglobally, 4 o the Top25 banks globally wereSpanish or LATAM banks.


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BANKING IN LATIN AMERICACompetitive landscape

MAJOR REGIONAL PLAYERS: LATAM

While approimately 60% o the BBVAs loans are in Spain,the company has a og p across LATAM. In2010, LATAM acconted or hal o the grops earnings.

The brand eists in 12 LATAM markets throgh the ollowingsbsidiaries, BBVA Bancomer in Meico; Banco Bilbao

Vizcaya Argentaria and BBVA Banco Francs in Argentina. Italso eists as the stand alone brand, BBVA, in other markets.

BBVA engages in retail banking, asset management, privatebanking, and wholesale banking bsinesses in Spain andinternationally. BBVA believes it ollows an ioaimaagm mo as it ocses on the cstomer and alsoconsiders broader societal concerns.

lAtAM oag

MeicoBrazil

ArgentinaBoliviaColombiaChilePerPanamaParagay

VenezelauragayPerto Rico

Market Vale Sep10: 50,681.0 ($M USD)

Source: The Banker 2010, Company Website, Wikipedia

The Santander Grop is h oh ag ak i h woby prots and eighth by stock market capitalization.

Santander is one o the most highly valed brands i hfa o (third in the world according to the consltantBrand Finance).

The Santander brand sees itsel as representing the vales odynamism, strength, innovation, leadership, commercial ocus

and proessional ethics.

lAtAM oag

MeicoBrazil

ArgentinaColombiaChilePeruragayPerto Rico

Market Vale Sep10:104,666.6 ($M USD)



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BANKING IN LATIN AMERICACompetitive landscape

HSBC is o o h ag akig a faia iogaizaio i h wo. HSBC provides a comprehensiverange o nancial services: personal nancial services;commercial banking; corporate, investment banking etc.

Messaging ocses arond the long rnning campaign oThe worlds local bank.

HSBC was awarded Best Global Consmer Internet Bank

in 2009 by Global Finance Magazine.

lAtAM oag

MeicoBrazilArgentinaColombiaChilePeruragayParagay



Scotiabank is caaa mo iaioa ak.

Today, Scotiabank Grop and its aliates oer a diverse

range o prodcts and services, inclding personal,commercial, corporate and investment banking.

Magig o soiaak i o a a a ompio.Crrently, they are rnning messaging arond the conceptoSaving.

lAtAM oag

Chile

ColombiaCosta RicaGatemalaMeicoPerEl SalvadorPanama

Venezela

Market Vale Sep10:55,581.8 ($M USD)


With a presence in mo ha 100 oi, Citibankprovides a wide array o retail and commercial banking,lending and investment prodcts.

Messaging ocses on the ollowing pillars:Access, Control, Convenience, Security.

In 2009, it was awarded Best Corporate and InstittionalBank in LATAM by Global Finance magazine.

lAtAM oag

MeicoBrazilArgentinaColombiaPer

Venezela




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THE LATAM DIGITAL CONSuMER OVERVIEWAs has been evidenced in the rest o the developed internet world, LATAMs increasedpenetration o broadband, copled with a longer time spent online is bilding trst andamiliarity with online channels. This is translating into consmers ndertaking a widerrange o online activities.

The LATAM online consmer is still one o the most qickly evolving globally with onlineser growth between 2000 2009 being 883%, compared to 354% or the rest o theworld. On average, 48% o LATAM consmers access the internet daily, ndertaking arange o internet related tasks (browsing, chatting, blogging, social etc).

Online se will only increase as rates o broadband penetration and mobile becomemore widespread. Mobile se and broadband penetration are orecast to grow to 110%and 43% respectively by 2014.

As consmers become more internet savvy, they also move rom simple inormationgathering activities to more comple activities inclding active contribtion (blogging

etc), e-Commerce related activities and nally a broader range o online social activities.This trend is not LATAM specic, it is the general evoltion o online sage patterns thathave been observed globally.

LATAM consmers are also increasing their se o internet channels or inormation, deci-sion making and nctional aspects o their nancial services needs. O a modest base,Argentina, Brazil and Chile all show healthy levels o internet se or banking needs withColombia and Meico not ar behind.

Following trends rom the rest o the globe, the role social media is playing in the day today digital lives o LATAMs online consmers is signicant. Oten, the se o social chan-nels is the highest o all ses o the internet, with search typically the second highest se.Across LATAM, Facebook is qickly establishing itsel as the social network o choice,with the notable eception o Orkt as the primary social destination in Brazil.

Following is an overview o key LATAM contries and a snapshot o their online popla-

tion. It is clear that the tipping points or digital across all these markets has well and trlybeen reached or is rapidly approaching.

cOnsuMer AnddIGItAl lAndscAPe 4

All indicators in LATAM are positive or contined online and mobilegrowth. According to eMarketer estimates (2010) the nmber ointernet sers in LATAM has been consistently increasing at doublethe rate of population growth since early this decade.


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% Online 47%

Online Poplation 20MM

Internet growth in last 5 years 354.3%Use of the internetBanking: 21.7%News: 44.1%Social: 98.8%Search: 88.4%

% Online 50%


Internet growth in last 5 years 40.2%

Use of the internetBanking: 34.8%News: 69.9%Social: 77.7%Search: 91.1%

% Online 38%


Internet growth in last 5 years 193.2%Use of the internetBanking: 30.5%News: 51%Social: 87.3%Search: 82.2%

% Online 27%


Internet growth in last 5 years 105.3%

Use of the internetBanking: 14.7%News: 37.6%Social: 77.6%

Search: 88.5%

% Online 50%


Internet growth in last 5 years 255%

Use of the internetBanking: 24%News: 54.8%Social: 97%

Search: 86.9%

Consmer and digital landscape

SELECTED LATAM ONLINE COuNTRY SNAPSHOT

MxICO

COLOMBIA

CHILE

Top 5 Social Networks:





ARGENTINA

BRAZIL

Source: Statistics compiled rom

comScore 2010, TGI 2010, Nielsen2010 and eMarketer 2010


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BANKING IN LATIN AMERICAConsmer and digital landscape

THE LATAM ONLINE CONSuMER: RETAIL BANKINGLATAM is the #1 region worldwide in search, and Colombia is the #1 contry with 183monthly searches per capita vs. 104 or the global average. Search or general inorma-tion, se o Social Media and news consmption rond o to be the highest activitiesonline.

It is evident that search and social media present clear opportnities in the retail bankingsector. In or view, there is a lack o testing and learning especially with social mediaacross LATAM and especially within the banking sector. This presents a ew isses movingorward. Primarily low or noneistent levels o activities in social spaces, where 82% oLATAMs are and spend 49% o their time online, will present competitive isses movingorwards as more innovative brands bild traction.

Banking related online activities are gaining critical massand will ndobtedly grow in the coming years. Brazil,Chile and Argentina are notable in their se o the internetor banking and nancial services. There is a still a clearbias towards sing the internet in this sector or inormationsearch, however the penetration and se o more advanced

activities (internet banking, personal nance managementand to a mch lower degree trading) is there. This is animportant trend to take note o and actor into any orwardthinking commnications strategy, planning and bying.

coum u o o o d

use banking+ nance sites

use online banking

Manages personalnances online

use online toassist in nancialdecision making

26.9%

14.7%

4.4%

4.4%

46%

34.8%

10.1%

9.6%

33.9%

21.7%

5.7%

5.6%

37.1%

24%

8.8%

3.8%

41.8%

30.5%

11.4%

4.7%

MxICO COLOMBIA CHILE ARGENTINA BRAZIL

Source: TGI Latina wave I 2010 wave II 2009


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RETAIL BANKING SEGMENTATION LATAMAccording to McKinsey and the World Bank, LATAM has the highest aggregate n-bankedpoplation worldwide, with 250 million consmers crrently not sing retail bankingservices. This is both a challenge and an opportnity or banks. The challenge is howto make many o these cstomers protable, as a large proportion o them are in rralareas or rom lower socio-economic classes. An additional challenge is that many o thesecstomers have inherent mis-trst o retail banks. The opportnity is o corse briningthese nbanked on board as cstomers, especially throgh targeting those which aremoving p economically as the general level o individal wealth in the region increases.

So what wold a sensible segmentation look like across the banking sector to begintargeting potential or crrent cstomers? As with any sector, banking and nance segmen-tation can take varios orms. Broadly, we see two main approaches to segmenting poten-tial and tre cstomers within retail banking which are especially important de to thetechnology that can be sed to make digital channels more ecient.

Liestyle and protability segmentation prove a sel and relevant way to look at bothprospective and crrent retail banking cstomers across LATAM. Given LATAM has only48% o its poplation who are bank accont holders, an opportnity eists in lower socioeconomic percentiles to acqire new cstomers.

1. li gmaio.

This looks at a combination o demographic actors (age, location, edcation, income,amily strctre etc) i.e. What denes them?, and psychographic actors (motiva-tors, lie goals, views on wealth accmlation etc) i.e. What drives them?

Combining liestyle segments is sel especially when looking to target newcstomers. It is also sel when segmenting crrent cstomers particlarly whencondcted alongside protability segmentation.

Cookies, e-mail marketing, and adience targeting make it possible to ecientlyimplement liestyle segmentation across LATAM.

2.Pofaii gmaio.

This segmentation looks at a retail banks cstomer base and analyses the cost o main-taining a cstomer compared to the revene generated rom them. Via this analysis,cstomer segments rom most to least protable can be arrived at and sbseqentlytargeted with the broad aim o increasing protability via increasing the basket oprodcts a cstomer ses rom the bank (i.e. credit card + savings + investments +mortgage etc).

Digitally, it is eective to segment by protability sing retargeting techniqes. Addi-tionally, the channel can be sed to bild cstomer loyalty activating owned databases, incentives and srveys.


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76.6 million bank account holders in LATAM

48% of LATAM population

Socio economic level

48% 52%

Mo mpo o wh ookg o uo:

Cstomer service (49%) Interest rates Additional ees (34%)

lataM r Bkg Bkdow

Top 10%Weight: 144

Net 20%Weight: 124

Net 30%Weight: 99

Last 40%Weight: 75

Image (29%) Special oers (18%)

Past eperience (17%)

Source: TGI Latina wave I 2010 wave II 2009


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OVERVIEWWhile several o the consmer trends witnessed today within the nancial servicesindstry have been accentated becase o the nancial crisis o 2008, many o thesetrends were evident in the years previos. What the nancial crisis has done is acceleratethe importance or nancial services brands to take note o these trends, to rebild trstand adapt their marketing and commnication approaches accordingly.

Broadly, the crisis has led to trst isses with consmers in relation to their nancialservices providers. Where initially the qestion o How do I trst banks again? wasrmly in consmers minds, now this has evolved to the means throgh which trst canbe rebilt.

We see several strategic communication imperativesto help rebild trst. The or most pertinent as:

1. Increasing transparency and openness;

2. Focsing on simplicity;3. Ethics and sstainability messaging and to a lesser etent;4. A ocs on making cstomers and prospective consmers

eel like they have the backing o a large bank with theeeling o a small one.

The role each plays in a broader commnication approach or nancial services brandswill o corse be dependant to the realities o that brand crrently.

cOnsuMer trends:retAIl bAnKInG 5

commuo o gg u

HOW DO I TRuST BANKS AGAIN?

has led to

to help overcome leads consmers to a greater sense o

f m g

&

m

&

CRISIS TRuSTISSuES

can be overcomeand trst rebilt

throgh

CONTROL


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TRuSTMistrst towards nancial instittions has been a long-lasting challenge or the sectoracross LATAM, especially in lower socio economic classes. This level o mistrst has biltp over years o nancial crises and trmoil which have largely characterised the bankingsector in LATAM rom its inception. This isse, althogh heartily elt by the 52% o theLATAM poplation which are not crrently retail banking cstomers, has historically beenless important to those people with bank acconts. However, the nancial crisis o 2008has made the isse o trst relevant to all, leading to a prolonged and accentated crisiso trst.

A Mintel report rom 2009 showed that 66% o adlts had lost trst in nancial servicescompanies. Frther research amongst High Net Worth Individals in LATAM (Capgeminiand Merril Lynch World Wealth Report, 2009), showed that while there was still con-dence with their individal nancial advisors, there was a low degree o condence withnancial markets in general and the reglatory bodies overseeing nancial markets.

This general lack o trst showed itsel dramatically in the collapse o brand vale acrossmajor nancial services brands between 2008 and 2009. This was evidenced by uSD$26billion o vale being wiped rom the combined balance sheets o uSB, Morgan Stanley,Citi, HSBC and America Epress alone.

Trst is a cornerstone o any relationship people have, inclding crrent or prospectivebrand relationships. While seemingly obvios, it shold not be overlooked nor consid-ered as an inevitable otcome or a brand.

Trst needs to be ocsed on in the retail banking sector and strategies pt in place torebild, maintain and continally reinorce it with crrent and prospective consmers.

This was echoed recently by Ale Craddock, Senior Vice-President o Marketing or VISACEMEA when he stated:

In our business, theres no question that trust is the most essential aspect o our brand.

We are asking our customers or the ultimate display o trust: to accept that their VISA

card will work saely, securely and increasingly, with direct access to their money. Whatcould be a greater example o everyday consumer trust?

Source: Business Week, 2009

sh P D Pg Po 2008 cop

-50% -49% -32% -26% -20%

Consmer trends: retail banking


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transperancy & openess, ethics & sustainability

tapa a Op

It has been widely commented that greater transparency and openness within the nan-cial services sector is key in helping to mitigate tre nancial crises. While this will needto be led by reglatory bodies and government, there is a clear opportnity or banks tobegin this process o openness with crrent and prospective cstomers and receive thebenets o doing so.

Given the growth o social spaces,and the transparent conversationsalready occrring with brands online

(inclding nancial service brands)becoming part o this trend is crcial.

Social Media has become the go-tovehicle in LATAM or nancial instit-tions in encoraging are opennessand transparency via online conver-sations. Baname, has been oneo the brave ones to rst open p aFacebook accont were crrent andprospective consmers can interact

with the brand, ask qestions andreceive promotional disconts.

ehi a saiaii

Havas research has shown that 89% o people in LATAM have respect or companieswhich are socially and environmentally responsible. From a commnication standpointa higher degree o respect rom brands draws consmers closer to them with the inevi-table benets o improved consideration, selection and loyalty.

One o the most dedicated nancial services brands to embrace this thinking is the

Co-Operative Grop in the uK via their nancial services brands the Co-Operative Bank,its internet bank Smile, Co-Operative Investments and Co-Operative Asset Manage-ment. The brand lives sstainability and ethics in all its operations.

While not all brands are capable o sch an ingrained ethical approach, there are severaleamples o initiative driven ethical commnications. For instance, JP Morgan Chaserns a highly sccessl Commnity Giving Program initiative via Facebook that distrib-tes million o dollars to non-prot organisations.

I lAtAM, faia iiio ha a o a h poia o aigighm mo o o op o hia haio a aiaii. Baname,or instance, has been a pioneer in the region, in commnicating their commitment

to social cases, by developing specic commnication campaigns solely dedicated toshowing their commitment to environmental cases.



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TRuST VIA ETHICS AND SuSTAINABILITY:

LATAM ExAMPLES

bao Gaiia wa ogi a h moaia ak i Agia. The award wasreceived thanks to the sstainability showedin the way they do bsiness by the The NewEconomy, a pblication rom the uK. Since 2007,Banco Galicia has adhered to several dierentInternational commitments inclding, Principios

de Ecador, Carbon Disclosre Project and theGlobal Pact o the united Nations.

bbvA i Mio ha o aiigo faia aio to their crrent andprospective consmers, sing media to helpposition their brand as one which takes aresponsible and ethical view on their role inensring nancial literacy.

baam ha poi hi ommimo ioma paio hogh hiommiaio, where they have held speciccampaigns to generate awareness o their ocson this case. Most importantly, they have beenable to generate a direct link in their consmersmind between sstainability and their brand.

saa ak hi ommim ooia poiii io, activelyparticipating in varios activities that they havebecome pblic throgh events, PR and a dedi-cated microsite on social responsibility. Activi-ties have inclded Fideicomiso por los Niosde Meico, Todos en Santander, a commit-ment to better the lives o the neediest chil-dren in the contry. Also, they have partneredwith crrent clients throgh ATM campaigns,

were they have heavily promoted the option todonate to the cases they spport.



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TRuST VIA ETHICS AND SuSTAINABILITY:

GLOBAL ExAMPLES

th co-Opai bak in the uK basesits entire positioning on ethical practicesand investment. It has an area o the bankcalled Social Banking which is committedto helping organisations looking to createpositive social change.

Spporting the growing want by consmers tobase their decisions on ethical gronds, mecha-nisms likeyo ehia Mo have gainedincreasing importance in the nancial servicesindstry. This uK based site lets consmerscompare nancial prodcts and brands onethical criteria and assist in decision makingbased on these criteria.

In an eort to mend battered pblic opinion,Goma sa lanched a $500 million socialresponsibility campaign to help 10,000 smallbsinesses across America and create jobs.

While this cold be viewed cynically, the realityis that there will be real social benets to comerom the investment and associated brandbenets or Goldman Sacs.

jP Moga cha, via Facebook is distribtingmore than $5 MM to non-prots. Based on thevotes o Facebook sers, the partnership willdonate the money.

The program is the most sccessl crowdsorced corporate philanthropy campaign everrn in Facebook.



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TRuST VIA SIMPLICITYClosely aligned to rebilding trst throgh transparency and openness is the trend andreqirement or nancial services brands to simpliy their brands or consmers andenable a greater sense o control between consmers and their bank.

Datamonitor research rom 2009 and 2010 showed that 50% o consmers do not knowwhether to invest, or which prodcts to now choose when making investment decisions.A high majority o consmers (70%) claim they wish to manage their nances in moredetail ongoing and 40% are paying mch more attention to banking inormation. Finally,the research showed the most reqent consmer reqest was or simple, actal inor-mation. On average 43% wanted increased inormation to drive a eeling o control over

their nances, as long as it was simple.This creates commnication opportnities or nancial service brands with online beinga key driver to capitalise on this need or simple nancial inormation provision.

Commnication and media strategies or nancial service brands can benet rom thistrend by poiig iomaio across paid, earned and owned media spaces which:

1. Is simple and clear.

2. Enables mltiple toch points or cstomers and prospectivecstomers to sorce inormation and clariy qestions.

3. Transparently works within social spaces to answer qestionsand provide inormation.

4. Develops tools to acilitate answers to qestions across keyconsmer toch points.

tba a ia a om popoiio is abot simplicity in choiceand inormation promoted throgh its slogan Everything Simpler. With thebacking o Bci Corporation, TBanc oers banking 24 hors a day 7 days a week

rom where yo need it. Dierentiating themselves rom traditional banks,instead o branches they oer ll-service banking online made simple.



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TRuST VIA FEELING SMALL AGAINOne nal trend which may provide a commnication opportnity or nancial servicesbrands is the sentiment otoo ig o ai. This term was sed etensively throghotthe nancial crisis to designate the reality o needing to maintain liqidity within thebanking sector, and spport it to ensre banks did not ail as the larger economic andsocial ramications wold be catastrophic. This sentiment has largely not been receivedwell by the general pblic, viewing that banks who acted fagrantly were orgiven andrecapitalised at the ta payers epense.

The commnication opportnity this creates is one o making LARGE banks, eel smallagain. It is easier or banks with a smaller eel to have a hman ace and get closer to the

consmer, again, bilding trst. This is especially important in LATAM, where there is anetensive contrast between domestic and international banks, and where locals have ptot a strong battle.

ca hi i a if ommiaio ag o ak.

The reality o athentically commnicating this positioning is raght with isses as itcalls or a more thorogh eamination o a banks strategy, process, people and tech-nology approaches or it to be genine.

Merely commnicating a small bank eel withot actally delivering cold be poten-tially more harml than benecial.

Datamonitor does see this is a key trend in 2010 and beyond however. The successulbanks o 2010 will be those that eectively remove the stain o too big to ail rom theirbrand image and re-engage the jaded customer. This is easier or smaller, local banks

that can more eectively convey a human ace to the consumer.

These views are also being seen within the sector. Peregrine Banbry, ormer boss oCotts Private Bank stating, Ater the fnancial collapse, people want to know that banksare really, really boring again but trustworthy. They also want to see a bank manager

again, get advice and all those basic things which are sadly lacking in banks today.



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FINANCIAL MANAGEMENTVIA SOCIAL SPACES ONLINEWith online social networks increasingly otgrowing physical networks, the role oearned, or media via social spaces will become increasingly important or nancial serv-ices in LATAM. Across all sectors, this is being driven by two major actors:

1. Mo Pop wih oi A:

+23% i a m gw 09-10

hg xd wdwd caGr +15.4%, kg Mx +29.37%

2. Mo oia oo ig op o aiia haig i spaih a Pog.With increased access and demand, brands have had to adjst to meet consmerpreerences. In LATAM, over 93% o the poplation preer and demand content to bein their local langages; Spanish and Portgese, orcing the availability o tools orsharing in these langages.

At the same time as trst in nancial services is tenos, connection to peers has neverbeen so easy. Social Media has eploded in LATAM, gaining 88% o online sers. In 2011(and beyond) consmers will se the eperiences o their peers in order to evalate theirspending and saving decisions which will increasingly fow into their broader nancialdecisions.

We agree with a Datamonitor observation that as consmers are already sing socialmedia or their nancial needs, they will increasingly nd (or bild) their own tools tomeet these reqirements i they are not oered by the nancial services indstry. Whilethese trends are more obvios in the uS, uK and advanced Eropean markets, LATAMis not ar behind.

Growth in peer driven nancial commnities abonds and will increase with ventrecapital chasing investment in this area, only elling contined growth. These spacesare actively being soght ater by more orward thinking nancial brands who are eitherpartnering with eisting nancial commnities or bilding their own.

Globally, we see this trend becoming a reality. For instance Bndle.com, a collabora-tion between Citi, Microsot and Morningstar, enables people to plan, manage and


Hsbc has this idea at the coreo its commnication worldwideand in Latin America.


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BANKING IN LATIN AMERICAConsmer trends: retail banking

make decisions on all aspects o their nances throgh leveraging nancial tools, epert

inormation and aggregating the nancial decisions o its many thosands o sers.On a simpler level, BBVA Compass in the uS recently became the depository bank orsmartypig.com sers, a commnity to assist people in planning and achieving individalsavings goals.

In LATAM, we are beginning to see these social spaces orm and epect to see more arise.unience is a social investment commnity that allows members access to each other, andmost importantly to each other knowledge. Additionally, it provides or advice, priceqotes and a one-stop site where members can link the sites o the instittions wherethey hold investments, all nder the commnity setting.

The power o this trend, and the importance o it or nancial service brands, is ndeni-

able. As people, in general, are sing their digital tribes as key sorces o inormation(tribes which they oten trst more than brands) nancial services companies mst eec-tively plan these earned spaces into their commnication strategies.

The next stage of the web wont have destinations, it willbe a distributed network of content and people that will getreassembled depending on context and relationships. Theincrease in people interactions on the web will mean that

building and managing communities will be important forresponding to customer suggestions, queries, and complaints.Communities will need to be embedded in consumerexperiences and not built at a new destination.

Paul Adams, Lead User Experience Researcher, Google, July 2010

b is a collaboration between Citi, Microsot and Morningstar.


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bbvA compa recently became the depository bank or smartypig sers.

ui has several partners involved in its creation inclding Reters and Morningstar.



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The last ve years has seen, in some LATAM contries, ip ig gowh i ipaio. While internet penetration rates are typically lower than developed econo-mies, given the large size o many LATAM contries and the propensity or higher socioeconomic classes to be connected rst, the market opportnity in real and dollar termsis signicant.

Given this, it is no srprise that online media spend across LATAM is orecast to growrom $1.7 billion uSD in 2009o $4.2 iio usd i 2014(eMarketer, 2010).

Across the markets and brands investigated,there was broad digital activity amongstretail nancial services brands. Most activityis centered in display and search, with somelimited eamples o mobile, social media andother digital media related activities.

All brands have denite scope to increasespending in digital media to maintaincompetitiveness and SOV. Given the generallylow levels o digital spend across LATAM inthe sector, there is also an opportnity to takea competitive lead.

We see the most relevant digital media inrelation to nancial services and retail bankingin LATAM being: Display, Onlive Video,

SEM, SEO, Social Media, Aliation andPerormance, eCRM and Mobile.

MedIA OvervIeW 6

Note: includes banner ads, search, rich media, video, classifed sponsorships, lead generation and email.Excludes mobile ad spending. Source: eMarketer, June 2010

2009 2010 2011 2012 2013 2014

Spend $1.7 $2.0 $2.5 $3.1 $3.6 $4.2

% change 13.3% 23.1% 21.2% 24.6% 16.2% 16.2%

Ky Pubh s F (lataM)

MSN Money

Yahoo! Finance

CNNEpansion

Administradores.com (BR)

REuTERS

El Economista

El Financiero

Forbes Property

AmbitoWeb

lataM O adg spdg M 2009-2014. Billions uSD and % change

Source: Havas Digital, 2010


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DRIVING DIGITAL MEDIA SuCCESS IN RETAIL BANKINGWith growing online matrity across LATAM, there is clear growth in the eectiveness osing digital channels to drive infence within retail banking. Haa cOnnect aaiacross key LATAM markets has shown that digital channels are high drivers o infence orconsmer choice in retail banking.

unsrprisingly personal and epert recommendation are also highly infential drivers inbrand choice within the sector. Eqally as important are brand websites and online epertopinion. Given this, any retail banking digital strategy shold closely look at search, displayand content strategies within their media mi to ensre they all within the considerationset o a prospective cstomers search.

Regional analysis o three key markets (Argentina, Chile and Meico) shows that eventhogh there is increasing importance o digital within the sector, there is signicantnderinvestment in this channel by all players. On average, or the companies analysed,there was on average only 4% spend dedicated to online. This presents opportnitiesor brands to take a leadership position to drive increased awareness, consideration,cstomers and loyalty.

Media overview

TV 33%

Pay TV 2%Press 35%

Magazines 3%

Otdoor 23%

Internet 4%

Aag

ag o pd by h o Bkg Bd dlataM Mk (Q1, Q2 Argentina, Meico and Chile, 2009)

Source: IBOPE, IAB y Havas Digital estimations

Brand website 71% 74% 71% 70%

Friends and Family 69% NA 74% 68%

Financial Epert Website 68% 74% 71% 67%Epert Reccommendation NA 71% NA 68%

Agia chi coomia Mio

Mo fu h o bkg bd ho lataM (d ou)

Source: Havas Digital, 2010

Maimising eciencies in digital takes a considered approach. Each channel needs towork together over time to bild increasing eciencies and reslts. Pan-Regional media

can clearly play an important role in helping to drive these eciencies or retail bankingbrands. Properly nderstanding each channel and its role is crcial.


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STRATEGIC uSE OF DIGITAL MEDIA IN RETAIL BANKINGGiven the increasing matrity, penetration and role that digital channels are playing orconsmers in LATAM it is crcial that brands within this space look at an integrated andongoing digital media strategy across all major channels.

While display and search are establishing themselves as the cornerstones o any digitalstrategy, eectively integrating aliate, social, mobile and email are recommended todrive awareness, consideration (lead generation), trial and loyalty.

Continity messaging with increased weighting on specic campaignsshold orm the basis odigital media thinking or brands in this sector.

sg appoh d Obj

Maintain presence with continity based campaigns. Flight with speciccampaigns to spport awareness and optimise CTR. Ensre coverage isbetween 50-60% (eective rate or sector). utilise retargeting technologiesto drive eectiveness.

Test and learn with rich media. Eperiment and optimise VDO based

campaigns. Focs on specic banking retail prodct areas and allocatebdgets accordingly. Optimise over medim to long term.

Focs on continity campaigns. Optimise aliates based on CPL. DecreaseCPL over time.

Develop owned social media spaces and encorage ollowers. Developengaging content and share to drive earned media. Learn throgh bzzmonitoring.

Eperiment with mobile display or awareness and perormance. Developtactical and long term mobile properties to bild awareness and loyalty.

use third party lists or acqisition. Optimise based on CPL. use own lists to

drive p sell, cross sell and member get member programs.

Dg ch

dipa

sah

Afia

soia Mia

Moi

emai

Media overview

Dg h ppoh o puh u

DISPLAY (CPM, CPC,CPA, awareness, VDO)

Dierentiate TracPreerence Registrants Ongoing loyalty

AWARENESS ATTITITuE LOYALTYTRIAL / ExPERIENCE

SEARCH (SEO, SEM)

AFFILIATE

SOCIAL MEDIA

MOBILE

EMAIL (3rd party and own)


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In a LATAM retail banking environment where trst needs to be bilt and commnica-tion advantage maintained as competitive orces intensies, h o ha igia paao ima.

Initially simple digital commnication optimisation throgh continity campaignsocsing on search and display are a clear rst step to achieve this. Once overall sophisti-

cation and eciencies in these channels are achieved, where we see a clear opportnityin Pan-Regional media, more advance digital commnication activity can take place todeepen the consmer eperience with the brand and drive loyalty.

Growing penetration o the internet in LATAM and growing compleity in the behaviorso retail banking consmers online bode well or brands that are willing to move mostdecisively. th f, a a.

cOnclusIOn 7


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Globalisation Winds in Latin American Banking Industries(Economist Intelligence unit, 2008)

Global Payments 2011: Winning Ater the Storm(BCG, 2011)

Whats Next or Global Banks(McKinsey Qarterly, 2010)

The Banker(Varios Articles)

World Economic Outlook: Recovery, Risk and Rebalancing

(IMF, 2010)

resOurces AndsuGGested reAdInG 8


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We encorage yo to contact s directly to discss, in more details, any concerns yomay have regarding this Havas Digital Insight isse. W wi happ o ai o.

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OFFICE PHONE +44 (0) 20 7393 9000

FAx +44 (0) 20 7393 2525

COuNTRY MANAGER John McLoghlin


HAvAs dIGItAlTHAILANDADDRESS Jasmine City Bldg, 19th Fl.,

2 Skhmvit 23 Klongtoey_ne, Wattana,

Bangkok 10110 - Thailand.


FAx +66 2 259 9499

COuNTRY MANAGER Sanjeev Salja




HAvAs dIGItAluAE

ADDRESS Dbai Media City, CNN Bilding.

Nmber 2, Oce 511, 5th foor.

PO Bo 21448 Dbai, uAE.


FAx +971 4391 8001

COuNTRY MANAGER Joe Hanon


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