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This report aims provides insight into the Banking Industry in Vietnam. We look into people's preferences into their customer experience; using either traditional or digital banks, we deep dive into the topics driving social conversations about the banking industry, and the top mentioned brands related to the banking industry in Vietnam.

We have explored the latest trends and unpacked the current situation faced by the digital banking industry in Vietnam.

Complete the form below to download the whitepaper and read more.

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A look into the changing consumption of news, and believability

It’s not a new statement to say we’ve shifted the way we consume or engage with news. However, it’s often forgotten that this shift isn’t occurring at a ‘moment in time’, it continues. While whether we click, scroll or turn a page, how we choose to consume our media is also more interesting when considering how this changes the behaviors or trust surrounding this activity.

‘When we are no longer able to change a situation- we are challenged to change ourselves ‘– Viktor E. Frankl

Much like the saying ‘you are what you read’, is our chosen method of consumption a reflection of our identity and which does our level trust in what we read, depend on the format.

While it may be easy to image an older generation still pouring over the news within a double page spread, every generation is playing its part in this shift. Looking at Australia specifically, the younger generation is still driving the most change but is this perhaps only a result of never relying on ‘one’ channel for news.

We look into how the landscape has changed, and what else can be unearthed.

Key findings in the shift of the media landscape   

• The growth of stories format and the shift to online videos, audios, images and live streams
• Digital rival’s TV for news consumption
• Social media has replaced ‘serious news’ with the trending, the viral and the buzzworthy
• The news cycle is now 24/7
• There has been a significant increase in fake news and a shift in the amount of trust people have in news
• Australians get their news from the following sources:

• Facebook 41%
• FB Messenger 11%
• WhatsApp 10%
• Instagram 9%
• Snapchat 5%
• 6 out of 10 New Zealanders read news content online and audiences spend almost 3 hours per watching broadcast TV

Trending news

With unlimited access to news and a 24/7 news cycle, people have to find a way to process the information. News happens instantaneously now and what happens today is often forgotten tomorrow.  In the world of social media, most scroll through their newsfeed and only stop to look at topics and buzzworthy or trending stories that are relevant to their current situation. Not only that, watching short video clips that provide main headlines and brief conclusions are on the rise.

Fake news

A recent study conducted by the News and Media Research Centre revealed that 73% of Australian news consumers have experience a range of fake news including:

• Poor journalism (40%).
• Politically or commercially fabricated news (25%)
• Stories pushing a political agenda (38%);
• Advertorial (33%);
• Satire (25%); and
• The use of the term ‘fake news’ to discredit the media (37%)

Those who mainly use online news as their news source were more susceptible to encountering fake news compared to print and TV and as a result, their trust in the news has diminished.

The number of stories labelled ‘fake news’ seems to be increasing almost as quickly as our concern about it. The term has been used for everything from hoaxes and satire, to contentious articles, and genuinely false information. After a data search was conducted for the number of fake news mentions across broadcast, press and online across ANZ, it was discovered Australia had a significantly higher mention rate over a 6-month period in comparison to New Zealand especially across broadcast. Over November, December and January we saw a large spike in fake news mentions across the ANZ region, especially across online - this could be as a result of Facebook being in the spotlight around fake news stories on their platform and several inquests happening during this time.

With this data it can be assumed that with so much fake news being reported, our trust in news will be affected.

Trust in news

'Trust in the news is up — but there's still only a 50-50 chance you'll trust me on that', ABC News Online

The trust in news on social media remains low however trust is highest in established news brands, public broadcasters and print newspapers. Consumers seek quality, credibility and reputation when seeking out the news and albeit its use has been declining since 2016, television is still the most popular platform for news consumption. Although there is mistrust, consumption of news on social media is very much on the rise and although there has been a steady hold with the decline in traditional formats, it could be considered ‘a new balancing act’ as it becomes the norm for digital news consumption behaviours to coexist alongside more traditional means.

Shift in demographics

A study conducted by Western Sydney University outlines younger Australians are the ones driving change in terms of news consumption and below are some interesting facts from the study:

• YouTube is their preferred social media platform (37 per cent), Facebook (15 per cent) Instagram (10 per cent) and Snapchat (6 per cent)
• They do not trust news organisations and are not reading print newspapers
• They engage with news stories as it makes them feel happy and motivated and knowledgeable
• They think news organisations don’t understand young people’s lives and don’t cover the issues that matter to them.
• Social media is a popular news source, but they are not confident about spotting fake news online

Paywalls

Trust leads to payment for news and those who pay for print newspapers or online news sources are much more likely to trust news than people who don’t pay for it. Australians remain overwhelmingly reluctant to pay for online news as there is so much information readily available for free. But when they do pay, they expect more than just the headlines – with trust in the brand and in-depth news analysis being the primary reasons that they would be willing to pay. Interestingly, although print runs are decreasing, their overall readership is not. The combined print and online readership of newspapers has been growing steadily over the past few years. One of the main reasons for the increased discussions around paywalls are due to businesses having a loss in net profit. As a result of this, businesses are introducing an online paywall, to “win back” their lost net profit. After some analysis, we found mentions around paywall to be increasing month on month in New Zealand as it is becoming more of a topical conversation in the land of the long white cloud. Comparatively, Australia are also discussing paywall however the more prominent conversations were earlier this year (February and March) and have been declining since. Could paywalls and digital subscription services be the future of receiving online content and news?

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I crowd-sourced some opinions on ‘how PR has evolved’ via Facebook before this article was penned, and ‘chaotically’, ‘always-on’, ‘unpredictably’ and ‘intense’ were among some of the top keywords surfaced. Exactly how fast is the news-making cycle today? I’ve experienced it first-hand a couple of weeks ago.

9am, on my way to work, I posted on my Facebook page about a new flat fare option launched by local taxi company ComfortDelGro. 

By 11 am on the same day, three interview requests had arrived via Facebook Messenger from three different publications. By 2 pm, all interviews were completed on WhatsApp and my name appeared in the papers on the very next day. The whole event took place in less than 24 hours.

This is a glimpse of how news is made in this day and age. Journalists today are online and on social media; they are following key opinion leaders (KOLs) to get opinions. Gone are the days when they relied solely on press releases and spokesperson soundbites to write news and when public opinion was easier to gauge as people were only accessing a handful of mediums to receive information.

The convergence of digital, social and mobile has added layers of complexity in PR and clearly disrupted the practice, as news today becomes 24×7 and travels across the globe at the speed of the internet. The infamous United Airline incident for example, although happened in Chicago, created an uproar and boycott in China and trended in the top news on Weibo, all because of the power of social media.

The rise of digital and social certainly has benefited PR by creating the direct relationships with people, rather than requiring a media filter. To fully unleash its benefits, the best PR talents should strike the balance between creating content that people actually want to read, listen to or watch, and providing what traditional journalism would consider “news.”

With a good piece of content and story at the core, PR professionals are required to have the ability to navigate an increasingly complex media environment and to embrace the beauty of digital and social to enhance storytelling.

Instead of issuing a formal corporate announcement, why not consider tapping on Facebook Live for product launches and public activations? OCBC Bank recently launched its Stay True campaign via Facebook Live, where the bank’s Head of Consumer Financial Services was put through a lie detector test. The video garnered over 200,000 view to date.

Another example of leveraging digital to innovate traditional PR approach is a revamp of online corporate newsrooms. Dynamic Newsroom is a mash-up of PR, content and digital, which is designed to drive engagement, not simply overload information. It takes the best of everything we know about media relations and hosting content online, to more effectively connect brands with journalists.

Having talked about the benefits and opportunities, I also would like to caution that this trend of digital and social convergence also poses certain threats.

As social media increasingly becomes a main source of news and information and due to the fact that most social media content is user-generated, in order to boost visibility and garner likes and shares, brands and citizen journalists have been noticed to use unethical techniques to make their content exciting or ‘viral’. Such fake news and clickbait headlines are detrimental to brand reputation and consumer trust.

With great power comes great responsibility. The ability to earn credibility becomes even more important in an era of round-the-clock marketing messages. PR is becoming even more important and relevant than ever as the most reliable voice.

Originally published on Digital Marketing Asia 

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The circular economy of Australia’s soft plastics recycling system

You’ve probably heard of REDcycle by now - the initiative started by a passionate mum, providing Australian’s with the opportunity to recycle their soft plastics. Its operation helped reduce the amount of landfill in Australia and its sudden halt in operation sent the community into a frenzy.

The pause in the popular REDcycle program presented an opportunity to rethink the model for soft plastics recycling in Australia and find end markets for recycled package content. It also prompted Australians to rethink the way they consume products, rather than just the way they recycle them.

Social media conversations show Australians continue to encourage retailers and large corporations to use their influential power to create impactful change. These conversations are heightened where regression (or progression) is made towards sustainability.

Soft plastic recycling to the kerb

The collection of coverage

As people learned the news about REDcycle, there was heightened concern about how soft plastics were going to be recycled. With over 12,000 mainstream media items about REDcycle or soft plastic recycling, it supports the idea that Australia’s broken plastic recycling system is distressing for many and more needs to be done. 

The halt in operation brought on more concern for the environment and ignited feelings of anger and distrust after thousands of tonnes of plastic had been stockpiled instead of being recycled.

Media coverage across different channels (social media, search, broadcast and print) shows spikes of coverage on the same days (9 November, 7 February, 27 February) but at varying levels;

• 9 November - REDcycle announced it would pause its operations indefinitely. This shock announcement caused an influx of conversations on social media platforms which then caused people to search ‘where to recycle soft plastics’.
• 7 February -  additional stockpiles of plastic were discovered in warehouses. People felt disappointed and let down by REDcycle.
• 23 February - supermarket giants announced they would take responsibility for the 12,400 tonnes of soft plastic stored by REDcycle in warehouses around the country, ahead of REDcycle declaring their insolvency. This announcement gained more chatter across social media in comparison to other channels. 

Conversations on Twitter represent social media as the preferred option for users in comparison to broadcast, print and search.

Closing the loop

As political leaders have the power to influence their supporters on sustainability development, sustainability advocates are pushing Australian leaders to accelerate plastic waste regulations. 

Conversations on Reddit rapidly grew on 9 November - the day the REDcycle program paused. Overall sentiment was anger and sadness with many expressing their feelings of disappointment after learning their donated soft plastics were not ending up where promised. Others felt frustrated or angry towards large organisations who were not holding up their end of the deal, especially after taking the time to correctly separate their recyclable waste. 

At 40%, political enthusiasts far outweigh any other active community on social media and forums. Their ‘passion’ for Australia can be overshadowed, as they share their beliefs towards the government - ranging from incompetence to over governing. Generation Z are true digital natives and make up 22% of active online communities. This cohort is motivated to make more sustainable choices, if it means it will benefit the environment for the long term.

Supermarkets to the rescue

The REDcycle program illustrated the complexity of soft plastics recycling and the need to build robust systems to close the loop on this common household waste. For years there have been stockpiling issues, dumping, toxic fires and lax regulations, making it challenging to operate.

Australia’s largest supermarkets continue to work towards reducing unnecessary plastics in their stores, and support the development of circular economies through the use of recycled material. 

Supermarket chains have moved quickly to find an alternative solution, teaming up with the National Plastics Recycling Scheme (NPRS) with financing from the Federal Government and top food and grocery producers to establish the Roadmap to Restart Taskforce.

23 February 2023, supermarket giants announced the return of soft plastics recycling by late 2023, despite the lack of recyclers. This announcement generated 6 x the amount of ‘supermarket’ Twitter mentions compared to 1 Nov 2022.

Although it’s a promising development, announcements like these are what drive the conversations and force change. This rings true as sustainability advocates push for more substantial action to address soft plastic waste in Australia.

Large organisations are being challenged to rethink how they package their products and how they can be more sustainable, what about the government?

A RED hot go

Minister for Environment and Water, Tanya Plibersek, has been vocal in her response to the soft plastics recycling crisis. Initially, the program's failure was met with calls for urgent action with Ms Plibersek weighing in on the news, saying it was “really concerning” and put the pressure on major supermarkets to come up with an alternative recycling program.

Although it is acknowledged that the government plays a role, it has been made clear the responsibility also lies with manufacturers and packagers.

State and Federal Ministers are actively sharing their opinions and policies online in an effort to make change faster and positively influence their audience. Victorian Premier, Dan Andrews and the Victorian Government are leading the way, banning the selling and supply of single-use plastics in the state.

Commonwealth, State and Territory governments have jointly invested considerable funds into developing local capabilities to recover the challenging recycling stream and have committed to turning around Australia’s lack of progress on its recycling targets, setting new targets for 2025.

Adding another interesting layer of insights on social media from our sister company Pulsar, is that reddit is playing a major role in disseminating sentiment surrounding the REDcycle program. The below chart shows the most recurring keywords grouped by channel. The larger the tile, the more times the topic has appeared in that channel. Conversations involving scientists were notable and finding a solution to plastic pollution was a key narrative.

The way forward

Conversations through online forums show Australians deeply care about sustainability, stating that ‘unless it can be recycled, it shouldn’t be produced.’

Social media platforms are especially fueled by sustainability advocates who need to share a broader awareness of recycling initiatives and earn potential audiences - conversations are widespread and emotions are elevated. Whereas broadcast and print channels are sharing the facts and the need to know information, directing audiences to use the information they have and to search where they can take their soft plastics. In addition to sustainability advocates, everyday Australians are learning how to pivot, seeking out support and ideas from fellow supporters on Twitter and other social media platforms.

If organisations can work together and policymakers can set clear legislative frameworks, it’s possible to implement necessary changes in both manufacturer and consumer behaviour to create a thriving circular plastics economy. 

The pause of REDcycle is certainly on its way to being a good thing for the environment.

If you would like to learn more about discovering how media intelligence can lead to insights across environmental issues or the active communities leading the conversations using audience intelligence, get in touch with us today.

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