Social Media are online platforms which allow users to create content, share and interact with content. It relies on the Internet to function. It is not Internet but a subset of it.
Preamble:
The Internet is often regarded as one of humanity’s most transformative inventions. Since its inception, it has driven remarkable advancements across nearly every sector of life—fueling innovation in science, technology, communication, and human development. It has been credited with enabling the exponential growth of global economies and enhancing productivity at unprecedented levels.
However, while many praise the Internet as a catalyst for progress, others express concern about its darker side. The Internet, and more specifically, social media, has introduced new challenges to both personal and professional realms. Social media, a powerful offshoot of the Internet, has had a profound impact on human interaction, corporate structures, and public discourse.
For businesses, both large and small, public and private, social media has been a double-edged sword—acting as both a tool for innovation and an existential threat. On one hand, it has fueled the expansion of corporate reach, enabling profit margins that were previously unimaginable. The growth in productivity, particularly for middle and executive-level professionals, have been astounding.
Yet, alongside these benefits, many professionals have grown increasingly wary of social media’s pervasive influence. Its ability to impact every aspect of life, both corporate and personal, has raised concerns about privacy, security, and the long-term consequences of unchecked digital footprints.
Social media proved itself a force for good during the COVID-19 pandemic. It played a crucial role in facilitating global collaboration among scientists, ultimately leading to the development of vaccines that saved millions of lives. In this sense, social media demonstrated its potential to bring about collective good during a time of global crisis.
The Impact of Social Media on NDIC
For corporations like the Nigerian Deposit Insurance Corporation (NDIC), a regulator and key player in the Nigerian financial and economic system, social media has become an essential tool for carrying out its mandate to protect depositors and monitor financial institutions. However, just as social media supports NDIC’s core mission, it also poses significant risks. If not properly managed, it could undermine the organization’s achievements and public trust.
This makes it imperative for NDIC to develop a comprehensive Social Media Policy—one that provides clear guidelines for staff and external stakeholders. By ensuring management and employees are well-versed in both the opportunities and dangers of social media, NDIC can harness the power of this tool while safeguarding against potential threats.
Tools for Effective Use of Social Media by NDIC
For effective and efficient delivery on its core mandates, there are tools publicly available, which can be customised, for use by NDIC. I am sure the CPAD and Technology department use some, if not most of these tools.
NDIC can track public reactions to its activities, especially during crisis. These tools would also enable NDIC to monitor discussions about it, detect misinformation and the source as well as gauge public sentiments. These tools also facilitate in stakeholder engagement.
The following tools are available for effective Social Media use.
- Social Media Monitoring and Sentiment Analysis;
A) Brandwatch–AI-driven tools for tracking mentions, sentiments, and emerging crisis.
B) Talkwalker–Monitors conversations about NDIC, detects viral discussions and provides trend analysis.
C) Hootsuite Insights (powered by Brandwatch) Helps analyse Social Media sentiments and alerts NDIC to potential PR issues.
D) Meltwater–Provides real-time insights on media coverage, sentiment analysis, and competitor benchmarking.
- Crisis Management and Misinformation Detection: To handle financial crisis and prevent reputational damage, NDIC can use:
A) Dataminr–AI-powered system for detecting breaking news and financial crisis in real-time.
B) ZeroFox–Identifies fake NDIC accounts, phishing scams and fraudulent activities on Social Media.
C) Google Alerts–Sends notifications about NDIC related mentions across the Web.
- Social Media Management and Content Scheduling:
For organised consistent and automated content distribution:
A) Hootsuite–Allows NDIC to schedule posts, monitor engagement, and manage multiple accounts on one dashboard.
B) Buffer–Helps NDIC plan and publish content efficiently across various Social Media platforms.
C) Sprout Social–Offers advanced analytics, scheduling and engagement tracking for NDIC’s Social Media campaigns.
- AI-Powered Chatbots and Public Engagement:
To enhance real-time customer support and automate responses.
A) ChatGPT API–Can be customised to answer common deposit insurance questions 24/7.
B) Drift AI-Driven chatbot for automated yet personalised responses to public inquiries.
C) Live Person–Handles inquiries from depositors and provides real time information.
- Content Creation and Optimization:
A) Canva–Simplifies the creation of infographics, social media visuals and educational content.
B) Lumen 5–AI Powered video creation tool that can turn NDIC’s articles and reports into short explainer videos.
C) Persado–Uses AI to optimise NDIC’s messaging for maximum engagement.
- Data Analytics and Performance Tracking;
To measure campaign effectiveness and public engagement:
A) Google Analytics–Tracks traffic and engagement from Social Media to NDIC’s website.
B) Tableau AI—visualises social media trends and campaign performance for strategic decision making.
C) IBM Watson Analytics: AI–Powered insights for tracking sentiment and engagement over time.
Source: ChatGPT.
Maintaining Public Trust and How Social Media Can Influence Corporate Credibility.
NDIC is a public organisation, a key player in the financial/banking sector. A good reputation and public trust are extensions of each other; basically the same. NDIC’s core mandate is to engender public trust by insuring deposits.
The imperative of public trust derives from its reputation and can almost be likened to the difference between 6 and half-a-dozen. Without a good reputation there will not be public trust.
It, therefore, means that NDIC and all its associated entities are mandated to
ensure public trust in the organisation and by extension the financial sector of Nigeria.
Social Media is a great tool for achieving that mandate. While AI(artificial intelligence) has made so many things that were hitherto impossible possible, it still requires deliberate actions of human beings to use Social Media effectively.
Yes, human beings are needed for NDIC to use the tools that Social Media provides.
The reputation of NDIC staff and the corporation are correlated.
Hence, it behoves the staff to strive to maintain high ethical, moral and professional standards at all times, most especially on Social Media.
Trust in NDIC by the general public assures depositors that they are protected, even in the unfortunate event of a bank failure or closure.
Stakeholders confidence are boosted by NDIC’s reputation.
Banks and financial institutions would have more confidence in a professional credible NDIC, knowing that regulations would be implemented equitably; without discrimination or favouritism. The result is a more robust efficient banking and economic system.
Also, the CBN and even the National Assembly are more likely to be influenced on reforms and policy matters by an NDIC whose reputation is beyond reproach.
Even in times of negative publicity arising from a campaign of calumny, a trusted NDIC would more easily mitigate damage from such publicity and restore investor confidence.
Although NDIC is a Nigerian institution, sometimes in the course of its normal business, it may seek partnerships and collaborations with other international organisations. Its reputation for best practices must be such that will attract international acclaim and respect beyond our borders. It makes for easier operations and impacts positively on Nigeria’s economy as we seek to attract more Foreign Direct Investments. Oftentimes our reputations precede us.
Engaging the Public through Social Media.
Social Media provides an array of opportunities for NDIC to engage with the public. These opportunities will enhance its image, create a feedback mechanism, and help in achieving its mandate.
We shall name a few, even as we hasten to add that these activities can be implemented as ‘stand alones’ or in combination. Depending on need, they are scalable.
1.Educational Campaigns.
Financial Literacy: Share tips, infographics, and videos on financial literacy, such as the importance of saving, understanding deposit insurance, and avoiding fraudulent schemes.
Deposit Insurance Awareness: Educate the public on how deposit insurance works, coverage limits, and the role of NDIC in protecting depositors.
Scam Prevention: Post content on how to identify and avoid financial scams, Ponzi schemes, and unlicensed financial institutions.
- Interactive Q&A Sessions.
Live Sessions: Host live Q&A sessions on platforms like Instagram, Facebook, or Twitter (X) to address public questions about deposit insurance, bank failures, and NDIC’s role.
AMA (Ask Me Anything): Conduct AMA sessions with NDIC executives or experts to build trust and transparency.
- Crisis Communication.
Timely Updates: Use social media to provide real-time updates during bank failures or financial crises, ensuring the public is informed about NDIC’s actions to protect depositors.
Myth Busting: Address misinformation and clarify NDIC’s role during financial disruptions.
- Public Awareness Campaigns.
Hashtag Campaigns: Create and promote hashtags like #SafeSavings or #NDICProtects to raise awareness about deposit insurance.
Collaborations: Partner with influencers, financial experts, or other government agencies to amplify NDIC’s message.
- Customer Support.
Dedicated Channels: Use social media as a customer support tool to respond to inquiries, complaints, or concerns from the public.
Chatbots: Implement AI-powered chatbots on platforms like Facebook Messenger or WhatsApp to provide instant responses to common questions.
- Storytelling and Success Stories.
Depositor Stories: Share testimonials from depositors who benefited from NDIC’s intervention during bank failures. Behind-the-Scenes Content: Post behind-the-scenes videos or stories showcasing NDIC’s operations, staff, and commitment to protecting depositors.
- Engaging Visual Content.
Infographics: Create visually appealing infographics explaining complex topics like deposit insurance coverage, claims processes, and NDIC’s mandate.
Videos: Produce short, engaging videos on topics like “How NDIC Works” or “What Happens When a Bank Fails.”
- Surveys and Feedback.
Polls and Surveys: Use Twitter polls, Instagram stories, or Facebook surveys to gather public opinion on financial topics or NDIC’s services.
Feedback Mechanism: Encourage the public to share feedback on NDIC’s services and use it to improve operations.
9. Collaborations with Financial Institutions.
Joint Campaigns: Partner with banks and other financial institutions to promote deposit insurance and financial stability.
Cross-Promotions: Collaborate with banks to share NDIC’s content on their social media platforms.
- Gamification and Contests.
Quizzes and Trivia: Host quizzes on social media to test the public’s
knowledge about deposit insurance and financial literacy.
Contests: Run contests with small prizes to encourage engagement and sharing of NDIC’s content.
- Regular Updates and News.
Press Releases: Share press releases, reports, and updates about NDIC’s activities, achievements, and initiatives.
Industry News: Post updates on the Nigerian financial sector and NDIC’s role in maintaining stability.
- Multilingual Content.
Local Languages: Create content in multiple Nigerian languages to reach a broader audience and ensure inclusivity.
- Crisis Preparedness Tips.
Preparedness Guides: Share tips on how depositors can prepare for financial uncertainties, such as keeping records of their accounts and understanding their rights.
- Collaboration with Media Outlets.
Media Partnerships: Work with news outlets and journalists to share NDIC’s content and amplify its reach.
- Monitoring and Analytics.
Social Listening: Monitor social media conversations to understand public sentiment and address concerns proactively.
Performance Tracking: Use analytics tools to measure the effectiveness of social media campaigns and adjust strategies accordingly.
By leveraging these opportunities, NDIC can build stronger relationships with the public, enhance its reputation, and ensure that more Nigerians are aware of its role in protecting their deposits and maintaining financial stability.
Source: Deepseek.
CONCLUSION:
What we put into a system reflects us. We get what we give.
Social Media is no different. It is a tool
in our hands. It makes us no better or worse.
Some would say: Under the cover of a gadget we are free to be who we are. Or who we choose to be at that moment. The gadget covers and protects us.
Lies.
No such privacy exists on Social Media. Like they say on the streets: Internet no dey forget.
Yet, Social Media has “a transformative impact on NDIC, offering opportunities to educate, engage, and manage crisis.”
It poses enormous risks, as we stated earlier.
We have listed some tools that should assist NDIC to better navigate the Social Media space. Through surveillance and monitoring, NDIC can proactively head-off crisis and where it becomes necessary mitigate damage.
It is always better to tell your story. Social Media is a tool. Do not forget that for NDIC, reputation is everything.
This paper was presented at the NDIC Social Media Awareness Sensitisation for staff.
