ON THE POTENTIAL FOR TWITTER TO ADD VALUE IN RETAIL BANK RELATIONSHIPS

LISA MURRAY, Mark Durkin

Research output: Contribution to journalArticle

11 Citations (Scopus)

Abstract

It is argued that research within financial services marketing has omitted to pay sufficient attention to social media in banking contexts generally and its potential impact on retail bank relationships in particular. At a general level, this research study explores the advent of social media and the manner of its deployment in financial services. Specifically, this article reports on the deployment of Twitter in bank–customer communi- cations. Accordingly, a content analysis of 400 Tweets sent from a range of financial service providers to their customers was conducted. A literature-based model allowed for the clas- sification of these Tweets as either customer acquisition, engagement or retention-oriented. Findings indicate that Twitter is mainly used for customer engagement, but scope is identi- fied for their more meaningful deployment in relation to customer acquisition and retention.
LanguageEnglish
Pages277-290
JournalJournal of Financial Services Marketing
Volume19
Issue number4
DOIs
Publication statusPublished - 1 May 2014

Fingerprint

Twitter
Bank relationships
Retail
Financial services
Social media
Customer acquisition
Services marketing
Content analysis
Banking
Customer retention
Customer engagement
Service provider

Keywords

  • banking
  • twitter
  • social media
  • relationships

Cite this

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title = "ON THE POTENTIAL FOR TWITTER TO ADD VALUE IN RETAIL BANK RELATIONSHIPS",
abstract = "It is argued that research within financial services marketing has omitted to pay sufficient attention to social media in banking contexts generally and its potential impact on retail bank relationships in particular. At a general level, this research study explores the advent of social media and the manner of its deployment in financial services. Specifically, this article reports on the deployment of Twitter in bank–customer communi- cations. Accordingly, a content analysis of 400 Tweets sent from a range of financial service providers to their customers was conducted. A literature-based model allowed for the clas- sification of these Tweets as either customer acquisition, engagement or retention-oriented. Findings indicate that Twitter is mainly used for customer engagement, but scope is identi- fied for their more meaningful deployment in relation to customer acquisition and retention.",
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author = "LISA MURRAY and Mark Durkin",
note = "Reference text: Adkins, G.L., Thornton, T.J. and Blake, K. (2009) A content analysis investigating relationships between communication and business continuity planning. Journal of Business Communication 46(3): 362–403. Al-Hawari, M. (2006) The effect of automated service quality on bank financial performance and the mediating role of customer retention. Journal of Financial Services Marketing 10(3): 228–243. Arnold, T.J., Fang, E. and Palmatier, R.W. (2011) The effects of customer acquisition and retention orientations on a firm’s radical and incremental innovation performance. Journal of the Academy of Marketing Science 39(April): 234–251. Berelson, B. (1952) Content Analysis in Communications Research. New York: Free Press. Berndt, A., Herbst, F. and Roux, L. (2005) Implementing a customer relationship management programme in an emerging market. Journal of Global Business and Technology 1(2): 81–89. Bielski, L. (2009) Intrepid banks tweet. ABA Banking Journal, February: 6–9. Bitner, M.J., Brown, S.W. and Meuter, M.L. (2000) Technology infusion in service encounters. Journal of the Academy of Marketing Science 28(1): 138–149. Burdett, J. (1992) A model for customer-supplier alliances. Logistics Information Management 5(1): 25. Chase, R.B. (1978) Where does the customer fit in a service operation. Harvard Business Review. November/December: 137–142. Chew, C. and Eysenbach, G. (2010) Pandemics in the age of twitter: Content analysis of tweets during the 2009 H1N1 Outbreak. PLOS ONE, 5(1), http://www.plosone.org/ article/info{\%}3Adoi{\%}2F10.1371{\%}2Fjournal.pone.0014118, accessed 10 March 2014. Cho, Y.K. and Menor, L. (2010) Toward a provider-based view on the design and delivery of quality E-Service encounters. Journal of Service Research 13(1): 83–95. Colorado State University (CSU) (2014) Content analysis. US: Colorado State University, http://writing.colostate .edu/guides/guide.cfm?guideid=61, accessed 5 January 2014. Dabholkar, P.A. and Bagozzi, R.P. (2002) An attitudinal model of technology-based self-service: Moderating effects of consumer traits and situational factors. Journal of the Academy of Marketing Science 30(3): 184–201. Dawes, J. and Swailes, S. (1999) Retention sans frontieres: Issues for financial service retailers. The International Journal of Bank Marketing 17(1): 36–43. Durkin, M. (2007) On the role of bank staff in customer purchasing online. Marketing, Intelligence and Planning 25(1): 82–97. Durkin, M. (2014) Future Proofing the Marketing Manager of 2014. Report for the Chartered Management Institute, Northern Ireland, 22 May. Durkin, M., McGowan, P. and McKeown, N. (2014a) Exploring social media adoption in small firms. Journal of Small Business and Enterprise Development 28(6). Durkin, M., McGowan, P. and Murray, L. (2014b) Perspectives on the potential for social media to improve communication in small business-bank relationships. International Journal of Entrepreneurship & Innovation 28(6). Dwyer, F.R., Schurr, P.H. and Oh, S. (1987) Developing buyerseller relationships. Journal of Marketing 51(2): 11–27. Economic Intelligence Unit (EIU) (2007a) Beyond loyalty: Meeting the challenge of customer engagement, part II, www.adobe.com/engagement/pdfs/partII.pdf, accessed 5 March 2014. Economic Intelligence Unit (EIU) (2007b) Beyond loyalty: Meeting the challenge of customer engagement, part I, www.adobe.com/engagement/pdfs/partI.pdf, accessed 5 March 2014. Evans, M.P. (2013) Men in counselling: A content analysis of the Journal of Counselling and Development and Counsellor Education and Supervision 1981–2011. Journal of Counselling and Development 91(4): 467–474. Farshid, M., Plangger, K. and Nel, D. (2011) The social media faces of major global financial services brands. Journal of Financial Services Marketing 16(3/4): 220–229. Fields, N. (2012) Starting of social media. ABA Bank Marketing 44(1): 14–19. Forrester Consulting (2008) How engaged are your customers? UK: Cambridge, www.adobe.com/engagement/pdfs/ Forrester_TLP_How_Engaged_Are_Your_Customers.pdf, accessed 5 March 2014. Fuse (2013) Teen and young adult marketing terms and definitions, http://www.fusemarketing.com/Definition_ Consumer_Engagement, accessed 8 March 2014. Ganapathy, S., Ranganathan, C. and Sankaranarayanan, B. (2004) Visualisation strategies and tools for enhancing customer relationship management. Communications of the ACM 47(11): 93–99. Glazer, R. (1991) Marketing in an information intensive environment: Strategic implications for knowledge as an asset. Journal of Marketing 55(October): 1–19. Gummerus, J., Liljander, V., Weman, E. and Pihlstrom, M. (2012) Customer engagement in a Facebook brand community. Management Research Review 35(9): 857–877. Gwinner, K.P., Gremler, D.D. and Bitner, M.J. (1998) Relational benefits in service industries: The customer’s perspective. Journal of the Academy of Marketing Science 26(2): 101–114. Hambrick, M.E., Simmons, J.M., Greenhaigh, G.P. and Greenwell, T.C. (2010) Understanding professional athlete’s use of Twitter: A content analysis of Athlete Tweets. International Journal of Sport Communication 3(4): 454–471. Hoffman, D., Novak, T. and Stein, R. (2013) The digital consumer. In: R. Belk and R. Llamas (eds.) The Routledge Companion to Digital Consumption. New York: Routledge. Holsti, O.R. (1969) Content Analysis for the Social Sciences and Humanities. Reading, MA: Addison-Wesley. Howcroft, B., Durkin, M.G., Armstrong, G. and Emerson, E. (2007) Small business – Bank relationships and the role of internet banking. The Service Industries Journal 27(7): 947–961. Hui, Y. and Kok Wei, K. (2012) Customer relationship management: Is it still relevant to commercial banks in Taiwan? International Journal of Business and Management 7(1): 151–160. Ipsos MRBI (2013) Social networking quarterly November 2013 (Q4). Ireland: Ipsos MRBI, http://www.ipsosmrbi.com/ social_networking_q4_2013.html, accessed 22 January 2014. Kelley, S.W. (1989) Efficiency in service delivery: Technological or humanistic approaches. Journal of Services Marketing 3(3): 43–50. KPMG (2012) The social banker: Social media lessons from banking insider. KPMG, http://www.kpmg.com/global/ en/issuesandinsights/articlespublications/social-banker/ pages/social-banker-report.aspx, accessed 20 March 2014. Krippendorff, K. (2004) Content Analysis an Introduction to Its Methodology, 2nd edn. US: Sage. Leblanc, G. (1990) Customer motivations: Use and non-use of automated banking. International Journal of Bank Marketing 8(4): 36–40. Lee, J. and Allaway, A. (2002) Effects of personal control on adoption of self-service technology innovations. Journal of Services Marketing 16(6): 553–572. Marr, N.E. and Prendergast, G.P. (1991) Strategies for retailing technologies at maturity: A retail baking case study. Journal of International Consumer Marketing 3(3): 99–125. Marr, N.E. and Prendergast, G.P. (1993) Consumer adoption of self-service technologies in retail banking. International Journal of Bank Marketing 11(1): 3–10. Mazur, M. (2011) Banks take to social media. ABA Banking Journal January: 46. Moutinho, L. and Meidan, A. (1989) Bank customers’ perceptions, innovations and new technology. International Journal of Bank Marketing 7(2): 22–27. Naude, P. and Holland, C. (1996) Business to business relationships. In: F. Buttle (ed.) Relationship Marketing: Theory and Practice. London: Paul Chapman Publishing. Oliver, R. (1997) Satisfaction: A Behavioural Perspective on the Consumer. New York: McGraw-Hill. Park, C.H. and Kim, Y.G. (2003) A framework of dynamic CRM: Linking marketing with information strategy. Business Process Management Journal 9(5): 652–671. Pine, B., Peppers, D. and Rogers, M. (1995) Do you want to keep your customers forever? Harvard Business Review March–April: 103–114. PwC (2011) The new digital tipping point, https://www.pwc .com/en_GX/gx/banking-capital-markets/publications/ assets/pdf/pwc-new-digital-tipping-point.pdf, accessed 19 March 2014. Selnes, F. and Hansen, H. (2001) The potential hazard of self-service in developing customer loyalty. Journal of Service Research 4(2): 79–90. Szmigin, I.T.D. (1993) Managing quality in business-to-business services. European Journal of Marketing 27(1): 5–21. Thomas, J.S. (2001) A methodology for linking customer acquisition to customer retention. Journal of Marketing Research 38(2): 262–268. Tsao, H.Y. (2012) Budget allocation for customer acquisition and retention while balancing market share growth and customer equity. Marketing Letters 24(1): 1–11. Twitter (2014a) Getting started with Twitter. US: Twitter, http://support.twitter.com/groups/50-welcome-totwitter/topics/204-the-basics/articles/215585-gettingstarted-with-twitter#, accessed 2 April 2014. Twitter (2014b) The twitter glossary. US: Twitter, http:// support.twitter.com/groups/50-welcome-to-twitter/ topics/204-the-basics/articles/166337-the-twitterglossary#, acccessed 2 April 2014. Verhoef, P.C., Reinartz, W.J. and Krafft, M. (2010) Customer engagement as a new perspective in customer management. Journal of Service Research 13(3): 247–252. Wagner, C. and Majchrzak, A. (2006) Enabling customercentricity using wikis and the wiki way. Journal of Management Information Systems 23(3): 17–43. Walker, R.H. and Johnston, L.W. (2004) Managing technologyenabled service innovations. International Journal of Entrepreneurship and Innovation Management 4(6): 561–574. Wipro and Efma (2013) The global retail banking digital marketing report 2013. Wipro and Efma, http://www .wipro.com/documents/the-global-retail-banking-digitalmarketing-report-2013.pdf, accessed 6 November 2013. Yousafzai, S. and Yani-de-Soriano, M. (2012) Understanding customer-specific factors underpinning internet banking adoption. The International Journal of Bank Marketing 30(1): 60–81. Zeithaml, V.A. and Gilly, M.C. (1987) Characteristics affecting the acceptance of retailing technologies: A comparison of elderly and non-elderly consumers. Journal of Retail Banking 63(1): 49–68.",
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ON THE POTENTIAL FOR TWITTER TO ADD VALUE IN RETAIL BANK RELATIONSHIPS. / MURRAY, LISA; Durkin, Mark.

In: Journal of Financial Services Marketing, Vol. 19, No. 4, 01.05.2014, p. 277-290.

Research output: Contribution to journalArticle

TY - JOUR

T1 - ON THE POTENTIAL FOR TWITTER TO ADD VALUE IN RETAIL BANK RELATIONSHIPS

AU - MURRAY, LISA

AU - Durkin, Mark

N1 - Reference text: Adkins, G.L., Thornton, T.J. and Blake, K. (2009) A content analysis investigating relationships between communication and business continuity planning. Journal of Business Communication 46(3): 362–403. Al-Hawari, M. (2006) The effect of automated service quality on bank financial performance and the mediating role of customer retention. Journal of Financial Services Marketing 10(3): 228–243. Arnold, T.J., Fang, E. and Palmatier, R.W. (2011) The effects of customer acquisition and retention orientations on a firm’s radical and incremental innovation performance. Journal of the Academy of Marketing Science 39(April): 234–251. Berelson, B. (1952) Content Analysis in Communications Research. New York: Free Press. Berndt, A., Herbst, F. and Roux, L. (2005) Implementing a customer relationship management programme in an emerging market. Journal of Global Business and Technology 1(2): 81–89. Bielski, L. (2009) Intrepid banks tweet. ABA Banking Journal, February: 6–9. Bitner, M.J., Brown, S.W. and Meuter, M.L. (2000) Technology infusion in service encounters. Journal of the Academy of Marketing Science 28(1): 138–149. Burdett, J. (1992) A model for customer-supplier alliances. Logistics Information Management 5(1): 25. Chase, R.B. (1978) Where does the customer fit in a service operation. Harvard Business Review. November/December: 137–142. Chew, C. and Eysenbach, G. (2010) Pandemics in the age of twitter: Content analysis of tweets during the 2009 H1N1 Outbreak. PLOS ONE, 5(1), http://www.plosone.org/ article/info%3Adoi%2F10.1371%2Fjournal.pone.0014118, accessed 10 March 2014. Cho, Y.K. and Menor, L. (2010) Toward a provider-based view on the design and delivery of quality E-Service encounters. Journal of Service Research 13(1): 83–95. Colorado State University (CSU) (2014) Content analysis. US: Colorado State University, http://writing.colostate .edu/guides/guide.cfm?guideid=61, accessed 5 January 2014. Dabholkar, P.A. and Bagozzi, R.P. (2002) An attitudinal model of technology-based self-service: Moderating effects of consumer traits and situational factors. Journal of the Academy of Marketing Science 30(3): 184–201. Dawes, J. and Swailes, S. (1999) Retention sans frontieres: Issues for financial service retailers. The International Journal of Bank Marketing 17(1): 36–43. Durkin, M. (2007) On the role of bank staff in customer purchasing online. Marketing, Intelligence and Planning 25(1): 82–97. Durkin, M. (2014) Future Proofing the Marketing Manager of 2014. Report for the Chartered Management Institute, Northern Ireland, 22 May. Durkin, M., McGowan, P. and McKeown, N. (2014a) Exploring social media adoption in small firms. Journal of Small Business and Enterprise Development 28(6). Durkin, M., McGowan, P. and Murray, L. (2014b) Perspectives on the potential for social media to improve communication in small business-bank relationships. International Journal of Entrepreneurship & Innovation 28(6). Dwyer, F.R., Schurr, P.H. and Oh, S. (1987) Developing buyerseller relationships. Journal of Marketing 51(2): 11–27. Economic Intelligence Unit (EIU) (2007a) Beyond loyalty: Meeting the challenge of customer engagement, part II, www.adobe.com/engagement/pdfs/partII.pdf, accessed 5 March 2014. Economic Intelligence Unit (EIU) (2007b) Beyond loyalty: Meeting the challenge of customer engagement, part I, www.adobe.com/engagement/pdfs/partI.pdf, accessed 5 March 2014. Evans, M.P. (2013) Men in counselling: A content analysis of the Journal of Counselling and Development and Counsellor Education and Supervision 1981–2011. Journal of Counselling and Development 91(4): 467–474. Farshid, M., Plangger, K. and Nel, D. (2011) The social media faces of major global financial services brands. Journal of Financial Services Marketing 16(3/4): 220–229. Fields, N. (2012) Starting of social media. ABA Bank Marketing 44(1): 14–19. Forrester Consulting (2008) How engaged are your customers? UK: Cambridge, www.adobe.com/engagement/pdfs/ Forrester_TLP_How_Engaged_Are_Your_Customers.pdf, accessed 5 March 2014. Fuse (2013) Teen and young adult marketing terms and definitions, http://www.fusemarketing.com/Definition_ Consumer_Engagement, accessed 8 March 2014. Ganapathy, S., Ranganathan, C. and Sankaranarayanan, B. (2004) Visualisation strategies and tools for enhancing customer relationship management. Communications of the ACM 47(11): 93–99. Glazer, R. (1991) Marketing in an information intensive environment: Strategic implications for knowledge as an asset. Journal of Marketing 55(October): 1–19. Gummerus, J., Liljander, V., Weman, E. and Pihlstrom, M. (2012) Customer engagement in a Facebook brand community. Management Research Review 35(9): 857–877. Gwinner, K.P., Gremler, D.D. and Bitner, M.J. (1998) Relational benefits in service industries: The customer’s perspective. Journal of the Academy of Marketing Science 26(2): 101–114. Hambrick, M.E., Simmons, J.M., Greenhaigh, G.P. and Greenwell, T.C. (2010) Understanding professional athlete’s use of Twitter: A content analysis of Athlete Tweets. International Journal of Sport Communication 3(4): 454–471. Hoffman, D., Novak, T. and Stein, R. (2013) The digital consumer. In: R. Belk and R. Llamas (eds.) The Routledge Companion to Digital Consumption. New York: Routledge. Holsti, O.R. (1969) Content Analysis for the Social Sciences and Humanities. Reading, MA: Addison-Wesley. Howcroft, B., Durkin, M.G., Armstrong, G. and Emerson, E. (2007) Small business – Bank relationships and the role of internet banking. The Service Industries Journal 27(7): 947–961. Hui, Y. and Kok Wei, K. (2012) Customer relationship management: Is it still relevant to commercial banks in Taiwan? International Journal of Business and Management 7(1): 151–160. Ipsos MRBI (2013) Social networking quarterly November 2013 (Q4). Ireland: Ipsos MRBI, http://www.ipsosmrbi.com/ social_networking_q4_2013.html, accessed 22 January 2014. Kelley, S.W. (1989) Efficiency in service delivery: Technological or humanistic approaches. Journal of Services Marketing 3(3): 43–50. KPMG (2012) The social banker: Social media lessons from banking insider. KPMG, http://www.kpmg.com/global/ en/issuesandinsights/articlespublications/social-banker/ pages/social-banker-report.aspx, accessed 20 March 2014. Krippendorff, K. (2004) Content Analysis an Introduction to Its Methodology, 2nd edn. US: Sage. Leblanc, G. (1990) Customer motivations: Use and non-use of automated banking. International Journal of Bank Marketing 8(4): 36–40. Lee, J. and Allaway, A. (2002) Effects of personal control on adoption of self-service technology innovations. Journal of Services Marketing 16(6): 553–572. Marr, N.E. and Prendergast, G.P. (1991) Strategies for retailing technologies at maturity: A retail baking case study. Journal of International Consumer Marketing 3(3): 99–125. Marr, N.E. and Prendergast, G.P. (1993) Consumer adoption of self-service technologies in retail banking. International Journal of Bank Marketing 11(1): 3–10. Mazur, M. (2011) Banks take to social media. ABA Banking Journal January: 46. Moutinho, L. and Meidan, A. (1989) Bank customers’ perceptions, innovations and new technology. International Journal of Bank Marketing 7(2): 22–27. Naude, P. and Holland, C. (1996) Business to business relationships. In: F. Buttle (ed.) Relationship Marketing: Theory and Practice. London: Paul Chapman Publishing. Oliver, R. (1997) Satisfaction: A Behavioural Perspective on the Consumer. New York: McGraw-Hill. Park, C.H. and Kim, Y.G. (2003) A framework of dynamic CRM: Linking marketing with information strategy. Business Process Management Journal 9(5): 652–671. Pine, B., Peppers, D. and Rogers, M. (1995) Do you want to keep your customers forever? Harvard Business Review March–April: 103–114. PwC (2011) The new digital tipping point, https://www.pwc .com/en_GX/gx/banking-capital-markets/publications/ assets/pdf/pwc-new-digital-tipping-point.pdf, accessed 19 March 2014. Selnes, F. and Hansen, H. (2001) The potential hazard of self-service in developing customer loyalty. Journal of Service Research 4(2): 79–90. Szmigin, I.T.D. (1993) Managing quality in business-to-business services. European Journal of Marketing 27(1): 5–21. Thomas, J.S. (2001) A methodology for linking customer acquisition to customer retention. Journal of Marketing Research 38(2): 262–268. Tsao, H.Y. (2012) Budget allocation for customer acquisition and retention while balancing market share growth and customer equity. Marketing Letters 24(1): 1–11. Twitter (2014a) Getting started with Twitter. US: Twitter, http://support.twitter.com/groups/50-welcome-totwitter/topics/204-the-basics/articles/215585-gettingstarted-with-twitter#, accessed 2 April 2014. Twitter (2014b) The twitter glossary. US: Twitter, http:// support.twitter.com/groups/50-welcome-to-twitter/ topics/204-the-basics/articles/166337-the-twitterglossary#, acccessed 2 April 2014. Verhoef, P.C., Reinartz, W.J. and Krafft, M. (2010) Customer engagement as a new perspective in customer management. Journal of Service Research 13(3): 247–252. Wagner, C. and Majchrzak, A. (2006) Enabling customercentricity using wikis and the wiki way. Journal of Management Information Systems 23(3): 17–43. Walker, R.H. and Johnston, L.W. (2004) Managing technologyenabled service innovations. International Journal of Entrepreneurship and Innovation Management 4(6): 561–574. Wipro and Efma (2013) The global retail banking digital marketing report 2013. Wipro and Efma, http://www .wipro.com/documents/the-global-retail-banking-digitalmarketing-report-2013.pdf, accessed 6 November 2013. Yousafzai, S. and Yani-de-Soriano, M. (2012) Understanding customer-specific factors underpinning internet banking adoption. The International Journal of Bank Marketing 30(1): 60–81. Zeithaml, V.A. and Gilly, M.C. (1987) Characteristics affecting the acceptance of retailing technologies: A comparison of elderly and non-elderly consumers. Journal of Retail Banking 63(1): 49–68.

PY - 2014/5/1

Y1 - 2014/5/1

N2 - It is argued that research within financial services marketing has omitted to pay sufficient attention to social media in banking contexts generally and its potential impact on retail bank relationships in particular. At a general level, this research study explores the advent of social media and the manner of its deployment in financial services. Specifically, this article reports on the deployment of Twitter in bank–customer communi- cations. Accordingly, a content analysis of 400 Tweets sent from a range of financial service providers to their customers was conducted. A literature-based model allowed for the clas- sification of these Tweets as either customer acquisition, engagement or retention-oriented. Findings indicate that Twitter is mainly used for customer engagement, but scope is identi- fied for their more meaningful deployment in relation to customer acquisition and retention.

AB - It is argued that research within financial services marketing has omitted to pay sufficient attention to social media in banking contexts generally and its potential impact on retail bank relationships in particular. At a general level, this research study explores the advent of social media and the manner of its deployment in financial services. Specifically, this article reports on the deployment of Twitter in bank–customer communi- cations. Accordingly, a content analysis of 400 Tweets sent from a range of financial service providers to their customers was conducted. A literature-based model allowed for the clas- sification of these Tweets as either customer acquisition, engagement or retention-oriented. Findings indicate that Twitter is mainly used for customer engagement, but scope is identi- fied for their more meaningful deployment in relation to customer acquisition and retention.

KW - banking

KW - twitter

KW - social media

KW - relationships

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DO - 10.1057/fsm.2014.27

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T2 - Journal of Financial Services Marketing

JF - Journal of Financial Services Marketing

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