Social Analytics Question: Where's the Love for the Financial Services Industry?
While it's true social media analytics are beneficial for all industries, some certainly have a tougher time connecting with consumers than others, such as the financial services industry. It's not exactly a "fun" industry — so how are the brands in this industry faring in consumers' eyes?
The Social Media Industry Report 2016: Financial Services offers insights across 40 brands in five major financial services (FinServ) categories: banking, credit cards, insurance, investment banking and payment services. These brands were analyzed from October 5, 2015 through October 4, 2016: Volume of conversation, awareness (earned impressions), reach (owned impressions), net sentiment and brand passion were all taken into account. Here's an overview of each category's results:
Banking Brands Need to Focus on Customer Service, Loyalty and Trust
Banking brands made up 35 percent of brands analyzed, but accounted for only 15 percent of the conversation happening on social media. This means banking brands overall aren't doing enough to inspire social sharing.
Emotions matter when it comes to connecting on social networks, so it's crucial to understand what consumers feel strongly about — whether those strong feelings be love or hate. To illustrate the emotions in each category, the report details three metrics:
- Net Sentiment: Whether consumer emotions are positive or negative on a scale of -100 to +100
- Passion Intensity: How strongly those emotions are felt on a scale of -100 to +100
- Brand Passion Index: A weighted metric conveying overall favorability based on Net Sentiment and Passion Intensity scores
With regard to banking brands as a whole, Brand Passion comes in at 29 percent — meaning consumers are pretty passionate (63 percent) about their overall dislike (35 percent) of banking brands.
But there's better — and worse — news when looking at individual brands. On the "worse" end of the spectrum are brands like Wells Fargo, with a -5 percent Net Sentiment, and Passion Intensity score of 43 percent, and Bank of America, with -4 percent Net Sentiment and Passion Intensity score of 73 percent.
As for brands doing well, Simple Bank leads the pack with 79 percent Net Sentiment and a Passion Intensity score of 63 percent. BNY Mellon is close behind with 71 percent Net Sentiment and a Passion Intensity score of 82 percent.
It's worth noting Wells Fargo's and Bank of America's higher share of voice lends itself to an increase in negative commentary, but it doesn't entirely explain away their low scores.
In looking at topics of interest to consumers, loyalty and trust were among the top themes — and most brands aren't doing well enough. The feeling that customer service needs to improve is also industry-wide, though Simple Bank and BNY Mellon do stand out as brands consumers praised for their efforts.