Social Analytics Question: Where's the Love for the Financial Services Industry?
Investment Banking Brands Don't Inspire Passion
Consumer love for Investment Banking is even less than the Banking category overall, with Net Sentiment at 51 percent, Passion Intensity at 32 percent and Brand Passion at 20 percent. Though Goldman Sachs had high mentions — second only to PayPal on the combined list of all categories — other brands like Fidelity were much further down the list (No. 29). There's still clearly something lacking in consumers' eyes. Though sentiment for the category is positive, the passion just isn't there.
Credit Card Customers Love Points and Rewards
American Express and Visa dominate share of voice here, with 88 percent of all mentions in this category, though Mastercard actually has the strongest Passion Intensity score (82 percent) of the lot.
What's driving the conversation with Visa and American Express users? Loyalty/reward points — particularly those associated with travel, e-commerce and hospitality. The mention of specific brands in these non-FinServ industries offers an opportunity for some interesting partnerships.
Still, there's work to be done in the category as a whole given the Net Sentiment of 53 percent, Passion Intensity of 60 percent and Brand Passion Index of 40 percent. Consumers are moderately passionate about liking credit card brands across the board — but you want love.
Insurance Scores With a Little Help From Their "Friends"
The insurance category had the second highest Net Sentiment score at 57 percent, with the highest overall Passion Intensity at 66 percent, and the highest Brand Passion Index at 45 percent.
Claims, enrollment and policy were the most popular topics, with Aflac being the big winner for high Net Sentiment scores across every category analyzed. And their duck mascot beat out both Geico's gecko, and Progressive's "Flo" character for most loved. It just goes to show, humor is often the answer to making a non-fun subject lighthearted and accessible.
Payment Services Create the Most Chatter
Though payment services only comprised 25 percent of the total brands analyzed, they took 55 percent of share of voice — meaning consumers on social are talking about them most.
They had the highest Net Sentiment at 59 percent, but Passion Intensity was second-to-last at 46 percent. This lands them in the middle of the field with a Brand Passion Index of 35 percent. Like other FinServ categories, they're liked well enough, but it's hardly a burning love. That is until we look at individual brands.
PayPal was the No. 1 brand for mentions overall — commanding 75 percent share of voice in the payment services category — with Apple Pay (No. 6), Western Union (No. 8) and Square (No. 9) all making the top 10.
And here's something else interesting: Though Apple Pay lacks in owned channels and owned impressions, and only commands 7 percent of share of voice, their Net Sentiment is slightly higher than PayPal's, and their Passion Intensity is much higher. That tells us the small posse of Apple Pay fans are more enthusiastically positive than PayPal's fans. And a small band of mighty influencers can do quite a lot on social.
This is why analytics are so complex — and important.
As for how brands like Apple Pay and others in the Financial Services realm inspire engagement on social channels: That's the subject of another post. Later this month we'll share the best practices of successful FinServ brands — and how you can apply them yourself.