SANTA CLARA, Calif.--(BUSINESS WIRE)--NetBase, a global leader in enterprise customer analytics, today released its 2016 NetBase Financial Services Industry Report, which examines top social trends and overall social performance of over 40 leading financial brands across five different categories. The report analyzed more than 334 billion social posts in order to determine how social media is transforming the relationships between financial brands and their existing and prospective customers. NetBase’s analysis revealed that American Express ranked the highest overall for mentions, reach and awareness. However, newer financial institutions like Simple Bank and BNY Mellon ranked more positively, especially in the area of customer service.
Read the full NetBase Financial Services Report online at http://pages.netbase.com/AR-2016-FinancialServices.html
“The financial services industry has undergone a significant transformation with growing digital banking capabilities during the last decade, but some brands have been hesitant to make this shift while others are actively engaging with customers via social channels. It’s clear from our financial services industry report that leading brands who are listening and engaging on social media are rapidly gaining the trust and respect of their customers,” said Paige Leidig, chief marketing officer at NetBase. “It is imperative for brands to know what their customers are sharing on social, not only to analyze consumer behavior and preferences, but to reach them with the authenticity they demand.”
The NetBase Financial Services Report is based on English-only conversations across social channels between October 5, 2015 and October 4, 2016. The report measures volume of conversation, awareness (as a measure of earned impressions), reach (a measure of owned impressions), net sentiment and brand passion. The rankings are broken down across five different finance categories: banking, credit cards, insurance, investment banking and payment service. The overall net sentiment of the posts was 48 percent, with a 55 percent passion index and represents a range of consumer frustrations and concerns towards the finance industry.
Key findings from the report include:
- The Winning Brand: American Express was the top overall brand, but it placed in the lower half of the list for brand passion, representing a need for improvement with consumer trust.
- Top 10: Half of the top 10 brands are from the payment services category, including Samsung Pay, Square, PayPal, Stripe and Western Union.
- Banking: While the banking category has the least positive remarks on social media, Simple Bank and BNY Mellon lead the way in customer service, with BNY Mellon being most loved overall and Simple Bank making the top 10 list.
- Insurance: The insurance category had the highest overall brand passion index due to excellence in customer service. Aflac had the highest net sentiment score across all categories, with the help of its loved brand ambassador.
- Payments: While PayPal is one of the leading brands with 75 percent overall share of voice in the category, Apple Pay has a higher net sentiment and passion intensity, meaning a small group of people are extremely passionate about Apple Pay.
- Credit Cards: American Express and VISA represented nearly 88 percent of the overall conversations, largely driven by reward/points-related conversations and the airplane emoji in association with travel.
The NetBase Financial Services Report is based on conversations of selected finance companies across social channels between October 5, 2015 and October 4, 2016. The analysis is English-only but country agnostic, with the majority of conversation occurring in the U.S. given the origin of the brands.
Using NetBase patented technology, the report measures consumer emotions, behaviors and usage towards the industry and represented brands. NetBase maps a category using four dimensions:
- Volume: measuring the number of earned and owned mentions and conversations;
- Passion Intensity: indicating how strong consumers feel about a brand or company based on a scale of 0-100;
- Net Sentiment: measuring the overall direction of how consumers feel about a brand’s marketing, customer service and products on a scale of -100 to +100; and
- Brand Passion Index (BPI): A brand’s net sentiment to passion ratio provides a look at how the brand is favored. For example, a brand with a low Net Sentiment but high Passion Intensity is hated, whereas a brand with a high Net Sentiment but low Passion Intensity is liked, but not loved.
These four dimensions form the NetBase Brand Passion Index™, which signals the brand health and tracks a brand’s movement over time, ultimately reflecting whether a brand is winning the hearts of the consumers. By better understanding what consumers truly want and their emotional investment, brands can turn social conversations into powerful marketing tools that truly satisfy consumer passions.
NetBase is the award-winning social analytics platform that global companies use to run brands, build businesses, and connect with consumers every second. Its platform processes millions of social media posts daily for actionable business insights for marketing, research, customer service, sales, PR, and product innovation. NetBase is a trusted partner to American Airlines, Arby’s, Coca-Cola, Ogilvy, T-Mobile, Universal Music Group Nashville, Walmart, and YUM! Brands. Learn more at www.netbase.com or @NetBase. See your brand’s social movement in real-time with NetBase LIVE Pulse™.