Latest online research shows American Express as most popular US bank with a 35% share of positive comments on the web
The top three mentioned US banks on the internet in January 2012 are American Express (Amex), Citibank and Bank of America. Amex achieves the highest share of positive comments with 35%. Bank of America accounts for the highest share (28%) of all negative mentions, but only garners a 13% share of positive ones. Amex has the highest Net Sentiment Score (63%) followed by US Bank with 61%. Findings are according to the latest social media monitoring report from social media research specialist DigitalMR.
DigitalMR analyzed tens of thousands of online customer comments regarding US banks for the month of January 2012. Two thirds of comments monitored were positive (67%) about their customer experiences, compared with 33% being negative about their customer experiences.
DigitalMR’s report (powered by SocialNuggets) analyzes tens of thousands of mentions and customer comments posted via open access social media platforms and relevant finance related websites. It measures not only the number of comments posted by consumers on the internet, but also sentiment – whether these posts are positive or negative".
Results are based on comments posted on the major US banks: CitiBank, Bank of America, Wells Fargo, US Bank, American Express, HSBC, Capital One, Barclays, JP Morgan Chase and US Bancorp.
The banking service brands with the highest share of overall mentions were: Amex (29%), Citibank (20%) and Bank of America (18%).
There was, however, a large difference between the positive and negative mentions that these banks generated. Amex achieves the highest share of positive comments (35%) more than twice its share of negative ones (16%). Conversely, Bank of America attracted more than twice the share of negative comments (28%) to positive ones (13%).
Taking each bank’s positive and negative scores into consideration, Amex achieves the highest Net Sentiment Score (NSS) with 63%, followed by US Bank with 61%. The only bank with a net negative score was Bank of America with a NSS of (-4%).
Ryan Rutan, President of DigitalMR USA commented: “Online sentiment continues to show contrasting pictures of two banks: Amex which is very positive and Bank of America where sentiment is highy negative. This represents a huge challenge for Bank of America to turn this around.”
1) Net Sentiment Score ranking
2) Breakdown of positive and negative posts
3) In their words –customer comments
“Just got a 6920 from DSG Arms. $945 with 12 for shipping. I paid with Amex and no fees or up charge. Fast processing and great communication. My FFL got it within 4 days of him
sending forms. Smooth transaction and great price. Rifle looks great. It's been many years since a 6920 could be bought at retail for that price”.
“I am debating between the two cards as my current AMEX slowly edges towards renewal (and fees). I have tremendously enjoyed the AMEX services over the past year - with
superb over the telephone support, front of line services etc”.
“Thx! We're talking about the float on ..Way 2 go @US bank, great float!“
“Hi, US Bank here. Thx for info. We've found that usually is resolved upon clearing your cache”.
“Thinking abt switching banks. Wells Fargo customer service is not very helpful half the time I call”.
“Wells Fargo Mortgage division is terrible. Don't use them..They totally screw up”.
Bank of America
“#Bank of America seriously has issues in their shortsale service! Everything is ass backwards and my clients may lose house now!”.
“BOA is a joke, they keep on losing documents. I even caught one representative on a lie, and after that the phone went silent and she hanged up. Be careful, when dealing with BOA. Their crooks, and 100% the devil! Don't trust them when it comes to your home. Dont bank with them!!!!”.
4) How can Banks use social media to their advantage?
Banks can use analysis of data from websites and other social media in the following ways:
- Engage in a one-to-one dialogue with their customers and respond to negative comments.
- Invite some of the customers to join online forums and chat groups to further express their views
- Positive sentiment can be leveraged in advertising
- Operations can learn about and fix specific branch performance issues
- Financial products can be adjusted, and new ones can be designed to meet customer needs
DigitalMR understands what people think and feel when they share views online. It is a specialist agency which provides a holistic approach to web based market research. It specialises in utilising social media research, especially active web-listening, and online communities to enhance its business consulting approach. The agency has pioneered new methods in online focus groups alongside tools such as video diaries, bulletin boards and online ethnography. DigitalMR is headed by founder and Group MD, Michalis Michael and has offices in London UK, Nicosia Cyprus, and Columbus Ohio, in the US.
SocialNuggets technology delivers real-time market intelligence for fast moving industries by analyzing data from various social media sources with a mission to liberate social media data and sentiment analysis for use in real-time research of brands, products and features. SocialNuggets delivers ready to use market intelligence for various industry verticals including consumer electronics and banking. SocialNuggets data is delivered in bite size, ready-to-consume, infographics and is also available in the form of a full access to our data warehouse for analysis and integration with customers’ data. SocialNuggets, a Serendio company, was founded in 2011 with headquarters in Santa Clara, CA.
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