First ever annual US Banking Social Media Report from DigitalMR and Cicero to reveal that American Express is the most popular bank according to customer comments on the internet
The forthcoming annual US banking report by DigitalMR and Cicero, will show that American Express achieves the highest Net Sentiment Score (NSS) of all banks and related financial services companies with 63%. Countrywide Bank achieves the lowest score of the top 20 banks monitored with (-17%). Excerpts from the report show the top three highest scoring banks for NSS are American Express, Orchard Bank and Suntrust Bank.
Findings are according to the latest social media monitoring report from social media research specialist DigitalMR and financial consulting and communications expert Cicero, based on customer comments on the internet from April 2011 to March 2012.
DigitalMR and Cicero analysed over two million online customer comments regarding the main US banks and associated financial services companies from April 2011 to March 2012. The report (powered by SocialNuggets) analyses customer comments posted via a range of relevant finance related websites and open access social media platforms. It measures not only the number of comments posted by consumers on the internet, but also sentiment – whether these posts are positive or negative. The full report will cover:
- Customer insights that can help banks shape their marketing and PR strategies
- Share of voice for top 20 banks
- Net Sentiment Score (NSS) for top 20 banks
- Top 10 Topics by number of mentions
- Individual focus on each of the top 20 banks
- NSS by Topic
- Top social media sources by number of mentions
- Breakdown of customer sentiment on Twitter
- Recommendations on strategy for the use of Social Media Research.
DigitalMR Commercial Director, Tom Hogg, commented: “A Net Sentiment Score provides an overall benchmark that indicates how well banks are perceived by their customers. In particular, banks recording negative scores need to focus on the areas where they can achieve the biggest gains – areas that are highlighted by the feature level NSS methodology”.
Top 3 Highest and Lowest Net Sentiment Score
DigitalMR’s report will measure, not only the number of comments posted by consumers on the internet, but also sentiment – whether these posts are positive or negative. The difference in the number of positive to negative posts that each bank attracts, provides it with a Net Sentiment Score (NSS). NSS is an overall percentage score of net positive posts. Among the Top 20 banks the top three best performers in terms of achieving the highest NSS were:
1) American Express 63%
2) Orchard Bank 59%
3) Suntrust Bank 49%
The bottom three performers among the Top 20 banks were:
18) Bank of America (-9%)
19) Sovereign Bank (-10%)
20) Countrywide Bank (-17%)
Results are based on comments posted by consumers on the major US banks and financial services providers including: CitiBank, Bank of America, Wells Fargo, US Bank, American Express, HSBC, Capital One, Barclays, JP Morgan Chase Manhattan, Morgan Stanley, TD Bank, PNC Bank, Regions Bank, Discover Bank, Suntrust Bank, Bank One, Orchard Bank, Countrywide Bank, Key Bank USA and Sovereign Bank.
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 MD, Michalis Michael and has offices in London UK, Nicosia Cyprus, Warsaw Poland and Columbus Ohio, in the US.
About Cicero (www.cicero-group.com)
Cicero is an international consultancy specialising in corporate communications, digital strategy, government affairs and research services for policy, business and consumer audiences. Our sector focus on financial and professional services provides clients with detailed insights into the issues which shape their marketplace with award-winning outputs aimed at a wide-range of targets including the media, public policymakers and regulators.
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. For more information, please visit www.SocialNuggets.net
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