American Express Leads Financial Services Brands in Social Media Analysis
January 11, 2018 / Source: Bank News
January 10 — NetBase released its 2018 Financial Services Report today. The analysis focused on 55 brands across the following categories: Banking, Credit Cards, Investment Banking, Payment Services, Insurance, Internet Lending and Cryptocurrency. The report uses NetBase themes to look beyond the sheer volume of conversations, and dive into the emotions and sentiment of over 142 million social media mentions.
The top ten brands were American Express, PayPal, Vanguard, Bitcoin, Goldman Sachs, Ethereum, Samsung Pay, Square, UBS and Visa.
Looking at category trends, Cryptocurrency was responsible for 40 percent of the conversation volume, payment services held 26 percent. It is interesting to note the meteoric rise of cryptocurrencies in 2017, as Bitcoin went from average conversation volume to extremely high conversation volume late last year.
Bitcoin word association: Whether positive or negative, the word most associated with bitcoin is ‘Risk’ by a large margin. Bitcoin (#4) users are concerned and excited about the risks of investing in the currency. Money, Investment and Buy were other commonly associated words.
People Love Travel Points: American Express (#1) and Visa (#10) were in the top 10 for all financial brands thanks to a boost in conversation around point perks. American Express users discuss travel nearly 4x as much as the general twitter audience.
“I don’t have cash” is no Longer an Excuse: Payment services are more than companies, they are verbs. Writing IOUs to split dinner is a thing of the past thanks to PayPal (#2), Square (#8) and Venmo (#24). There were over 1.5 million mentions between the three stemming from people’s conversations about friends and eating.
Investing? There’s an App for that: While the traditional brands like Vanguard (#3) hold the spotlight now, new apps are starting to challenge their position. New brands like Robinhood (#19), Wealthfront (#21), and Stash (#48) have been storming up to social rankings to unseat the traditional retirement savings options. While they may not have the numbers of mentions, sentiment is higher for these disrupters. Fintech companies also have an edge with younger investors, enjoying 5 percent more conversation with those 25–44 than traditional companies like Schwab and Fidelity.
Keep it Consistent: While insurance brands only represented 3 percent of the total conversation volume measured in this report, they comprised the third most passionate category. Insurance companies found strong responses to their sports sponsorships and commercials, which consistently drive conversation for insurance brands.
Money Talks: Like insurance, internet lending is not something that consumers generally talk about online. Consumers are listening—and even though there is low conversation volume overall, customers are still sharing their experiences and stories on social media. Interest is a common theme, and generally, consumers see interest rates and fees from these online providers as positive.
“Financial services brands have special relationships with customers, people need to trust these brands with their money, their hopes and their dreams” said Paige Leidig, chief marketing officer at NetBase. “Our data shows consumers are passionate about learning and sharing financial advice online. Brands that are willing to meet and engage with their customers are getting ahead.”
Read the full NetBase 2018 Financial Services Industry Report here.
Indexing and social ranking is an average measure of actual position for each metric, with the largest, most positive, or most passionate brands ranking first. Our analysis of brand performance, which ran Dec. 1, 2016, to Dec. 1, 2017, looked at volume of conversation, reach, net sentiment and brand passion as measured and analyzed through the NetBase platform.
NetBase used the following metrics for the report:
Volume of conversation – Overall volume of conversation.
Reach – Impressions from original tweets posted by a brand and any replies to or retweets of the brand. This is a measure of “owned” impressions.
Awareness – Impressions from all tweets that mention a brand, excluding those classified as owned tweets. This is a measure of “earned” impressions.
Passion Intensity – Indicating how strongly consumers feel about a brand on a scale of 0-100.
Net Sentiment – Measuring the overall direction of consumers’ feelings toward a brand on a scale of -100 to +100.
Brand Passion Index (BPI) – Weighted average of Passion Intensity and Net Sentiment to represent overall favorability.