The financial services industry has undergone significant change in the past decade. With growing competition from credit unions and financial technology startups, big financial brands are making changes to give consumers the financial products and services they want while improving the customer experience from apps to call centers.
This means it’s increasingly important for financial organizations to pay attention to changing consumer opinion and preferences. Social media conversations contain a wealth of data on what consumers want from financial brands. Analyzing unsolicited online data from social media, forums and other sources gives financial brands a direct line to consumer opinion in real-time. The insights from this analysis can help brands understand how to stay ahead of the competition and keep their customers happy.
In this post, we’ll look at some of the questions financial services brands can answer using social media data, including:
- How do consumers feel about the banks and credit cards they use?
- At what impactful moments are consumers talking about major financial milestones?
- What new financial technologies are consumers talking about?
- Which aspects of financial customer experience are the most important to consumers?
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How do consumers feel about the banks and credit cards they use?
By analyzing online conversations, we can identify how consumers feel about the financial brands they interact with, and assess what aspects of the brand are driving negative or positive sentiment. With social media analysis, you can compare consumer conversation about financial brands to see where you stand in relation to top competitors or newcomers in the market. Beyond just volume, you can also understand sentiment around financial brands and look at the topics that are driving positive and negative conversation.
Financial brands can use these insights to monitor high-level awareness and sentiment about themselves and their competitors. Looking into the specific drivers of positive and negative sentiment can help brands determine what actions to take to improve brand perception.
At what impactful moments are consumers talking about major financial milestones?
For financial brands from insurance to banking, it’s important to understand how different audiences are discussing their finances beyond specific mentions of your brand or your competitors. For example, breaking down financial milestones by the age groups that are discussing them can help financial companies create the products that consumers want and understand how to market those products to the right audiences at the right time.
Social media analysis includes demographic information on whatever audience or conversation you are analyzing. Age groups are just one of multiple demographic data points including gender, geography, interests, and more. Gaining a better understanding of the demographics and discussion topics around specific financial milestones can help financial brands improve their marketing and product offerings to fit the needs of specific target audiences.
What new financial technologies are consumers talking about?
Fintech (financial technology) is broadly defined as technological innovation in financial services to disrupt traditional financial markets. The category has grown significantly since 2010, seeing a major 4x boost in from 2014 to 2015 and continuing to grow since then. Fintech includes everything from cryptocurrency like Bitcoin to AI-powered “robo” financial advisors. These trends are important for any financial brand to track in order to stay up to date about the consumer reaction to these up and coming technologies to determine which trends are worth jumping in on and which can be avoided. Analyzing online consumer conversations makes it each to detect trends in the financial services industry.
Which aspects of financial customer experience are the most important to consumers?
Looking at the conversation around specific technology trends in the financial industry is a great way to understand where the overall financial conversation is headed. But what about your specific market segment? What about your customers? Where do they fit in?
Social media analysis gives financial brands the ability to create customized analysis categories that are specific the types of insights they are looking to uncover. These categories can be based on anything from stages of the customer lifecycle, to categorizing feedback about one of your specific products. Using machine learning, you can use example posts to train an algorithm to help find results that are far more relevant than a traditional keyword-based analysis.
As financial brands compete to win over customers with new technology and products, it’s critical for financial services companies to understand changing consumer preferences. Analyzing consumer conversations online gives financial brands a window into the consumer mindset in real time. The insights gained from this analysis can help financial brands from established leaders to newcomers compete with improved experiences, service, and products.
For more on how financial brands can uncover consumer insights from online conversations. Download our free guide: Consumer Insights for the Financial Services Industry