US Banks - Bank of America Receives Over a Quarter - 27 Per Cent - Of Negative Comments Online About the US Financial Sector
American Express (Amex) achieves highest share of positive comments (43%) and highest Net Sentiment Score (56%) according to latest report from DigitalMR
Columbus, OH. (PRWEB) October 07, 2011
Social media research specialist DigitalMR releases latest findings on what customers are saying about US financial service companies online.
DigitalMR analysed thousands of customer comments regarding banks for the month of July 2011. For the first time, a large proportion of customer views monitored were positive (62%), compared with 38% being negative about their customer experiences.
The banking service brands with the highest share of overall mentions were: Amex (35%), Bank of America (20%), Citibank (15%), and Wells Fargo (13%).
There was, however, a large difference between the positive and negative mentions that these banks generated. Amex achieved the highest share of positive mentions (43%) compared with a 20% share of all negative mentions.
Conversely, Bank of America attracted the largest share of negative comments (27%) which outweighed its share of positive ones (15%).
Taking the difference between positive and negative posts into consideration, the clear winner for July is Amex with a Net Sentiment Score (NSS) of 56%. This is followed by US Bank with 34%.
Third placed is Citibank which achieved a NSS of 23% for July, which would suggest it has recovered from the negative coverage in June that hackers had accessed 200,000 account holders’ details.
A strong NSS score is an indication of high overall satisfaction levels among customers.Only two banks had a negative NSS – Bank of America with a NSS of minus 6% and HSBC with minus 7%.
DigitalMR’s report (powered by SocialNuggets) analyses thousands of 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.
Results are based on comments posted by consumers on the major US banks: CitiBank, Bank of America, Wells Fargo, US Bank, American Express, HSBC, Capital One, Barclays, JP Morgan Chase Manhattan and US Bancorp.
Ryan Rutan, President of DigitalMR USA commented: “for the first time, nearly two-thirds of all customer feedback measured has been positive. This shows that it’s not just the bad news that travels fast – customers like to share experience of good service via social media. The report is very positive for Amex in particular and the banking industry in general –although individual banks such as Bank of America and HSBC still have a lot of work to do to turn their negative feedback around.”
1) Net Sentiment Score (NSS)
Most of the banks we measured, achieve a positive Net Sentiment Score (NSS) for July. NSS provides an overall percentage score of net positive posts. A positive score means a bank attracts more positive than negative posts, while a negative score suggests a higher proportion of negative posts.
The average NSS taken across all banks measured is 25%, which shows that US consumers are happy to use social media as a space to spread praise as well as share experiences of frustration and unhappiness with the service they had experienced.
For Net Sentiment Score ranking and:
2) Breakdown of positive and negative posts Click to view full release
3) Features and Services
DigitalMR measured thousands of customer posts across July regarding the services and features that banks offer. Services attracting a much higher proportion of positive mentions to negative ones were: Credit Cards (24% positive vs 16% negative) and Credit Card Incentives (11% positive vs 1% negative).
Services attracting a higher proportion of negative comments were: Loans (18% positive vs 27% negative) and Mortgages (12% positive vs 23% negative).
4) In their words –customer comments
“Amex, you guys are excellent. Your transactions reconcile faster then any other banks I deal with, your gold card knows no limits (pardon the pun), & your customer service is top notch. Never an issue disputing a charge on the off chance I have one and each time I have to use customer service, the staff is empowered to take a corrective step if necessary rather then asking a manager ever 30 seconds”.
“US Bank branch at 521 E. Bidwell in Folsom, CA is a small branch, but the people there are very helpful and customer service oriented. Charles, the Branch Manager, is congenial and always does his best to talk to you and let you know he cares about your business and how well his branch is doing for you. I've never had any situation with the branch that wasn't taken care of immediately and appropriately. In many years they have never screwed up my account. I can recommend this branch of US Bank with no reservations”. http://www.usbanklocations.com/u-s-bank-sheridan-branch-283758-review.html?r=10
“I honestly say that I have had nothing but awesome experiences with this bank and staff. The managers, Adam and Jaime are so friendly and helpful. A couple of the staff are a bit snooty and not as friendly but for the most part, everyone is caring and easy to talk to. I hardly ever have to wait in line either! LOVE THIS BANK”.
5) How can Banks use social media to their advantage?
About the syndicated banking report
For regular reports and more information:
Ryan A. Rutan
tel: +1 (614) 638-0216
For more information about DigitalMR and SocialNuggets Click to view full release
For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2011bankingdata/10/prweb8854182.htm