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 more than 142 million social media mentions.
The top 10 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 per cent of the conversation volume while payment services held 26 per cent. 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 conversion around point perks. American Express users discuss travel nearly four times 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 more than 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 the social rankings to unseat the traditional retirement savings options. While they may not have the numbers of mentions, the sentiment is higher for these disruptors. Fin-tech companies also have an edge with younger investors, enjoying five per cent more conversation with those 25–44 than traditional companies like Schwab and Fidelity.
Keep it consistent: While insurance brands only represented three per cent 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.