Daily Review: 87% of Consumers Prioritize Convenience Over Security When it Comes to FinServ

Brandwatch, in collaboration with Twitter, just released the results of a very curious study analyzing billions of conversations one of the most vibrant social media channels. 6,000 Tweets are posted every second. That’s 6,000 views, opinions, ideas, complaints, stories, compliments. It’s live human thought. And we can use it to try and answer any question, creators of the report note.

One of the most important findings out of all extensiveness of coverage is the one on financial services and conversations surrounding consumer demands, complaints, and expectations. Furthermore, we will review some of the findings of the report:

How technology is shifting customers’ relationships with financial services

As consumers are increasing the demand for convenient, on-demand services in every industry, financial institutions must be sure they’re acclimating to expectations. In an industry once shackled by the goals of keeping company data secure and private, financial institutions now must also consider the ease and convenience of their services compared to their competitors. This trend among consumers is immediately apparent when looking at the conversations surrounding 41 of the largest financial institutions.

When referencing these organizations, ‘convenience’ was discussed much more frequently than mentions related to security, with only temporary bursts of conversations about security and safety occurring directly following security breaches or data hacks. The study found that when discussing financial services, consumers mention ‘convenience’ six times more often than they do ‘security.’

Additionally, digital banking experiences on mobile and web bank apps are more positively discussed than non-digital banking experiences.

Source: Financial Services: Technology, digital transformation, and the industry’s evolution towards the customer

Consumer insights reveal the effects of financial service digital transformation

The effect of mobile and web banking on customer sentiment is apparent when looking at social data. It’s expected that when consumers reference banking experiences of any kind, the conversations would generally be more negative. People just typically don’t mention average or pleasant banking experience on social media.

However, there is a stark difference between how customers discuss interacting with electronic services using mobile and web apps and the conversations they have about human interactions. The following data highlights key insights into what bank customers need and expect from banking interactions:

Source: Financial Services: Technology, digital transformation, and the industry’s evolution towards the customer

Nearly 60% of complaints about banks online are about non-digital experiences like bank visits and phone calls. Over three-fourths of all emotive conversation around non-digital are negative, with customers frequently complaining about negative banker interactions and extremely long wait times.

Using social insights to connect with the new customer

An audit of the conversations highlights three levels of service-related instances when people mention financial institutions directly: when they request help, after they’ve had a bad customer service experience, and before they cancel, suspend their account, or threaten to switch providers.

Source: Financial Services: Technology, digital transformation, and the industry’s evolution towards the customer

The analysis of conversations about insurance companies demonstrates a healthy customer-service relationship, with fewer than 15% of customer-service mentions any more severe than requesting help or asking questions.

However, banking institutions and card companies have more people reporting they had negative customer service experiences or threatening to leave. Being able to use an analysis like this to deduce the exact touchpoints where brand-customer relationships break down is integral in maintaining trust, building loyalty, and improving customer sentiment around a brand.

Read the full analysis of Brandwatch+Twitter findings.