US Banks – A Full 68% Of Negative Comments Online About The US Financial Sector Are Attributed To Just Two Banks, Citibank And Bank Of America What Was Going Wrong?

Columbus, OH (PRWEB) August 21, 2011

DigitalMR analysed thousands of customer comments about high street banks for the month of June 2011. Over half of these customer views are negative, compared with 45% being about positive customer experiences.

The four most mentioned banking brands, with the highest number of consumer comments were: CitiBank (32%), Bank of America (23.50%) followed by American Express and Wells Fargo (both 17%).

There was, however, a large difference between the positive and negative mentions that these banks generated. American Express (30%) and Bank of America (23%) attracted the largest proportion of positive posts but Bank of America also attracted the second highest number of negative comments (24%). By comparison the bank that had the highest proportion of negative posts was Citibank (44%).

Taking the difference in positive and negative posts into consideration the clear winner for June was American Express with a Net Sentiment Score (NSS) of 58% followed by Capital One with 19%. The high NSS score for American Express shows an overall high satisfaction level for users of this service.

The two banks with the lowest net-sentiment score were CitiBank (unsurprising, perhaps, given its proportion the total negative posts) with a NSS of -52% and US Bank which achieved a score of -59%. CitiBank’s higher rating is attributed to the fact that although they were the subject of the highest amount of negative comments they also were the subject of 17% of all positive comments about financial service providers. Much of the negative commentary was related to the June revelation that hackers had accessed 200,000 Citibank account holders’ details.

The banks with the highest and lowest rated NSS scores remain unchanged from April, the date of our last syndicated report, when American Express led the group, and US Bank brought up the rear.

The US Banking Sector should take note that of the ten banks we analysed conversations about, seven have either a neutral or negative NSS. This means that overall the majority of people were using social media far more to criticise than compliment their banking service.

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: “the findings indicate that American consumers who utilize social media platforms are voicing frustrations about their banking experience at a higher rate than positive experiences, but that certain brands are achieving a net positive sentiment”. This tells us that although the balance of comments are on the negative side, it is not strictly an outlet for dissatisfaction. This is easily seen in the divergence of the findings related to CitiBank and American Express.

While conversations about CitiBank accounted for nearly a third of all mentions of companies in the sector (suggesting a wide exposure), they were negative 76% of the time. By contrast American Express should be pleased to see while they accounted for a lower total volume of posts, that 79% of comments about their bank were positive. Amex has, for the second time this year, the highest net sentiment score of all banks we monitored.”

1) Net Sentiment Score (NSS)

Most of the banks we measured, achieve a negative Net Sentiment Score (NSS) for June. 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 -10%, which shows that US consumers continue to see social media as a space to share experiences of frustration and unhappiness with the service they had experienced. This is a lower NSS however than the results from our December 2010 analysis which showed in the four months from July – October the cumulative NSS for US banks was -28%.

Net Sentiment Score ranking

1st American Express (Amex):         58%

2nd Capital One:                                19%

3rd US Bancorp:                                 7%

4th JP Morgan Chase Manhattan:        0%

5th Wells Fargo:                                 -2%

6th Barclays:                                        -11%

7th Bank of America:                         -12%

8th HSBC:                                         -34%

9th Citibank:                                         -15%

10th US Bank:                                     -51%

2) Features and Services

DigitalMR measured thousands of customer posts across June regarding the services and features that banks offer. Services attracting a much higher proportion of positive mentions to negative ones were: Credit Card Incentives (18% positive vs 1% negative).

The service attracting a higher proportion of negative comments was Credit Cards with (26% positive vs 19% negative) This was followed by conversations about mortgages which displayed a negative sentiment being 17% of all negative conversations regarding a particular service.

3) Click here to view customer comments in their own words

4) How can Banks use social media to their advantage?

Banks can use analysis of data from websites and other social media in the following ways:

    Engage in a one-to-one dialogue with their customers and respond to negative comments.
    Invite some of the customers to join online forums and chat groups to further express their views
    Positive sentiment can be leveraged in advertising
    Operations can learn about and fix specific branch performance issues
    Financial products can be adjusted, and new ones can be designed to meet customer needs

About the syndicated banking report

The monthly banking report monitors thousands of customers’ online conversations through comments posted on open-access social media platforms such as Twitter and Facebook, forums, blogs, microblogs and commercial websites, for US banking services.

The report is available on annual subscription with updates provided on a quarterly, monthly or weekly basis. Results will be updated to the press on a monthly basis.

Contact

For regular reports and more information:

Ryan A. Rutan

rrutan(at)digital-mr(dot)com

tel: +1 (614) 638-0216

http://www.digital-mr.com

About DigitalMR

DigitalMR is a specialist agency which provides a holistic approach to web based market research. It specialises in utilising social media research, especially web-listening, and sophisticated technology platforms to enhance its business consulting approach.

DigitalMR’s solutions also include community panels, access panels, web usability and a distinct focus on qualitative research online. The agency has pioneered new methods in online focus groups alongside tools such as video diaries, bulletin boards and online ethnography.

The agency operates in affiliation with international market research company MASMI. DigitalMR is headed by founder and MD, Michalis Michael and has European headquarters in London, UK, and Nicosia, Cyprus, and Columbus, Ohio, in the US.

About SocialNuggets

SocialNuggets technology delivers real-time market intelligence for fast moving industries by analyzing data from various social media sources with a mission to liberate social media data and sentiment analysis for use in real-time research of brands, products and features. SocialNuggets delivers ready to use market intelligence for various industry verticals including consumer electronics and banking. SocialNuggets data is delivered in bite size, ready-to-consume, infographics and is also available in the form of a full access to our data warehouse for analysis and integration with customers’ data. SocialNuggets, a Serendio company, was founded in 2011 with headquarters in Santa Clara, CA.

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Bank of America Receives a Third of Negative Comments Made Online about the US Banking Sector According To Latest Findings from DigitalMR

Columbus, Ohio (PRWEB UK) 28 February 2012

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 November 2011. Interestingly a large proportion of customer views monitored were positive (62%), compared with 38% being negative about their customer experiences.

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.

The banking service brands with the highest share of overall mentions were: Amex (27%), Bank of America (22%), Citibank (17%), and Wells Fargo (15%).

There was, however, a large difference between the positive and negative mentions that these banks generated. Amex achieves the highest share of positive comments (36%) but only 12% of negative ones. Conversely, Bank of America attracted the largest share of negative comments (33%) which is more than twice its share of positive ones (16%).

Taking the difference between positive and negative posts into consideration, the winner for November is Amex with a Net Sentiment Score (NSS) of 66%, followed by US Bank with 64%.

Third placed is Capital One with an NSS of 40%. A strong NSS score is an indication of high overall satisfaction levels among customers. Only one bank had a negative NSS – Bank of America with a NSS of minus 11%.

Ryan Rutan, President of DigitalMR USA commented: “nearly two-thirds of all customer feedback measured has been positive which is good news for US banks and Amex in particular. However Bank of America continues to receive a higher proportion of bad reviews and this month is the only bank with a negative NSS of minus 11”

Click here for further data

Features and Services

DigitalMR measured thousands of customer posts across November regarding the services and features that banks offer. Services attracting a much higher proportion of positive mentions to negative ones included: Credit Cards (39% positive vs 15% negative). Services attracting a higher proportion of negative comments included: Mortgages (10% positive vs 23% negative).

In their words – sample customer comments

Amex:

“Amex, you guys are excellent. Your transactions reconcile faster than 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 than asking a manager ever 30 seconds”                                        

http://www.mybanktracker.com/bank-reviews/American-Express/Always-On-Point-3913

US Bank:

“I love the app – huge improvement over the last app – but I’d like to have the option to make payments to my U.S. Bank Visa Credit Card, U.S. Bank CreditLine, and U.S. Bank Home Mortgage all from the mobile app. Perhaps consider this for your next revision? Otherwise the app is great. :)”                

http://www.facebook.com/usbank?sk=wall

Bank of America:

“New BofA Online Bank web site is a NIGHTMARE”

First time I tried a transfer, no detail showed but the balance show a decrease, I called customer support and they couldn’t find the transaction and suggested I do it again. Well you guessed, the next day 2 identical transactions showed and it ran my balance below zero. So now I had to call customer service and get them to reverse the transfer and tomorrow I get to call again to reverse the overdraft fee”.

http://www.mybanktracker.com/Bank-of-America/Reviews

Wells Fargo

“I just closed a 6 figure account with wells fargo today and the bank officer did not care!! Since wells fargo took over wachovia, the service has been horrendous. The bank officer in the syosset, ny branch gave me incorrect information so when i went to florida to specifically take care of business for my mother’s account; i could not complete this business.

http://www.mybanktracker.com/Wells-Fargo/Reviews

Click for further customer comments and more about web listening reports

Contact

For regular reports and more information:

Ryan A. Rutan

rrutan(at)digital-mr(dot)com

tel: +1 (614) 638-0216

http://www.digital-mr.com

About DigitalMR

DigitalMR understands what people think and feel when they share views online. It is a specialist agency which provides a holistic approach to web based market research. It specialises in utilising social media research, especially active web-listening, and online communities to enhance its business consulting approach. The agency has pioneered new methods in online focus groups alongside tools such as video diaries, bulletin boards and online ethnography. DigitalMR is headed by founder and MD, Michalis Michael and has offices in London UK, Nicosia Cyprus, and Columbus Ohio, in the US.

About SocialNuggets click here

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Fellows and Associates discuss hiring habits in the Intellectual Property sector

London, United Kingdom (PRWEB) February 20, 2014

It has been reported in previous articles that opportunities for patent attorneys with a background in electronics are rife across the industry. However, in Fellows and Associates’ latest press offering they discuss how this need does not necessarily result in a hiring frenzy once a suitable candidate becomes available.

Phillipa Field came on board in early 2012 and claims since joining the team “I have learnt a fair bit, with one fact becoming glaringly obvious from very early on; patent attorneys with a background broadly in electronics are extremely high in demand. With this in mind, you would think if we found candidates in this area then placing them would be a straightforward process. This actually isn’t the case in all instances”.

She notes that, although the Electronics departments in a number of firms have the workload to accommodate a new recruit, there are other factors that come into play during the hiring process. Personality and experience in business development (or the desire to gain some) can dictate whether a candidate is successful, even if their technical background and academics are of a high calibre. Firms are apparently looking past the black and white and assessing whether the candidate can be successfully integrated on a social level.

Pete Fellows, Managing Director, explains “Whether these candidates are hired or not, there is still the overarching problem regarding the overall lack of candidates in this area.” It is suggested that firms need to play a bigger role in attracting those who are considering a move through mediums such as social media platforms and an investment in brand management. However Phillipa heeds the warning that “a neglected account, or one that is heavily updated but only in sporadic bursts, will not add anything to a firm’s reputation.”

Fellows and Associates pay attention to their own advice it seems, with their social media accounts growing in reputation and popularity. Their latest video, an installment of their ‘Video Roundup’ series, gives viewers an insight into their current work commitments, including further promotion of their third annual Salary Survey.

The inclusion of social media into private practices’ business model is seen as a possible indicator in a change in the way business is conducted in the Intellectual Property sector. Firms can no longer ‘quietly operate behind closed doors and survive solely on historic reputation’ and must be available to potential candidates ‘armed with a defined brand message’. Phillipa explains ‘we have definitely seen a trend in firms becoming more visible in the industry, and also a trend in firms really committing to keeping their own staff as well as accommodating new recruits into their team. So the question we were asking ourselves is why aren’t firms going to greater lengths to welcome the candidates that were on the market?’

It is observed that some firms have become more risk averse since the economic uncertainties of recent years. There is little flexibility in terms of a candidate brief being open to less conventional applicants and perhaps an added pressure in firms beginning a recruitment drive before finalising the attributes they require, causing the process to break down. It seems that personal preference plays a key part with candidates needing to possess interpersonal skills, as well as the right technical fit, in order to secure one of the many great opportunities that are available.

Fellows and Associates are currently working on a number of opportunities across the technology sectors, with roles available with Gill Jennings & Every, Williams Powell and Valipat. Pete concludes ‘we have had an extremely busy start to 2014 which we hope is indicative of things to come. The market is extremely buoyant with firms beginning to think more laterally in terms of their business model and hiring habits. We know that the right personality will still be needed for the right role, but that hasn’t stopped us from going to strength to strength’.

About Fellows and Associates

Fellows and Associates recruit Patent Attorneys, Trade Mark Attorneys, IP Lawyers and other Intellectual Property professionals worldwide. The firm offers a diverse range of recruitment services including search, advertised selection and managed campaigns. Fellows and Associates’ management consultancy division offers targeted strategic advice to firms within the Intellectual Property sector worldwide. See http://www.fellowsandassociates.com for more, phone +44 207 903 5019 or email contact(at)fellowsandassociates(dot)com.