Latest Research: The Best Brands and Industries for Customer Experience 2020

Blending 200 million online conversations with 9,000 global survey responses, we found out how brands can get CX right

Read the report

Latest Research: The Best Brands and Industries for Customer Experience 2020

Blending 200 million online conversations with 9,000 global survey responses, we found out how brands can get CX right

Read the report

Published September 2nd 2016

Mobile Banking & Online Banking: Assessing the Now to Plan for the Next

Our in-house Research Team have answered key questions around the online and mobile banking discussion for today's article

Additionally, the U.S. Federal Reserve claims that mobile banking will only continue to grow as the years progress. But while its growth is important for bank revenues and consumer convenience, perhaps it is necessary to take a look into what consumers are saying about mobile and online banking before this trend develops into its next iteration.

At Brandwatch, we have a team of dedicated analysts on our Research Services team.

Our team provides custom research, both in ad hoc and recurring iterations (weekly, monthly, quarterly). We evaluate data on both a quantitative and qualitative scale, answering the how and why questions. Additionally, the team provides consultation to our clients to make sure that we match our clients’ objectives.

Recently our Research Team wrote a report that answers key questions around the online and mobile banking discussion. Here is what we found.

Who’s talking about it?

Men discuss Online Banking and Mobile Banking more than women.

Using gender self-identified data from Twitter, the report found that males accounted for 56% of conversation, whereas females represented 44%.

The group experienced an overlap: both discussed credit cards. Interestingly, the two groups discussed credit cards differently. Men talked about paying their credit card bills as well as discussing credit limits. Women, on the other hand, discussed receiving a new credit card, which related both to replacement cards and opening a new account.

If a bank needs inspiration regarding a demographic to target its content to, this is a great example. Just discussing credit cards is no longer enough. There needs to be additional granularity in order to make the consumer feel as though their needs have been met.

Where are consumers talking about it?

Interestingly, users discuss Mobile Banking via Twitter most prolifically followed by Forums, where as authors have conversations about Online Banking via forums followed by Twitter.

It could be that the users of the respective banking forms are already on the device best equipped to access the discussion channels (mobile Twitter usage and desktop forum writing), but users had different motives for their channel choices.

Those who talked about Mobile via Twitter did so to voice both concerns and praise for a bank’s mobile app. Authors took to forums for Online Banking to discuss which bank’s system would be the best fit, which credit cards had the best benefits/payment options, and where to apply online for a credit card.

Online Banking discussion on Twitter did center on website issues and potential account hacks/fraud, whereas Mobile Banking on forums focused on app best practices. For both sets of banking, users did want to provide their peers with the best information, as the majority of posts featured well-researched, linked information.

What are consumers talking about?

Key Product Aspects—Servicing, Bill Pay, Fraud, Transfers, and Financial Planning—were similarly ranked between Mobile Banking and Online Banking and saw consistent shares of voice among the categories.

“Servicing” held the highest proportion for both Online Banking and Mobile Banking mentions.

Servicing within Online Banking saw plenty of customer complaints.

Banks usually referred the user to the brand website to gain additional insight into their issue. Additionally, several Online Banking grievances went unanswered via Twitter, indicating an opportunity for brands to intercept those competitive complaints.  In Mobile Banking, users had issues using a digital wallet, as their credit card either did not accept the technology or there were error messages.

Additionally in Mobile Banking, authors highlighted the process of using app services to pay credit card bills within “Bill Pay”.

So what?

The key takeaway of this project: it is important to understand the research findings, i.e. what’s working and what’s detracting, before we start to plan for the next iteration.

Additionally, use findings that uncover what your key demographic discusses to inform your content strategy. Brandwatch can help your brand create a thorough research program that evaluates your needs and can help shed light on your research questions.

About Irelyn

Irelyn is a Senior Research Analyst at Brandwatch. With five years’ experience in communication and social research, she uses her organizational skills to prioritize client needs and deliver thorough research reports that help clients to make informed decisions in their social and marketing journeys. When she’s not at Brandwatch, she enjoys walking around Central Park, reading and watching sports.

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From May 8th, all Crimson Hexagon products are now on the Brandwatch website. You’ll find them under ‘Products’ in the navigation. If you’re an existing customer and you want to know more, your account manager will be happy to help.