Can social media be used to gather accurate consumer sentiments about the banking industry?

Crimson Hexagon, a social media analytics company, takes a look at social media and how more tech savvy individuals are naturally turning to more tech savvy ways to reach financial services companies.

Thanks to social media services like Twitter, the conversation between users and their respective banking and payments services is much more immediate.

Crimson Hexagon took a look at two years (June 1,2024 to May 31, 2024) worth of Twitter posts (over 50,000 tweets) and analyzed consumer sentiments among Millennial-friendly mobile banking, Simple, and Venmo.

When it comes to mobile banking, customers use Twitter to get answers on questions of usability. A smaller contingent tweet out frustrations such as delays in check clearing, or lack of notifications for events like direct deposits.

Users take to social media at a 37 percent clip to ask general questions. 23 percent used Twitter to talk about mobile banking issues that they were facing.

Together, that’s 60 percent of users taking to social media to express concerns or needing guidance. It’s a figure that may necessitate mobile banking providers to take a closer look at social media as it provides insightful data on what may be bugging users the most.

Find the full report here.