Brandseye has published a new report focusing on social media sentiment around the banking industry during South Africa’s coronavirus lockdown.
The closure of stores, branches and call centres during lockdown has led many consumers to use social media when seeking help or information from the brands and services they buy from and subscribe to.
The report is based on a collection of 957,759 social media posts from 1 March to 2 April 2020. Sources for this analysis include public social media, news sites, forums and multiple other data sources.
The banks that were analysed include:
- First National Bank (FNB);
- Standard Bank;
- Bank Zero;
- Discovery Bank;
- Tyme Bank.
The data shows that nearly 50% of conversation within the banking industry Covid-19 conversation centred on relief measures implemented by banks (CSI).
“This generated mixed sentiment from consumers,” Brandseye said.
“Some thanked banks for ‘payment holidays’ for clients, while others claimed banks took too long to offer relief or did not offer wide enough benefits for clients. Consumers frequently compared banks’ offerings in this regard.”
The data also shows that consumers pre-emptively asked banks for relief from loan repayments.
“This is evidenced by high proportions of consumers asking about home loans, outstanding debt and business banking options in Covid-19 conversation,” said Brandseye. ” This suggests that consumers expect clarity around the relief offerings.”
The treatment of staff was also cited in the banking industry’s top 10 topics.
“Consumers expressed anger that banks were still open despite the imminent lockdown, as well as claims that banks were threatening employees with retrenchments. This indicates that consumers care about staff treatment in crises.”
The above graph displays banks’ response rate to priority interactions on Twitter.
The figures correspond to an industry aggregate. This evidences how online noise and reduced services can hinder a service provider’s ability to address their customers’ needs, Brandseye said.