A report by consumer insights provider Crimson Hexagon, drawing on a repository of more than 1 trillion social media posts and online consumer conversations, found that consumers are angered by a perceived lack of transparency in fees, miscommunications and long wait times on the phone within the financial industry. Convenience, security and good customer service are most highly valued.
The report, “Consumer Trends Report: Financial Services Industry,” analyze commentary, preferences and opinions, according to Crimson Hexagon.
Questions the study sought to answer included “What fintech trends do consumers care about?” and “How do customers feel about banks and financial institutions?”
The data, Crimson Hexagon said, showed that consumers are optimistic about the increase in services such as virtual wallets, mobile apps and direct pay, and fintech discussion (topics such as big data, Bitcoin, blockchain and digital banking) has grown by 5,700 percent in the last seven years.
In 2010, Crimson Hexagon reported 3,000 posts on these topics compared to 174,000 posts in 2017.
“Consumer confidence has always been a leading indicator, but its availability at scale through social media makes it even more powerful today as a predictor of trends,” said Stephanie Newby, CEO of Crimson Hexagon.
“Money and finances are sensitive subjects for consumers,” said Newby, “but thanks to the growth of social media platforms and the fact that consumers are candidly sharing their experiences and desires over these platforms every day, we’re able to provide the financial services industry with the most transparent consumer data.”