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Twitter conversation about banks has increased by over 50% since 2019, with fraud conversation growing by 35%.
The Index tracked customer sentiment towards 18 UK banks, building societies and Payment Services Providers (PSPs) between May 2022 and April 2023. The analysis brings new insight into consumer experiences of fraud and highlights practical steps that banks can take to improve customer experience. The Index also showcases how social media data can be used to provide real-time insight into fraud trends and the impact of fraud controls on customer experience.
While for some firms the news is positive, with challenger banks ranking highest in terms of sentiment, the data shows that consumer perceptions around banking service providers’ role in protecting them from fraud is most often negative.
Social media platforms are increasingly becoming places where consumers broadcast their fraud-related experiences, vent their frustrations, and ask for help. Social media data represents an expansive and underutilised source that can be analysed to provide feedback on crucial themes related to fraud conversations, providing insight into the difficult task faced by banking firms to maintain effective counter-fraud measures while also providing a good customer experience.
Our Banking Fraud Sentiment Index report contains a wealth of detailed insight on customer sentiment towards banking services providers management of fraud. Our report breaks down the drivers of negative sentiment, key customer pain points in cases of fraud and practical steps that can be taken to improve customer experience around fraud.
Please contact us if you would like to discuss our analysis in more detail or to access a copy of our detailed report.