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Industry falling behind on measuring customer sentiment

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Reporter 5 minute read

Just a fifth of Australian financial services businesses are measuring customer sentiment on social media, according to a social media management software provider, despite more than two-thirds using it primarily for customer service.

Hootsuite’s 2018 Social Business Report indicates that social media has become increasingly important for 80 per cent of financial services businesses over the last two years, with 70 per cent expressing that they use it predominantly for customer service.

The study further found that 81 per cent of leaders in the financial services industry believe social media has a positive impact on brand perception and trust.

However, the Hootsuite-commissioned study also revealed that only 20 per cent of Australian financial services businesses are measuring customer sentiment on social media, compared to the global average of 40 per cent.

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Roger Graham, senior director of growth and marketing at Hootsuite APAC, said: “Now more than ever, the industry is operating in an environment where they need to understand exactly what their customers are saying.

“Social is a constant source of direct feedback, and it is vital for businesses to act on this feedback.”

Financial services businesses in Australia are also behind the global average when it comes to using social media for employee advocacy, with 39 per cent expressing that they use it for that purpose, compared to 53 per cent globally.

“With the industry perception suffering following the recent investigations made by the Australian royal commission into the big four, employee advocates offer a trusted voice on the journey to rebuilding trust,” Hootsuite said.

Trust in banks on the decline

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Customer satisfaction with the banks have been continuing on its downward slide since the royal commission kicked off and interest rates were raised.

According to Roy Morgan’s latest Customer Satisfaction – Consumer Banking in Australia report, customer satisfaction with banks dropped to 78.3 per cent in June, compared to 82.3 per cent in January, prior to the commencement of royal commission hearings.

The June figure is also the lowest recorded satisfaction level since April 2012, though it is still above the 60 per cent recorded in January 2001.

Correspondingly, customer dissatisfaction has risen to its highest level since April 2012, going from 4.6 per cent in January to 6.2 per cent in June.

Further, the Net Promoter Score also declined over the same period, falling from 0.49 to -4.03.

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[Related: Non-major banks among most trusted brands in Australia]

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