Financial Institutions and Use of Social Media: Analysis of the Largest Banks in the U.S. and Europe

Abstract

AbstractThis article aims to analyze the largest banks in the United States of America and Europe in relation to acceptance, reach, engagement and interaction with their customers on social media. A qualitative approach comparing some factors based on analysis of the banks’ social media data is provided. Results show that the analyzed banks do not use the full potential of social media, incorporating these tools to their strategies. Attitudes such as lack of post, low number of followers, lack of responses to customer interactions, and pages blocking comments are some of the results that indicate possibilities for improvements in the usage of these tools for building up relationships with customers. Despite the investment in technology by banks and the strong presence of social media in contemporary life, this study shows an opportunity for new strategies related to the interaction between the banks and their consumers. Besides the analysis of social media characteristics, this paper also provides a sentiment analysis to indicate possible issues regarding brand image in the online environment.KeywordsSocial media analysisSocial CRMFinancial institutionsConsumer sentiment