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Consumer online expectations – A lot more focus required

Less than half of all the consumers who reached out to their bank and insurer on social media received a response from their service provider. This was the finding in a recent BrandsEye’s report analysing social media conversation of banks, insurers, and telecommunication companies in East, West, and Southern Africa. In the study, BrandsEye used their proprietary blend of Artificial Intelligence (AI) and human crowds to analyse 688 154 social media posts in the banking, insurance and telco industries to better understand consumer expectations online.

Here are some of the findings:

When organisations responded on social media, they took anywhere from one hour (in the Southern African insurance industry) to four days (in the East African banking industry) to do so.
Across regions the banking industry was the most responsive on social media. However, the industry also saw some of the slowest response times, with customers waiting for up to 99 hours (4 days) for a response from their bank.
One in 10 consumers speaking about insurance over the reporting period mentioned phrases related to Covid-19.

“As African governments and businesses encourage the use of digital platforms, and mobile internet penetration increases, more consumers are going to seek customer service on social media. How organisations identify, interpret, and respond to this growing source of consumer feedback will be critical to building sustained brand loyalty, reducing risk, and growing market share,” according to BrandsEye CEO, Nic Ray.

How we interact with our clients, face to face or online, is critical for the industry as this will build consumer confidence in the financial services industry.

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