Perhaps one of the most important things consumers want from banks they interact with or borrow from is convenience. In fact, 79% of them are happy to spend more for this convenience. 

And 70% of bank customers younger than 55 would switch to a different financial institution for a better customer experience.

With that said, people expect more from their banks. And if you don’t meet those expectations, you risk losing them to competitors.

💡Read Media Monitoring: The Ultimate Guide

So, how do you prevent that from happening? By keeping your finger on the pulse of your customers’ needs, preferences, pain points, and motivations.

Media monitoring is one of the most efficient ways to do this. 

Let’s talk about why it’s so important for companies in financial services to use media monitoring.

What is media monitoring?

Media monitoring is a broad term for keeping track of what consumers and the media are saying about your brand.

It’s broad because it encompasses a wide range of channels, including:

  • Press releases and official announcements (i.e., company websites, newswire services)
  • Social media (i.e., LinkedIn, X (formerly Twitter), Facebook, Instagram, Reddit)
  • Broadcast media (i.e., podcasts, webinars, online conferences)
  • Traditional media (i.e., newspapers, magazines, TV, radio)
  • Financial market data providers (i.e., Bloomberg, Reuters)
  • Review sites (i.e., Yelp, Trustpilot, Google Reviews)
  • Online news (i.e., news websites, blogs, forums)
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Media monitoring tools can help you track any mentions of your brand on these channels. This keeps you “in the know” of what’s happening in your industry, public sentiment, and your competitors’ activities. 

Why should financial services companies invest in media monitoring?

There’s no question that businesses in all industries can benefit from media monitoring. However, financial services organizations especially need it to build and strengthen relationships with their customers.

Customer insights

When dealing with money, people want to make sure they interact with and do business with companies they trust. Effective financial communications play a crucial role in building this trust.

By understanding your customers’ needs, goals, and challenges, you can improve their banking experience.

Reputation and crisis management

Reputation management is another important part of media monitoring. If you’re dealing with negative news, regulatory issues, or customer complaints, you want to get on top of things as quickly as possible.

Also, in the event of a crisis, such as a cybersecurity breach or significant market event, media monitoring allows you to respond quickly and appropriately in a way that mitigates negative impacts on your reputation.

Market intelligence

The financial services industry changes all the time, especially as new technologies hit the market and compliance practices evolve. 

Tracking relevant keywords and topics through media monitoring can keep you updated on industry trends and new regulations. That way, you can stay ahead of the curve, adopt best practices, and innovate.

Competitive analysis

Monitoring your competitors’ activities, announcements, and media coverage gives you insights into their strategies and market positioning. You can use this information to inform your decisions and identify opportunities to differentiate your business in the market.

Public relations and crisis management

By tracking media coverage and public relations, you can easily assess the effectiveness of your PR and marketing financial services campaigns.

The insights you gain from media monitoring can inform content creation and marketing strategies. This ensures your messaging resonates with your target audience.

How financial services companies can use media monitoring to save their reputation after a crisis

Let’s look at an example of a bank that got a negative fallback from a seemingly innocent social media post.

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Chase Bank’s Monday Motivation tweet didn’t go over well with its audience. People felt the bank was making fun of its customers’ financial instability and insinuating that those with low account balances had spending problems.

Chase had good intentions. It was trying to be “hip” and “cool” with its Monday Motivation posts. But the posts just ended up coming across as tone-deaf and somewhat condescending.

The bank’s response to the backlash didn’t help either. There was no apology or any sense of remorse for offending its audience. 

Instead, it was yet another “cheeky” tweet (Our #MondayMptivation is to get better at #MondayMotivation tweets…), which didn’t represent the sensitive and careful response that the situation called for.

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A better response would have been: “We hear your feedback and apologize. Our tweet was meant to inspire savings, but we understand it missed the mark. We’re committed to supporting our customers in meaningful ways”.

But one thing Chase did right in the situation was respond quickly.

Now, it’s impossible to determine whether the bank was using a media monitoring tool to monitor people’s reactions to the problematic tweet. 

It probably had a social media manager to keep track of comments and responses. If so, it could have responded even faster to the crisis by using a media monitoring tool.

Plus, it could have monitored reactions on other channels like blogs, forums, or news sites to get a complete picture of the situation.

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Unfortunately, crises happen. And you can’t always avoid them. But you do have control over how you respond. 

If your financial services institution ever receives negative media attention from a social media post, you can use a media monitoring tool to:

  • Detect spikes in mentions and sentiment changes related to your brand.
  • Get automated alerts to your social media and PR teams within minutes of the post gaining traction.
  • Monitor mentions across all platforms, including other social media, blogs, new sites, and forums, to understand the full scope of the discussion.
  • Identify which platforms are seeing the most negative engagement.
  • Analyze the language and the tone of responses to determine the overall sentiment (negative, positive, neutral) and get metrics indicating the percentage of negative reactions.
  • Reveal emotions like anger, frustration, or disappointment.
  • Get insights to draft an emphatic response.
  • Continue to monitor sentiment after issuing the apology to gauge whether the response is having a positive effect.
  • Generate a detailed report on the incident, including timelines, key metrics, and the effectiveness of the response.
  • Understand what aspects of the post caused the most backlash and why to avoid similar mistakes in the future.
  • Use insights from the incident to update social media guidelines and policies. 

How financial services companies can use media monitoring to maintain customer trust

It takes a certain amount of trust for someone to leave their financial well-being and personal information in the hands of financial companies.

It also takes trust for them to rely on a company’s advice and products and feel secure in their financial transactions and investments.

Let’s look at Chime as an example. As an online bank offering different products such as a credit card for building credit, its customers trust it to:

  • Provide reliable financial solutions that meet their needs.
  • Prioritize their financial well-being above all else.
  • Offer transparent terms and fees.

This is especially crucial for clients looking to build credit, as they need reassurance that their financial institution is reliable and trustworthy.

As you can see in the screenshot, Chime helps build trust by highlighting that its credit-building credit card doesn’t require:

  • An annual fee or interest
  • Credit check to apply
  • Minimum security deposit
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So, how can Chime make sure its customers are satisfied? It can use a media monitoring tool.

Here’s what the process of maintaing customer trust with a media monitoring tool for financial services might look like:

  1. Invest in a media monitoring platform that can scan various channels, including social media, blogs, forums, news sites, and review sites.
  2. Customize search parameters to include its name, product names, key executives, and relevant industry terms. More specifically, it tracks keywords like “credit building credit card,”  “secured credit card,” or “Chime credit builder.”
  3. Sets up real-time alerts to notify relevant teams of any sudden spikes in mentions or negative sentiment.
  4. Uses sentiment analysis to understand the overall sentiment surrounding its brand, products, and services.
  5. Uses sentiment analysis to identify emerging trends and recurring issues by analyzing customer discussions and feedback. This could include common questions or misconceptions about the credit building program, feedback on specific features, or challenges customers face during the credit building process.
  6. Tracks mentions of competitors and industry trends to understand market dynamics and customer preferences.
  7. Proactively engages with customers on social media platforms to address their concerns.

By tracking brand mentions and setting up real-time alerts on relevant topics and keywords, Chime can quickly respond to customer feedback and improve its offerings, helping to maintain customer trust.

Just take a look at the bank’s response to a customer’s tweet on X. This is a prime example of how financial institutions should engage with customers on social media platforms. 

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In short, media monitoring tools can be the ideal solution to help banks be proactive about maintaining a positive customer experience.

Tackle crises and stay informed with media monitoring

Get real-time insights and alerts about what others are saying about your brand with the right media monitoring tool.

So, where to begin? What are some best practices for tracking sentiment and brand mentions?

  • Consider monitoring regulatory announcements, updates, and enforcement actions from the Federal Reserve, FDIC, and other regulatory bodies.
  • Monitor social media channels, review sites, and forums for mentions of potential fraud, phishing attempts, or security breaches related to your bank’s services.
  • Set alerts for conversations that mention your bank’s name, products and services, competitors, and industry news.

Knowledge is power. Keep track of what others are saying about your brand online and use that insight to improve customer satisfaction with your product and service offerings. You won’t regret it. And neither will your bottom line.

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