SAN DIEGO, June 14, 2023 (GLOBE NEWSWIRE) -- Chatmeter, a leader in brand intelligence and reputation management, today released a new report based on over 40,000 customer experiences with financial brands and expert analysis of brands’ online listings, reviews, and local search rankings. The findings are included in the Company’s new, “2023 Local Brand Intelligence Report: Online Visibility and Reputation for Financial Brands.” The report recognizes financial brands that offer excellent customer experiences and provides recommendations to help financial brands improve those customer experiences and drive revenue growth.
The report uncovers insights, customer perspectives, and sentiments on banks, credit unions, insurance brands, tax services, and check-cashing services. Chatmeter examined local listing accuracy, review quality, review quantity, and local search rankings within each sector to assess each brand's local SEO successes and weaknesses. The company analyzed over 40,000 customer experiences using Pulse — Chatmeter’s AI-powered deep listening text analysis solution — to explore consumer perspectives and sentiments.
“We found that for lasting success in brand management and CX at scale, financial institutions must prioritize three key factors: online review management, local listings management, and customer sentiment analysis,” said Cynthia Sener, Chatmeter President, Go-to-Market.
Powering success for some of the world’s largest and best-loved brands, Chatmeter simplifies CX management, elevates brand reputation, and delivers unmatched consumer intelligence and data analytics for businesses at the local and enterprise level.
Key findings from the new report include:
- Financial Brands Must Continue CX Investments: Since the last Chatmeter study in 2019, multi-location financial services brands have significantly increased their investments in digital technology to appeal to consumers. Today, 66% of consumers engage with financial institutions on mobile devices. To compete, especially as the fintech world continues to invest in CX and deep listening technology, banks, credit unions, and other financial brands must continue these CX investments to stay relevant.
- Financial Brands Have Opportunity for Improvement, Especially in Tax Services: Only 3 of the 30 financial institutions studied achieved an “Industry Leader” Local Brand Visibility (LBV) Score. This is based on online listing accuracy, social media activity, search engine findability, customer engagement levels, star ratings, and competitor comparisons. Tax services pull the lowest average score of any financial services category, with the average score reaching a “needs improvement” level, indicating significant opportunity to improve customer experiences and their bottom lines.
- Financial Services Customers Expect Brands to Engage in Two-Way Dialogue: Customers see their reviews not just as a moment-in-time reaction to an experience, but one they expect to go two ways. While all should aim for 80% or higher for review response rate (Chatmeter believes that every unanswered review is a missed opportunity), the average score between all sectors is just 36%. The highest score goes to check-cashing brands with 60%, and the lowest to tax services, with just 10%. Banks, credit unions, and insurance brands hit 30%, 40%, and 38%, respectively.
Read the full report here
About Chatmeter
Chatmeter is the brand intelligence company reimagining customer connections and reputation management through AI-powered deep listening. We make it easy for multi-location brands to drive real-time impact through relevant insights in critical moments that matter. Chatmeter understands the challenges of multi-location, and omnichannel reputation management, and has created a scaled platform that enables end-to-end visibility for everyone, from local owners to executive leadership. With a 93% customer retention rate, Chatmeter is the brand reputation partner of choice across the retail, restaurant, healthcare, and financial services industries, and more. For more information, visit www.chatmeter.com
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