How Social Media Analytics Empower Financial Services and use #Prepaid to Drive Growth

Crimson Hexagon, a leading provider of social media analytics software, released a new study “Profiling the Unbanked and Underbanked,” which provides key insights into how social media analytics can be strategically leveraged to understand and attract underserved customer segments and to improve marketing effectiveness.

This study focuses on exploring and understanding the personal banking preferences and motivations of the unbanked and underbanked population through social media analytics. The study analyzed more than 11,000 online conversations surrounding the Walmart MoneyCenter, as well as the Bluebird card from American Express and Walmart, over an 11-month period.

Key findings of the study include:

  • Majority of conversation at Walmart MoneyCenters, 61 percent, involves use of the check cashing service
  • 38 percent express frustration with the check cashing service because Walmart refuses to cash personal and handwritten checks
  • More than 20 percent of conversation about Bluebird is frustration with enrollment obstacles
  • 12 percent of conversation about MoneyCenters involves satisfied customers explicitly recommending its product and service offerings to others online
  • Underbanked consumers identify very strongly with pop culture, several fast food chains, JCPenney, Adidas, and many other consumer brands

“The banking industry has the opportunity to cater its services to new audiences and increase revenues in non-traditional market segments,” said Crimson Hexagon Vice President of Marketing, Wayne St. Amand. “By utilizing social media analytics, the financial services industry can uncover opportunities to improve education on existing financial products and inform product development strategies to serve unbanked and underbanked consumers. Additionally, through analysis of consumer interests and brand affinities, these firms can develop differentiated marketing programs with co-branded products, merchant-funded rewards, and much more.”

To learn more about these findings, and discover how deep knowledge of consumer motivations can help financial services companies improve product and service offerings, as well as market messaging, download the Crimson Hexagon study: “Profiling the Unbanked and Underbanked.”

http://crimsonhexagon.sites.hubspot.com/profiling-unbanked-and-underbanked-study