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Social Media and Financial Services - US - October 2014

“Social media is an integral part of consumers’ life. However, with all the brands and companies maximizing on social media to engage consumers, there is a battle for the consumer’s attention. Being late in the game, financial services companies can make a difference by understanding the needs and habits of their customers and crafting targeted digital marketing strategies.”
– Monica Staco, Financial Services Manager

This report answers the following key questions:

  • Why be on social media?
  • What is the impact of recent data breaches?
  • Should social media replace traditional marketing?
Social media is the new way of communicating and socially interacting for a growing number of Americans. It is only fitting that the FSI (Financial Services Industry) finds its own voice on social media, as more consumers are expecting accessibility and variety in their providers’ communication channels.
 
Overview:
 
Technology and the internet have become an integral part of consumers’ daily life as they provide them convenience and quick access to information.
It is also changing how people communicate, shop, and interact with one another.
Social networking sites are among the most popular sites visited on the internet. Companies and brands are taking advantage of the widespread usage of social media to gain insights on consumers and better market their products and services.
Consumers are responding positively to communicating with brands and companies via social media and they are even interested in more engagement if rewarded.
 
Social media is changing consumers’ communication habits.
Brands and companies are successfully meeting the challenges of using social media to reach their consumers and impact their buying decisions.
The FSI must also take advantage of this communication tool as it can help reshape its image and reputation.

 

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Data sources
        • Consumer survey data
          • Abbreviations and terms
            • Abbreviations
              • Terms
                • Generations
                • Executive Summary

                    • Overview
                      • The market
                        • The consumer
                          • What we think
                          • Issues and Insights

                              • Why be on social media?
                                • Issues
                                  • The implications
                                    • What is the impact of recent data breaches?
                                      • Issues
                                        • The implications
                                          • Should social media replace traditional marketing?
                                            • Issues
                                              • The implications
                                              • Trend Applications

                                                  • Trend: Let’s Make A Deal
                                                    • Trend: Help Me Help Myself
                                                    • Integrating Technology into Everyday Life

                                                      • Key points
                                                        • Ownership of handheld devices
                                                          • Figure 1: Ownership of handheld devices, by age, July 2014
                                                        • Websites and apps usage
                                                          • Figure 2: Frequency of websites and apps usage, July 2014
                                                        • More companies are adjusting to consumers’ expectations
                                                        • Market Drivers

                                                          • Key points
                                                            • Increased usage of social networking across the population
                                                              • Figure 3: Percentage of social media users, by age, 2009-14
                                                            • What are people using?
                                                              • Figure 4: Social media sites use, by age, July 2014
                                                            • Social media users are changing
                                                              • Figure 5: Age segments as a percentage of the population, 2015 and 2035
                                                            • Financial services institutions need to embrace social media
                                                              • Figure 6: Financial services social media interest, by age, July 2014
                                                            • People rely more on technology to manage their finances
                                                              • Figure 7: Level of comfort interacting through social media, by age, July 2014
                                                              • Figure 8: Methods for paying bills, February 2010-March 2014
                                                              • Figure 9: Level of satisfaction with financial services, July 2014
                                                              • Figure 10: Attitudes toward social media, by age, July 2014
                                                          • Marketing Strategies

                                                            • Overview of the brand landscape
                                                              • Integrate the relevant social media platforms to satisfy targeted customers
                                                                • Be specific and focus
                                                                  • Social media as your PR agency
                                                                  • Spotlight on Mobile Payments and Social Media

                                                                      • Key points
                                                                        • Market overview
                                                                          • Key social media metrics
                                                                            • Figure 11: Key performance indicators, selected financial services brands, Sept. 15, 2013-Sept. 14, 2014
                                                                          • Brand usage and awareness
                                                                            • Figure 12: Brand usage and awareness of financial services brands, July 2014
                                                                          • Interaction with brands
                                                                            • Figure 13: Interaction with financials services brands, July 2014
                                                                          • Leading online campaigns
                                                                            • Sports sponsorships
                                                                              • Keeping ‘Priceless’ campaign fresh
                                                                                • What we think
                                                                                  • Online conversations
                                                                                    • Figure 14: Online mentions, selected financial services brands, Sept. 15, 2013-Sept. 14, 2014
                                                                                  • Where are people talking about FS brands?
                                                                                    • Figure 15: Mentions by page type, selected financial services brands, Sept.15, 2013-Sept. 14, 2014
                                                                                  • What are people talking about online?
                                                                                    • Figure 16: Mentions by topic of conversation, selected financial services brands, Sept. 15, 2013-Sept. 14, 2014
                                                                                • The Consumer – Social Media Engagement

                                                                                  • General engagement with social media
                                                                                      • Figure 17: Attitudes toward social media, by gender, July 2014
                                                                                      • Figure 18: Attitudes toward social media, by age, July 2014
                                                                                      • Figure 19: Attitudes toward social media, by race/Hispanic origin, July 2014
                                                                                    • Social media activities
                                                                                      • Figure 20: Social media activities frequency, may 2014
                                                                                      • Figure 21: Interaction with companies/organizations on social networks, by age, may 2014
                                                                                    • Comfort engaging with the FSI through social media
                                                                                      • Level of comfort with FSI and social media
                                                                                          • Figure 22: Level of comfort interacting through social media, by gender, July 2014
                                                                                          • Figure 23: Level of comfort interacting through social media, by age, July 2014
                                                                                          • Figure 24: Level of comfort interacting through social media, by race/Hispanic origin, July 2014
                                                                                          • Figure 25: Attitudes toward social media and financial services, by race/Hispanic origin, July 2014
                                                                                        • Level of comfort impacts social media interaction
                                                                                            • Figure 26: Attitudes toward social media and financial services, by level of comfort interacting through social media, July 2014
                                                                                          • Attitudes toward social media and financial services
                                                                                              • Figure 27: Attitudes toward social media and financial services, by gender, July 2014
                                                                                              • Figure 28: Attitudes toward social media and financial services, by age, July 2014
                                                                                            • Satisfaction with Financial Industry’s Consumer Touchpoints
                                                                                              • Figure 29: Level of satisfaction with financial services, July 2014
                                                                                              • Figure 30: Level of satisfaction with financial services – Any satisfied, by gender, July 2014
                                                                                              • Figure 31: Level of satisfaction with financial services – Any satisfied, by age, July 2014
                                                                                              • Figure 32: Level of satisfaction with financial services – Any satisfied, by race/Hispanic origin, July 2014
                                                                                            • Comfort with social media influences satisfaction with FSI services
                                                                                              • Figure 33: Level of satisfaction with financial services – Any satisfied, by level of comfort interacting through social media, July 2014
                                                                                          • Appendix – Other Useful Consumer Tables

                                                                                              • Figure 34: Devices people use to access the internet, by gender, July 2014
                                                                                              • Figure 35: Devices people use to access the internet, by comfort connecting with financial services, July 2014
                                                                                              • Figure 36: Devices people use to access the internet, by level of comfort interacting through social media, July 2014
                                                                                              • Figure 37: Devices people use to access the internet, by age, July 2014
                                                                                              • Figure 38: Financial services main category discussed, by devices people use to access the internet, July 2014
                                                                                              • Figure 39: Social media sites use, by gender, July 2014
                                                                                              • Figure 40: Attitudes toward social media and financial services, by gender and age, July 2014
                                                                                              • Figure 41: Bank usage in the last 12 months, by social media/networking websites, January 2013-March 2014
                                                                                              • Figure 42: Credit card usage in the last 12 months, by social media/networking websites, January 2013-March 2014
                                                                                              • Figure 43: Credit card ownership, by gender, January 2013-March 2014
                                                                                              • Figure 44: Credit card ownership, by age, January 2013-March 2014
                                                                                              • Figure 45: Credit card ownership, by social media/networking websites, January 2013-March 2014
                                                                                              • Figure 46: Debit/ATM card ownership, by gender, January 2013-March 2014
                                                                                              • Figure 47: Debit/ATM card ownership, by age, January 2013-March 2014
                                                                                              • Figure 48: Debit/ATM card ownership, by social media/networking websites, January 2013-March 2014
                                                                                              • Figure 49: Methods for paying bills, by gender, January 2013-March 2014
                                                                                              • Figure 50: Methods for paying bills, by age, January 2013-March 2014
                                                                                              • Figure 51: Methods for paying bills, by social media/networking website, January 2013-March 2014
                                                                                              • Figure 52: Credit card ownership, February 2010-March 2014
                                                                                              • Figure 53: Debit/ATM card ownership, February 2010-March 2014
                                                                                              • Figure 54: Methods for paying bills, February 2010-March 2014
                                                                                              • Figure 55: Forms of payment used – Cash, February 2010-March 2014
                                                                                              • Figure 56: Forms of payment used – Check, February 2010-March 2014
                                                                                              • Figure 57: Forms of payment used – Credit/charge card, February 2010-March 2014
                                                                                              • Figure 58: Forms of payment used – Debit/prepaid card, February 2010-March 2014
                                                                                          • Appendix—Social Media

                                                                                            • Key brand metrics
                                                                                              • Figure 59: Key social media indicators of selected financial services brands, September 2014
                                                                                            • Online conversations
                                                                                              • Figure 60: Online mentions, selected financial services brands, Sept. 15, 2013-Sept. 14, 2014
                                                                                            • Brand usage or awareness
                                                                                              • Figure 61: Brand usage or awareness, July 2014
                                                                                              • Figure 62: PayPal usage or awareness, by demographics, July 2014
                                                                                              • Figure 63: Square (including Square Cash) usage or awareness, by demographics, July 2014
                                                                                              • Figure 64: Visa usage or awareness, by demographics, July 2014
                                                                                              • Figure 65: MasterCard usage or awareness, by demographics, July 2014
                                                                                              • Figure 66: Chase usage or awareness, by demographics, July 2014
                                                                                              • Figure 67: Capital One usage or awareness, by demographics, July 2014
                                                                                            • Activities done
                                                                                              • Figure 68: Activities done, July 2014
                                                                                              • Figure 69: PayPal – Activities done – I have looked up/talked about this brand online on social media, by demographics, July 2014
                                                                                              • Figure 70: PayPal – Activities done – I have contacted/interacted with the brand online on social media to, by demographics, July 2014
                                                                                              • Figure 71: PayPal – Activities done – I follow/like the brand on social media because, by demographics, July 2014
                                                                                              • Figure 72: PayPal – Activities done – I have researched the brand on social media to, by demographics, July 2014
                                                                                              • Figure 73: Visa – Activities done – I have looked up/talked about this brand online on social media, by demographics, July 2014
                                                                                              • Figure 74: Visa – Activities done – I have contacted/interacted with the brand online on social media to, by demographics, July 2014
                                                                                              • Figure 75: Visa – Activities done – I follow/like the brand on social media because, by demographics, July 2014
                                                                                              • Figure 76: Visa – Activities done – I have researched the brand on social media to, by demographics, July 2014
                                                                                              • Figure 77: MasterCard – Activities done – I have looked up/talked about this brand online on social media, by demographics, July 2014
                                                                                              • Figure 78: MasterCard – Activities done – I have contacted/interacted with the brand online on social media to, by demographics, July 2014
                                                                                              • Figure 79: MasterCard – Activities done – I follow/like the brand on social media because, by demographics, July 2014
                                                                                              • Figure 80: MasterCard – Activities done – I have researched the brand on social media to, by demographics, July 2014
                                                                                              • Figure 81: Chase – Activities done – I have looked up/talked about this brand online on social media, by demographics, July 2014
                                                                                              • Figure 82: Chase – Activities done – I have contacted/interacted with the brand online on social media to, by demographics, July 2014
                                                                                              • Figure 83: Chase – Activities done – I follow/like the brand on social media because, by demographics, July 2014
                                                                                              • Figure 84: Chase – Activities done – I have researched the brand on social media to, by demographics, July 2014
                                                                                              • Figure 85: Capital One – Activities done – I have looked up/talked about this brand online on social media, by demographics, July 2014
                                                                                              • Figure 86: Capital One – Activities done – I have contacted/interacted with the brand online on social media to, by demographics, July 2014
                                                                                              • Figure 87: Capital One – Activities done – I follow/like the brand on social media because, by demographics, July 2014
                                                                                              • Figure 88: Capital One – Activities done – I have researched the brand on social media to, by demographics, July 2014

                                                                                          Social Media and Financial Services - US - October 2014

                                                                                          US $3,995.00 (Excl.Tax)