Unlocking Financial Insights: Analyzing Social Media for Cybercrime, Fraud TrendsConsumer Expectations

Navigating the Evolving Financial Landscape: Insights from Social Media Conversations

As financial services undergo unprecedented changes, including digital transformation pressures, cybercrime threats, data security challenges, product innovation, sustnability requirements, and economic volatility, adaptability and agility have become crucial strategic priorities for all players in this sector - both commercial organizations and regulators alike. The ability to stay closely connected with consumers and customers is more important than ever before to identify emerging trs early on.

One of the fastest and often most cost-effective methods of detecting such early tr signals involves monitoring online conversations across social networking sites, forums, and community platforms where users discuss these very topics dly. Internet users' insights are a goldmine for retl banks seeking to understand consumer sentiments, feelings, and behaviors. In Q4 2022 alone, over 800,000 mentions were recorded regarding macro factors impacting the finance sector in the UK, with cybercrime being the leading concern.

Diving Deep into Cybercrime and Fraud Conversations

Cybercrime and fraud are increasing at a rapid pace; according to Ipsos research conducted in Europe, more than half of surveyed Europeans 56 reported experiencing at least one type of fraud or scam over the past two years. The most frequently encountered form was monetary fraud, followed by identity theft and purchasing scams.

Social media discussions around cybercrime and fraud are among the most prominent topics influencing the finance sector. In the UK, conversations center on customers sharing warnings about sophisticated online scams, seeking advice and support for recovering lost funds, and narrating their experiences dealing with banks or merchants.

Leveraging Ipsos Synthesio's consumer intelligence platform, we analyzed millions of posts to uncover top themes in social media discussions:

As the volume of cybercrime-related mentions rose during Q4, particularly peaking at mid-December following a user warning on Mumsnet about a highly sophisticated PayPal scam, there was an increase compared to other tracked topics. The general sentiment surrounding cybercrime conversations ts significantly more negative due to anger, fear, and frustration experienced by victims or those who narrowly escaped becoming victims.

Consumers exhibit tension between appreciating banks' security systems that prevent fraud but feeling exasperated when such systems create undue friction in their dly lives. For example, a user reported: I've been the victim of an awful bank scam - I have spent now six hours on hold overseas trying to resolve this while the scammers managed to drn ￡9000 out of my savings, and I'm still on hold. 'Your call is important to us...'

Implications for Financial Institutions

As consumers continue to fall prey to sophisticated cybercrimes and fraud, they seek increased trust and transparency from their banks. Building a belief that the bank genuinely has customers' best interests at heart is crucial in sustning strong customer relationships. Brands that demonstrate authenticity and empathy by addressing real consumer needs and expectations are likely to gn competitive advantages.

Both social media data and survey findings highlight significant consumer demand for innovation and improved customer experience in banking sectors, representing both pressure points and opportunities for brands to develop solutions tlored to consumers' everyday lives during the Twitchy Twenties.

To d financial institutions navigate this dynamic market landscape, Ipsos Synthesio has launched Retl Banking Consumer Pulse, an industry-specific solution designed to offer insights and guidance on addressing the sector's top challenges. The offering comprises strategic insight reports from industry experts that delve into tring topics, emerging behaviors, and hot discussions - alongside real-time banking dashboards powered by ourtechnology. By combining a broad array of online and offline data sources, Ipsos' analytical frameworks help you assess how recent consumer and market shifts might impact your business.

Join us at our upcoming LinkedIn Live events for deep dives into the world of Customer Experience:

• 11 June 2024: Global Voices of Experience - Examining Flure to Deliver on Brand Promise

• 10 November 2023: NEXT LEVEL B2B CX - Driving ROI through Enhanced B2B Customer Experience Measurement and Management

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If you're interested in learning how Ipsos Synthesio can help your organization navigate these changes and leverage insights from social media conversations to drive strategic improvements, please contact us directly for a consultation.

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