I&M Bank Earns Top Spot as Customer Favorite Bank on Social Media
I&M Bank is the number one customer-favorite banking brand on social media in Kenya, according to the 3rd annual Kenyan Banking Sentiment Index released by DataEQ. The bank scored an impressive 45.8pp net sentiment ranking, topping NCBA Group, which came in second.
The study, conducted between March 2023 and February 2024, aimed to find out consumer sentiment on social media towards Kenya’s major retail banks. During that time, over 500,000 social media posts about various major retail banks were analyzed.
The banks involved included Absa Bank Kenya, Co-operative Bank of Kenya, Diamond Trust Bank, Equity Bank Limited, I&M Bank Ltd, KCB Bank Group, NCBA Group, Stanbic Bank Kenya, and Standard Chartered.
This year, the industry net sentiment was 16.3%, while the industry operational net sentiment was -31%. Notably, for the second year in a row, the industry’s overall Net Sentiment improved, increasing by 7.8 percentage points.
The report included Net Sentiment brand ranking (overall, reputational, and operational), customer experience and service analysis, product and pricing deep dive, and environmental, social, and governance (ESG) influences.
Consumer sentiment on social media refers to the overall attitude, feelings, and opinions of consumers towards a particular brand, product, service, as expressed on social media platforms. It’s essentially the collective mood of consumers as reflected in their online conversations.
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A bank with the highest consumer sentiment on social media, as is the case with I&M Bank, indicates a strong positive perception of the bank among its customers.
This means that customers are generally happy with the bank’s services, products, and customer support. It highlights that the bank has effectively met customer expectations and built trust.
The findings from the Kenya Banking Sentiment Index are not just numbers; they represent the voice of consumers and the future direction of banking in Kenya.
These insights, as the banking sector continues to evolve, serve as a crucial reminder for financial institutions to prioritize customer experience and invest in technology to meet the expectations of a digitally savvy clientele.
